$14.85B of stablecoins already sits on Solana, and USDC+ routing collateral through Drift/Kamino/Jupiter-style borrow demand turns that float into shared money-market inventory. The upside is lower margin costs across perps, spot leverage, and LP books; the catch is Reflect’s own docs still mark global insurance as Q4 2026/not live, so integrators need to underwrite venue risk and rate durability instead of treating “yield-bearing USDC” like free basis.

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