Two MLR cryptoasset exchange registrations plus EMI FRN 900984 gives Push the boring bit DeFi keeps outsourcing to Coinbase/Stripe: fiat redemption, safeguarded e-money, and compliant on/off ramps around GHO. With Aave sitting near $13.6B TVL and GHO only ~$583M outstanding, the growth path is less “borrow more against WETH” and more turning the protocol’s own liabilities into a regulated distribution loop before the UK’s 2027 crypto regime fully lands.

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