The detail I like about Hare’s launch with @turtledotxyz is that it lists on the same terms as any other issuer. Same front end, same depositor network. Hare can do its own credit work. It can assess the assets and counterparties behind a vault and publish the terms when it opens. Once the product is ready, it can bring it to people through a distribution network that’s already there. I’d look at that arrangement from the perspective of a smaller credit team. If a GSR-backed desk can use the same route as everyone else, that route is worth examining in its own right. A team might have the expertise to put together a good product and still have very little reach outside its existing clients. Turtle and Lunar Strategy reported $1.04M in Q3 revenue from services and distribution, on a cash in basis and net of intercompany. Hare launched on 7 October. What the launch gives me is a concrete example of how another business can use the distribution tools Turtle was building. Tokenized assets excluding stablecoins stood at $46.1B on 4 November. The part I’d watch is whether a team with no prior relationship with Turtle can bring its own vault to that same front end and reach people it couldn’t reach on its own.