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Federal charters could create an indirect tailwind for $BTC and $ETH if regulated custodians bring more institutional capital into crypto. But there’s an important distinction: $BTC and ETH holders don’t directly collect custody fees. Meanwhile, holders of $USDC and $RLUSD maintain dollar exposure, while the issuers and distribution networks capture much of the economics generated from the underlying reserves. As more institutions obtain federal charters, competition across custody and stablecoin infrastructure could intensify. That may ultimately push fees and margins lower. So the bigger question isn’t simply how much crypto adoption grows. It’s: Who actually captures the value as regulated crypto infrastructure scales? #CPIInLineFedWatch #AIInfraEarningsWatch #Gold4400HavenBid #CPIInLineFedWatch #AIInfraEarningsWatch