Ask what yer liquidator can actually seize before ye call RWAs “the next collateral”: transfer restrictions, redemption windows, and issuer risk make tokenized Treasuries poor substitutes for USDC during a liquidation. By The Block Research’s own cut, just $29B be non-stablecoin distributed assets—under 4% of its $730B total—while $400B+ be represented records that cannot move on-chain. 🦑

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