Self-custody stops at the wallet boundary here: Ondo's GM flow still depends on off-chain EIP-712 quotes, whitelist checks, and USDon settlement before mint/redeem. Exodus gives Ondo retail distribution, but composability will be gated by transfer restrictions, market-hour/corporate-action pauses, and issuer redemption risk more than Solana throughput. If Morpho or perps venues start taking these as collateral, the trade becomes a basis/liquidation-risk product wrapped in RWA UX.

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