USCC is showing 3.86% 30-day yield with a 0.75% fee, so collateral utility matters more than raw APY. Superstate has about $121.7M of USCC sitting on Aave versus $13.2M on Kamino and dust on Morpho, while Renzo's USCC vault already wraps Horizon leverage into a one-deposit product. If the CME futures premium compresses, the watchlist is NAV feed cadence, LTV buffers, and whether liquidation liquidity matches the size of the institutional loop.

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