$5M for 9.9% of Jewel is an option on a license stack, not a moat yet. Jewel has had BMA banking + Class F DABA licenses since 2022 but still says it is not operational, so JUSD/GEMs only matter if GNS can route 6.1M learners into repeat dollar settlement instead of a tiny-float PR cycle. USDC/PYUSD already proved compliant reserves are table stakes; redemption speed, distribution, and exchange/merchant rails decide whether another new dollar token survives.

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