Spreads are near record tights while yields remain high. That disconnect exists because credit markets still depend on intermediaries who decide what risk gets priced, when, and for whom. Crypto can fix this. On chain credit markets can make yield programmable, composable, and transparent. Each tokenized instrument can represent a real claim on risk, not a synthetic exposure hidden behind layers of balance sheets. Investment grade and high yield markets can live on chain. Smart contracts can price duration, default, and liquidity in real time. Stablecoins and tokenized treasuries already move billions this way. The next step is credit, tokenized corporate paper, securitized lending, and structured pools that clear on open ledgers instead of private rails. When credit becomes software, the market becomes global. Spreads compress naturally because information moves at the speed of code. The future of yield is not in chasing basis points but in rewriting how those basis points are created. The new bond market will not be built by banks. If you are building a company or protocol come talk to us @krakenfx