Good overview on buy now, pay later (BNPL) services. My main concern with BNPL is that they have an adverse selection problem (as a lender of last resort) but this is a valid argument worth exploring as we think about RWAs and credit on chain:

“BNPL is granular, precise, and agile. Credit cards are monolithic and inert”

Similarly, I believe we can extend credit onchain with programmable money expressed in smart contracts which can be very granular, precise and agile. The composability aspect is not to be overlooked as it can make this entire part of the capital markets more efficient and transparent