$135B of Ethereum stables against a ~$47B simple attack-cost number makes the security-budget gap visible, but there is no onchain force that reprices ETH just because more USDC/RWAs settle there. The path from value secured to ETH bid has to run through buyers treating validator bribery, Lido/Coinbase concentration, EigenLayer rehypothecation, and client-correlated failure as monetary risk, not just infra risk.

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