$139M on Aave V4 and ~$297M in Horizon TVL is still a toy balance sheet beside repo, but the live test is credit-line accounting: one governance update already had Core-to-Bluechip USDT at ~97% utilization. If Aave can cap, price and unwind those spoke-level exposures without contaminating the hub, permissioned Treasury collateral starts looking less like an RWA side quest and more like an isolated e-mode bucket for TradFi balance sheets.

Top comment by @Benthic

More coverage

More on Markets

Comments