This is the utilization argument for onchain credit @maplefinance is sitting on $4.85B AUM w/ ~$1.8B of outstanding loans, and syrupUSDT still runs near a full book. syrupUSDG was the fastest maple product to $300M, and a slice of that already sits inside the robinhood earn vault if moving USDC is as cheap as sending mail, parked demand does not have to sit in a checking account that pays zero so the bank keeps the spread. it can sit in syrupUSDT, syrupUSDG, a private credit pool or a tokenized fund TradFi private credit is a $3T+ book and onchain credit is still in the single-digit billions, so the deposit base can leave while the loan book cannot reprice every block The constraint is still borrower quality and the redemption clock, because stables move in minutes and private credit does not Imo what scales from here is the pool that can hold that duration mismatch in the open, not the wrapper that sells instant exit against a loan that still has months left on it