AFI × Multipli: Truth Standard for Tokenized Assets

Overview

Over the last two years, tokenized real-world assets (RWAs), including treasuries, gold, credit, funds, and commodities, have exploded across chains. However, these assets have remained fragmented, isolated, and invisible to DeFi. Today, Multipli is solving the fragmentation, and AFI is solving the trust. We're excited to announce a partnership that will define the next chapter of on-chain RWAs.

Why Multipli Matters

Multipli is introducing rwaUSD, a unified collateral primitive designed to simplify and standardize RWAs in DeFi. Instead of forcing each DeFi protocol to list thousands of individual RWAs, Multipli consolidates many RWAs into one collateral layer:

• Highly liquid assets (T-Bills, short-term notes, gold, large-cap assets) back rwaUSD.
• Slower redemption RWAs (market-neutral funds, private credit, real estate) back rwaUSDi.

This approach gives users one simple, predictable user experience while enabling protocols to access a broad, diversified RWA base instantly.

What AFI Adds: The Missing Proof Layer

While Multipli unifies collateral, AFI ensures that this collateral can be trusted. Tokenization solves representation, Multipli solves aggregation, and AFI solves verification.

AFI introduces real-time, programmatic Proof-of-Reserve for rwaUSD and its liquidity classes, making it the foundation for rwaUSD to function as global, institution-ready collateral. Here's how AFI’s proof layer works:

• rwaUSD enters an AFI Proof-of-Reserve Vault.
• Collateral is continuously verified and monitored on-chain.
• AFI enforces strict reserve discipline: No AFI-wrapped rwaUSD can ever exceed the real reserves backing it.
• If reserves fall, minting halts automatically.
• Redemption profiles or liquidity buckets shift, AFI recalibrates allowable supply.
• Institutions and protocols receive a solvency guarantee enforced by code, not assurances.

Through this, AFI transforms rwaUSD into provably backed, institution-grade collateral, ensuring Multipli’s assets are secured by transparent, continuous, and programmatic proof.

Why This Partnership Unlocks the Next Wave of RWAs

With Multipli × AFI, DeFi protocols and institutions can now fully utilize tokenized RWAs with the highest standards of reserve assurance:

For DeFi Protocols

• One-time integration with rwaUSD.
• AFI ensures the asset is:
  • Fully reserved
  • Correctly bucketed
  • Safe to use as core collateral
  • Continuously monitored
  • Scalable across chains and money markets

For Institutions

• Deploy tokenized treasuries, gold, credit, or other RWAs into DeFi with the same level of reserve assurance they expect off-chain.

For the RWA Ecosystem

• Multipli solves: many RWAs → one composable collateral unit (rwaUSD).
• AFI solves: making that collateral unit provably safe.

The Vision We’re Building Toward

The world sits on $300 trillion in real assets, and the first tens of billions are finally coming on-chain. But without trusted collateral standards, tokenization would merely recreate the old world’s opacity.

Multipli gives these assets a unified way to enter DeFi, while AFI ensures they enter safely — with programmatic, real-time Proof of Reserve. Together, this partnership forms the foundation for the next chapter:

A world where real-world assets move on-chain, and the chain itself verifies the reserves behind them — not through attestations, not through quarterly PDFs, not through unenforced assurances — but through truth, enforced in code.

Conclusion

This is more than just a partnership — it’s the blueprint for a new financial base layer: one collateral identity, one proof standard, built for a world where trillions move on-chain.

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