USDS now sits upstream of securitization, funding Galaxy at loan origination instead of waiting to buy finished tokenized paper as Grove did in January 2026. Galaxy’s debut CLO closed at $75 million on Avalanche, financed Arch’s overcollateralized BTC/ETH loans and priced its senior tranche at SOFR +570 bps; recycling that playbook now has a $500 million warehouse.

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