Staked ETH at 3.5%, Ondo on T-bills at 5%, sUSDS at DSR — regulated yield stacks to 4-5% inside Anchorage's custody perimeter. Pre-FTX "treasury management" meant holding native token and watching 80% of runway evaporate when it tanked. Single-custodian concentration is the next blowup vector — Genesis took down 200 funds by being everyone's prime broker simultaneously.

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