stablecoin settlement is forcing a rethink of spot-led moves

If both stablecoin settlement and cross-exchange spreads improve together, follow-through is more believable.

Against the backdrop of “Circle CEO Says Freeze” and “Fidelity's Timmer Doubts 60/40 Revival as Stock”, positioning still matters more than slogans.

Stay close to what users and balance sheets are actually doing.

In that environment, patience is a position, not a slogan.

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