sky ($SKY) quietly became the tollbooth between tradfi and defi and the market hasn't repriced it. USDS supply hit $12b, up 38% in 30 days. 3rd largest stablecoin issuer behind tether and circle. sUSDS vault holds $6.4b with 70% sourced from BlackRock BUIDL, Janus Henderson, and Coinbase. $134m YTD revenue, top 5 protocol. BlackRock and Janus Henderson are not running pilot programs here. they are parking real treasury capital onchain through Sky's infrastructure. the RWA trade is not buying tokenized gold or tokenized stocks. it's owning the settlement layer where banks have to route capital. this is the cycle where tradfi becomes a defi user and Sky is extracting rent on every dollar that crosses the bridge
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