Valos

Valos is a Finnish digital asset manager, operating through Lumen Digital Oy, focused on institutional private credit. On the funding side it takes stablecoins, BTC and ETH; on the asset side it lends against collateral to market makers, prime brokers, exchanges and custodians and earns the spread. In February 2026 it launched a VUSD vault on Monad denominated in Agora's AUSD, with ERC-4626 shares, NAV published through convertToAssets, and loan-book health disclosed continuously by Accountable's verification network instead of quarterly audits.

Customers are professional allocators and crypto institutions seeking verifiable yield. Compared with credit protocols such as Maple or Goldfinch, its borrowers sit in crypto market making and prime brokerage, underwriting and monitoring stay in-house, and the verification layer only exposes collateral coverage and counterparty exposure in real time. Vault shares can be reused in lending markets such as Euler and Curvance. Borrowers are concentrated among a small set of market makers and prime brokers, and the vault is deployed on Monad alone.