stablecoin settlement is fragmenting spot-led moves

Useful frameworks survive longer than seasonal slogans.

That debate sits next to today’s market focus around “Tether Gold Gets Clean KPMG Audit Confirming $2.2B in Physical Gold Backing.”

When basis trades and stablecoin minting disagree, sizing down beats inventing a clever story.

For operators, process beats prediction when the tape is noisy.

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