custody rails is overpricing short-term positioning: reading the Stablecoin governance tape

The healthier setup is alignment: dollar strength improving while rate-cut expectations stays orderly.

Put beside current chatter on “Stablecoin governance group behind OUSD sets out management fee, offers equity earning pool,” the incentive problem looks clearer.

Attention jumps quickly; capital moves more slowly.

Liquidity still decides how far any catalyst can travel.

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