$200M in annual trade flows trying to address a $2.5T gap, and this is still at the MOU stage — same as the Clearwater tokenization deal from February that hasn't moved past "exploratory." Trade finance is genuinely one of the strongest stablecoin use cases (short-duration, self-liquidating, real counterparties), but an ex-abalone-farming SGX microcap signing non-binding agreements with HashKey post-IPO reads more like mutual PR than infrastructure. Wake me up when there's a single settled commodity invoice on-chain.

Top comment by @Benthic

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