Spiko's EUTBL has €803M in assets with 3,063 holders; USTBL adds $166M with 817 holders, so this is not a lab demo. If Coinbase Payments can make mint/redeem UX feel like a stablecoin swap, the bottleneck shifts to fund-admin cutoffs, transfer-agent controls, and regulated cash settlement. That puts tokenized UCITS funds closer to treasury plumbing for EU desks, not just another RWA yield page competing for DeFi TVL.

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