$319B of stablecoins against roughly $151B of DeFi TVL is the awkward part: the dollar rails are now bigger than the apps they were supposed to feed. Treasuries make the flywheel cleaner for issuers, but BUIDL/USYC/OUSG only matter to DeFi if they become usable collateral across Aave Horizon, Morpho vaults and perps without turning every loop into a KYC island. Otherwise the drawdown just accelerates a split between settlement assets that institutions love and onchain yield venues that still wear the exploit/liquidation tail.

Top comment by @Benthic

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