𝐓𝐡𝐞 𝐓𝐫𝐚𝐝𝐅𝐢 𝐅𝐨𝐫𝐤: 𝐖𝐡𝐚𝐭’𝐬 𝐓𝐡𝐞 𝐏𝐥𝐚𝐲𝐛𝐨𝐨𝐤? The GENIUS Act was signed this month and is already forcing a choice. It defines what qualifies as a digital dollar, backed by Treasury bills, overnight repurchase agreements (repo), or cash. This is the new structure, and institutions are already adapting. Are you? Well, Ondo already deployed capital, along with BlackRock, Franklin, and Superstate. The fork has been created. Where is it going? ---- 𝗪𝗵𝗲𝗻 𝗜𝘁 𝗪𝗮𝘀 𝗔 𝗦𝗽𝗿𝗲𝗮𝗱𝘀𝗵𝗲𝗲𝘁 Previously, there was a treasurer's script. You park the cash, call the dealer, settle in T+2, and update your spreadsheet. It worked, and the yield was safe, but the process wasn’t built for real-time finance. Now, the same exposure settles onchain within seconds, with visible collateral and a transferable token. If you want to loop it into a DeFi position, you don’t have to off-ramp. All you do is transfer the token. This is how we wanted it to be, but here we are now. ---- 𝗧𝗵𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝗬𝗼𝘂'𝗿𝗲 𝗨𝘀𝗲𝗱 𝗧𝗼 Stablecoin Issuers barely yielded as Treasuries did. In 2023, we contemplated how TradFi money would move the market because our system cycle wasn't working any longer. The narrative shifts disappeared, and all we had left was 2024 memecoin mania. But now that Web2 money has entered Web3, how would you capitalize on it? ---- 𝗧𝗵𝗲 𝗧𝗿𝗲𝗮𝘀𝘂𝗿𝘆 𝗩𝗮𝘂𝗹𝘁 𝗠𝗮𝗿𝗸𝗲𝘁 This is the market you should keep your eyes on. BlackRock’s BUIDL crossed $2.4B across seven chains. Franklin’s BENJI is holding over $430M, with a large share on Stellar after VeChain integration. Ondo’s USDY passed $680M. OpenEden’s TBILL is at $190M. Matrixdock’s STBT is at $10M. Superstate’s USTB has grown to $650M and is expanding into tokenized equities. Janus Henderson’s JTRSY is at $408M. Centrifuge’s JAAA CLO strategy crossed $1B. Maple Finance’s Cash Management vault offers yield in USDC and USDT with daily liquidity. With all this information, what do you do? ---- 𝗣𝗶𝗰𝗸 𝗔 𝗦𝗶𝗱𝗲, 𝗙𝗲𝗲𝗹 𝗧𝗵𝗲 𝗚𝗮𝗽 If you can match the money, trade it. If you can't, here's what you should do: 1. Bridge where vault tokens launch first and farm the on‑ramp incentives. @SeiNetwork integrated USDY last week and seeded liquidity with fee rebates and token rewards. That is, 4.25% APY from its treasury backings, 6% for early LPs. You can: • Bridge USDC, • Swap into USDY, • Supply to the Sei liquidity pool, • Un‑bridge after the incentive cycle. Net return combines the embedded Treasury yield with chain rewards. 2. Pair vault tokens with stablecoins on Base and earn dual yield. BUIDL–USDC on @AerodromeFi pays 2% trading fees and 4% AERO emissions. Capital requirement is whatever you are comfortable providing as a 50‑50 pair. Impermanent loss risk is low because both sides track the dollar. 3. Supply mUSD on Mantle Fusion. @Mantle_Official wraps USDY as mUSD. Current supply rate is at  5.1% APY. Rewards are paid in MNT. 4. Supply TBILL and BENJI, and Arbitrum @arbitrum hosts TBILL on Trader Joe and a BENJI pool on Camelot. Early depositors receive protocol tokens plus the underlying yield. Even 3‑figure positions qualify for proportional rewards. 5. Capitalize on crosschain arbitrage spread. New vault tokens often list at discounts on the chain they launch. USDY is priced at $0.998 on Sei and $1.000 on Ethereum. That creates a 0.2% spread. Buy on the discount chain, bridge, and redeem or sell on the premium side. Gas on Base and Sei keeps breakeven low, so even a $200 clip clears profit. ---- 𝗗𝗼 𝗪𝗵𝗮𝘁 𝗬𝗼𝘂 𝗛𝗮𝘃𝗲 𝗧𝗼 𝗗𝗼 The fork is open. Idle stablecoins are losing position, and Treasury vault tokens are winning flow. GENIUS‑compliant vault tokens settle just as fast, and qualify as real collateral. Just make sure you do what you have to do. Thanks for reading!