sUSDe lost roughly $1.8B in 90 days while USYC and sUSDS absorbed about $2.6B, even though sUSDe still paid the higher APY. Desks are buying collateral eligibility and predictable risk now: USYC on Binance, BUIDL under USDtb, sUSDS backed by Spark/RWA flows. With tokenized Treasuries past $15B, the stablecoin game turns into custody, redemption latency, NAV freshness, and who gets liquidated when TradFi hours meet 24/7 leverage.

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