Most perp protocols accept only stablecoins as collateral — not because multi-collateral is impossible, but because every new asset introduces valuation risk the protocol has to manage. AnyCollateral takes a different approach: accept ecosystem tokens in their native form, apply a Collateral Ratio to buffer the valuation risk, and let capital stay productive without conversion friction.

This episode covers the mechanics (CR system, how MON/LVMON/LVUSD/USDC are handled), the individual trader efficiency story (no conversion round-trip, no swap fees, no potential tax events from conversion), and the ecosystem-level implications — every supported Monad token gains an on-chain trading utility layer, and capital stays inside the ecosystem rather than converting to stablecoins. The RWA integration angle: as tokenized assets arrive on Monad, AnyCo ...