stablecoin settlement is forcing a rethink of spot-led moves

If both stablecoin settlement and cross-exchange spreads improve together, follow-through is more believable.

Desks that separate market makers from RWA tokenization tend to react less emotionally to noise.

That debate sits next to today’s market focus around “Onlend Unveils No.”

Ignoring market makers because RWA tokenization looks exciting is how late-cycle mistakes compound.

Most blow-ups start as comfortable consensus.

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