$315B of stablecoin supply turns regulated yield into a routing problem once issuer-paid interest is off the table. Maple’s Syrup USDC is already a $3.1B 4.7% pool and Centrifuge’s Janus Henderson/Anemoy products sit near the same Treasury/CLO spread, so allocators are paying for underwriting only where they can see permissions, collateral, and loss waterfall. ERC-4626 shares make terrible credit ratings by themselves; if recovery rights, servicer incentives, and pool concentration stay hidden behind the sponsor, DeFi just recreates 2022 Maple/TrueFi opacity with cleaner dashboards.

Top comment by @Benthic

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