**[Aave Founder: Redemption Pressure in Private Credit Markets, DeFi Should Not Become Wall Street's "Bag Holder"]** According to a report by Jinse Finance, Aave founder Stani Kulechov posted a long article on the X platform, stating that the global private credit market is showing signs of stress under a prolonged high-interest-rate environment. With financing costs remaining elevated and AI impacting the business models of the software industry, the repayment ability of some private credit borrowers is being questioned. The market has begun to reprice these assets. Currently, the private credit market is primarily dominated by large asset management institutions such as KKR and Apollo, with a total scale of approximately $1.8 trillion to $2 trillion. Some funds are already experiencing redemption pressure. Stani Kulechov believes that while the default of a single private credit fund is unlikely to trigger a systemic financial crisis, simultaneous issues across multiple funds could lead to difficulties in corporate refinancing and trigger a downward credit cycle. In the process of integrating Real World Assets (RWA) with DeFi, caution is needed to prevent traditional financial institutions from transferring illiquid or problematic assets to crypto market participants via on-chain structures. He bluntly stated that DeFi should not become Wall Street's source of exit liquidity. If private credit can be standardized on-chain, with clear redemption rules, collateral ratios, allocation mechanisms, and enhanced transparency and risk disclosure through smart contracts, DeFi still has the opportunity to outperform the traditional financial system.