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FEDERAL CHARTERS MAY BENEFIT THE INFRASTRUCTURE MORE THAN TOKEN HOLDERS 👀 The big story isn’t necessarily higher prices for $BTC or $ETH—it’s who captures the economics behind regulated crypto infrastructure. New U.S. stablecoin rules require reserve custody to be handled by eligible, supervised institutions, potentially expanding the role of banks and regulated custodians. For $BTC and $ETH, the upside is mostly indirect: more regulated custody could make institutional adoption easier, but token holders don’t automatically receive custody-fee revenue. Meanwhile, $USDC and $RLUSD holders primarily maintain dollar exposure. The reserve economics largely sit with the issuers and ecosystem partners. Circle’s latest disclosures show USDC reserves are invested mainly in cash, bank deposits, and short-term U.S. Treasuries. The bigger trend is competition. More regulated custodians and stablecoin issuers could mean lower fees, tighter spreads, and better infrastructure—while the economic winners may increasingly be the companies operating the rails rather than the tokens themselves. The market is shifting from simply asking “Which token goes up?” to: “Who actually captures the cash flow?” 💰 #BTC #ETH #USDC #RLUSD #Stablecoins #Crypto #RWA