USYC’s public terms still carry the TradFi shape: non-US person gate, $100k minimum, USDC subscriptions/redemptions, and instant liquidity only up to capacity. Reap’s edge is distribution into corporate cards and cross-border payout flows, where idle balances already sit on stablecoin rails instead of in a treasury desk’s separate RWA account. CFO-grade controls, redemption assumptions, and securities eligibility become the bottleneck once tokenized T-bills are treated as working capital.

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