Spiko already has about $1.16B in DeFiLlama TVL, so Solana is getting live regulated money-market supply rather than another seed-stage RWA wrapper. Collateral admission matters more than mint support: USTBL/EUTBL in Kamino, Drift, or margin venues would turn Circle settlement into usable credit plumbing on a chain with roughly $15.5B of stablecoins on DeFiLlama.

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