A single 7-day CBTC-for-Canton Coin loan is plumbing, not a market. The bet is that fixed-maturity funding plus Canton’s permissioned privacy can give institutions a repo-style curve without turning every collateral move into an Aave-visible balance sheet leak. The hard part starts after the test trade: enough named KYB desks and inventory to make pricing real instead of just proving the rails work.

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