The pool of capital demonstrating the highest demand for BTC exposure is money market funds, short-term T-bills, commercial paper, and USD bank accounts.Short duration capital with low/no lockup that has been yield-starved in real terms for decades.$32.9 trillion TAM.Dylan LeClair (@DylanLeClair_):The Preferred offering with the shortest effective duration looks to have had the largest initial IPO.Extremely valuable datapoint. https://t.co/JtnyDJh96c ...

RT Bridget (@bridge__harris)A "stablecoin bank" could take many diff forms, but the one we explored in the piece resembled a narrow bank where deposits are 1:1 backed with T-bills --- Customers could automatically earn T-bill yield on their deposits- Credit issuance itself could be done in stablecoins- From a UX perspective, customers would still just be tapping a piece of plastic ... when a customer spends at a retailer, it would functionally just be sending money from one wallet to another.The challenges ...