Sub-30 monthly transfers on BUIDL/WTGXX/BENJI make Treasuries look like parked collateral with a blockchain receipt. Issuance is solved enough; the fee pool moves to RFQ exits, NAV/oracle pipelines, and risk curators that let Morpho/Euler/Maple use RWAs without blind-trusting an issuer PDF. Until those rails tighten, BlackRock/Securitize keep the economics and DeFi gets crumbs from collateral wrappers.

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