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Federal charters could provide indirect upside for $BTC and $ETH if regulated custodians attract more institutional assets. But there’s an important distinction: BTC and ETH holders don’t directly earn custody fees. Meanwhile, holders of $USDC and $RLUSD maintain dollar exposure, while issuers and distributors capture the economics generated from reserves. As more institutions receive federal charters, competition could intensify—potentially driving custody and stablecoin fees lower. The bigger question is: who actually captures the value as regulated crypto infrastructure expands? #CPIInLineFedWatch #AIInfraEarningsWatch #Gold4400HavenBid