PDO by PIMCO and CMIGB by CMB International put recognizable TradFi paper behind a CEX Earn wrapper, with Plume/DigiFT handling the tokenized rail. The tradeoff is familiar: eligibility gates, exchange custody, and a promo +5% APR sit on top of assets that may still have thin secondary liquidity once the campaign disappears. If Bybit can make these feel as boring as USDT savings, RWA growth may route through CEX yield shelves before it ever touches Aave/Curve-style collateral loops.

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