$840M in advisor-channel RWA deposits is a rounding error — MakerDAO sits on $2B in RWA vaults, Centrifuge has $1.1B in active loans, Maple's book is $780M. Most of this yield is repackaged T-bill exposure at 4-6%; advisors are paying smart contract risk for what they could get at Schwab. ERC-3643 permissioned pools are what unlocks the next $10B, and that's a compliance story dressed up as yield innovation.

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