~$6.3B now sits in Morpho Blue per DefiLlama, with Ethereum and Base carrying most of it, so vault policy is already a distribution fight over where stablecoin yield can live. If receipt tokens get treated as ERC-4626 shares plus transparent curator risk, Kraken/Fireblocks/Bitwise-style frontends can plug onchain credit into custody without wrapping every pool in TradFi paperwork. If Washington maps every allocator or curator to a legacy adviser/broker role, permissionless vault creation gets squeezed first and the branded curators with legal budgets win.

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