Centrifuge (@centrifuge): How does a vault work when it holds a tokenized real-world asset?

How does a vault work when it holds a tokenized real-world asset? Tokenized Treasuries, private credit, and regulated funds all run on settlement delays: subscriptions clear when the wire lands and the NAV strikes, not when the block confirms. ERC-4626 is the vault standard for atomic settlement. ✅ Deposit > receive shares It works because onchain-native assets settle instantly, and that shared interface is why @aave, @MorphoLabs, and @eulerfinance interoperate: any protocol can read a vault position, route to it, build on top of it. Real-world assets don't settle instantly, so they need more from the interface. A vault can't mint shares against a NAV that hasn't struck yet. ERC-7540 splits each operation into two steps: ✅ Request a deposit or redemption ⏳ The asset settles on its own timeline ✅ Claim when it clears Same interface underneath, same core functions, so a protocol already integrated with ERC-4626 adapts with minimal changes. Composability is the whole reason to put an asset onchain: an asset that speaks the standard can be read and used by every protocol, with no custom integration. That's why async vaults are spreading across DeFi. And now @OpenZeppelin has shipped an implementation, open to any developer building real-world assets onchain. The asset settles like a fund and composes like a token.