Multipli, a protocol for real-world asset yield and collateralization, said its $MULT community sale on Sonar by Coinbase was oversubscribed by more than 1.6x. The sale attracted approximately $1.65 million in commitments against a target of about $1 million and reached roughly 100% of its allocation within the first few days. The round was conducted at a $250 million valuation, while eligible community members could participate at a discount through Sonar, Echo’s public token sale infrastructure, which was recently acquired by Coinbase. Multipli’s total value locked is approximately $520 million. Its rwaUSD credit-backed stablecoin lets users borrow against tokenized assets such as gold, stocks and S&P 500 exposure, allowing them to access onchain liquidity and yield without selling the underlying assets. Nakul Gupta, Head of Business of Multipli, linked the demand to growing regulatory and institutional attention toward digital assets, including discussion around the CLARITY Act in the United States. The company said the sale reflects interest in infrastructure connecting real-world assets, stablecoins, credit and DeFi (decentralized finance).