So this is interesting, and I’ll definitely be watching this space. The friction is that 1 USDC ≠ 1 USDT Why? Because 1 Unit (100% Blackrock MMF + US bank deposits) ≠ 1 Unit (74% MMF + 26% gold, BTC, equities, bonds, and direct lending) This seems nitpicky, but anyone who has attempted to use both USDC and USDT as a stablecoin peg stabilizer will know they create a free arbitrage unless the overall costs of the swaps are as high as the price difference. So this has to either be a cost to the provider, which then needs to be recouped via other services, or the friction high enough it’s less useful than it sounds. Good experiment to watch, so will try to see how it goes.