Loan repayment flows directly from redemption proceeds. No external capital required to exit.
Leveraged exposure on tokenized securities has a well-understood entry problem: building the position requires multiple transactions, manual coordination, and operational overhead. That problem is being solved.
But the exit problem has received far less attention, and for institutional borrowers, it is the harder constraint.
When a borrower wants to unwind a leveraged position on a tokenized security, the conventional path requires repaying the loan first, before the asset can even be submitted for redemption. For assets with longer redemption flows, that means the borrower needs to source external capital upfront just to begin the exit. Capital sits idle, operational complexity increases, and the entire process works against the borrower.
What Zharta brings is fundamentally different: the ability to execute the redemption directly from within the lending flow, so the borrower never needs to come out of pocket to start unwinding.
By using redemption liquidity rather than market liquidity to service the exit, the process also avoids forced sales that would otherwise put downward pressure on the asset's market price. High-leverage positions can unwind without creating sell pressure, making the mechanism healthier for the overall ecosystem and for other holders of the same asset.
The root cause is architectural. DeFi is built around atomicity: transactions execute in a single block or revert. Tokenized securities carry real-world redemption cycles, settlement windows, and issuer-level processing that span days or weeks. These are fundamentally asynchronous, time-based operations, and most DeFi infrastructure wasn't designed for them.
Zharta built infrastructure that bridges this gap.
Asynchronous Redemption Unwind
Zharta's unwind architecture coordinates loan repayment with the asset's native redemption lifecycle. Rather than forcing the entire unwind into a single transaction, the system coordinates a governed sequence across time: redemption proceeds flow into the borrower's dedicated vault as they arrive, repayment executes against those proceeds through smart contract logic, and collateral release follows automatically.
The process:
- Borrower requests unwind
- Redemption is initiated on the underlying security via the issuer (Apollo/Securitize)
- Repayment is scheduled asynchronously against incoming redemption proceeds
- As proceeds settle into the escrow smart contract, loan obligations are serviced automatically
- Borrower finalizes the position using redemption proceeds; tops up from wallet only if proceeds fall short
This removes the liquidity timing problem that has historically made leveraged RWA positions operationally burdensome to exit. The unwind becomes predictable, automated, and structurally aligned with the asset's settlement behavior.
The infrastructure is asset-agnostic by design. While the debut is with ACRED, the same architecture can be applied to tokenized security with a redemption cycle with minimal modifications, regardless of settlement timing.
Why This Matters for Institutional Borrowers
Institutions model leverage not just on entry economics but on exit certainty. A leveraged position that is difficult or expensive to unwind carries hidden cost that undermines the strategy from inception.
With Zharta's async unwind:
- No external capital required. Repayment flows from redemption proceeds, not from the borrower's balance sheet. If proceeds fall short, the borrower tops up the difference from their wallet
- Deterministic exit path. The unwind sequence is governed by smart contract logic, not manual coordination
- Redemption-aligned timing. The system respects the asset's native settlement cycle instead of forcing the borrower to work around it
- Ownership attribution preserved. Borrower-dedicated vault architecture prevents commingling throughout the lifecycle
- Registry-aware execution. Full compatibility with Securitize's DS Protocol and KYC infrastructure
Live on Ethereum Mainnet: Kamui Using ACRED
Kamui's RWA Professional Fund successfully executed the coordinated unwind on leveraged ACRED positions on Ethereum mainnet, covering the full cycle: collateral deposit, leveraged exposure, and redemption-based exit. The tests were paced against ACRED's real redemption flows, with execution timed to capture the quarterly redemption basis of the underlying fund.
The integration was developed in direct collaboration with the Securitize team, working together to integrate payment flows and ensure full DS Protocol compliance throughout the unwind lifecycle. This coordination ensures that every step of the asynchronous redemption process operates within Securitize's registry-aware infrastructure, maintaining investor-level attribution, transfer restrictions, and KYC enforcement from initiation through settlement.
This builds on the partnership announced in November 2025, when Kamui, Zharta, Securitize and Keyrock completed the first fixed-rate institutional collateralized loans on tokenized securities.
Hadi Kabalan, Director, Kamui Finance:
"Zharta's instant unwind system solves another key hurdle in loop leverage investing: synchronizing leverage unwind with asset redemption. With a robust fixed-rate borrow mechanism and instant unwind, Zharta is at the forefront of enabling leveraged loop transactions. The results from our four transactions with Zharta and Securitize loop investing in Apollo ACRED have been faultless."
Nuno Cortesao, CEO, Zharta:
"Everyone is building the entry. We also focused on the exit. Institutional borrowers don't adopt leverage infrastructure unless they trust the unwind. By aligning loan repayment with the asset's own redemption cycle, we removed the single biggest friction point in leveraged RWA positions. This is what it means to build credit infrastructure, not just lending products."
The asynchronous redemption unwind marks a structural shift in how leveraged RWA positions are managed onchain, with the exit problem solved, institutional borrowers now have the full picture: predictable entry, automated repayment, and a clean exit aligned with the asset's own settlement cycle.
About Zharta
Zharta is a pioneering fixed-rate onchain infrastructure protocol designed to be the decentralized settlement layer for the new credit markets, ensuring seamless capital flows between Traditional Finance and Decentralized Finance, turning tokenized assets into usable capital.
About Kamui
Kamui’s RWA Professional Fund is a multi-chain institutional fund dedicated to investing in and bringing liquidity to tokenized Real World Assets. It is backed by veteran investors and technologists with proven experience in blockchain and traditional investments. For more information, please visit https://kamui.finance/ and https://rwaprofessional.com/