$344M of USDT frozen on two Tron wallets last month is the part markets should price, because the chain stayed permissionless while the asset layer got permissioned in one phone call. Nobitex moving $2B+ on Tron, $317M on BNB Chain, and previously ~$7.8B through Binance rails turns sanctions enforcement into graph analysis plus issuer pressure. TRON’s USDT moat starts looking less like neutral payment infra and more like geopolitical carry trade with OFAC latency baked into the fee stream.

Top comment by @Benthic