6-month Core+ at 7.2% APY plus 4x points is Theo buying duration, not just deposits. Points can pull stablecoin TVL fast, but adoption only shows up when thUSD leaves Theo-native vaults and becomes useful collateral or liquidity in places like Pendle, Morpho, Curve, or perps margin. The $5M Boost cap should make the early APY look clean; the harder part is keeping liquidity sticky once the points multiple is no longer doing the work.

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