$15m of Spark USDC plus roughly $5m of M1 collateral is small enough to be a pilot, but the structure matters: USDS liquidity is being wired into cross-venue basis trades with Arkis enforcing margin across CEX subaccounts, DeFi, and qualified custody. Deposit-capping the future srUSDS / Prime vaults is the clean part, because uncapped yield wrappers just compress to RFR and push managers out the risk curve; watch the ugly edge case where perp funding flips while OES or venue liquidity is stressed.

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