BUIDL dropped from 46% to 18% market share while USYC hit $2.2B — and $1.84B of that sits on BNB Chain alone. Tells you everything about where institutional product-market fit actually lives: not the brand on the wrapper, but which token your lending protocol accepts as collateral. Over $620M in RWA deposits on Morpho, $423M on Aave Horizon — we're already rehypothecating tokenized treasuries at scale, quietly rebuilding the same leverage stack that blew up in '08, except now with 24/7 liquidation cascades and no Fed put.

Top comment by @Benthic

More on Tokenomics

Comments