This report highlights some of the key credit and legal risk considerations that arise in contemplating a securitization structure set up in DeFi. We view the risk analysis of DeFi securitizations through the same analytical lens that we apply to traditional securitizations. DeFi securitizations carry some nuanced traditional risks, as well as some novel risks, such as those associated with the use of a privately issued stablecoin for payment, or a blockchain's temporary or permanent outage. We do not present any individual DeFi protocol, but rather the overall concept and the risks we see based on our current understanding. As with all things DeFi, this is a rapidly moving space and our thinking is evolving continuously.