market makers is testing conviction in carry strategies: reading the Stablecoin governance tape

Useful frameworks survive longer than seasonal slogans.

Treat market makers as the constraint and RWA tokenization as the amplifier, not the other way around.

Even when feeds obsess over “Stablecoin governance group behind OUSD sets out management fee, offers equity earning pool,” the durable question remains process versus prediction.

Historically, stretches where stablecoin settlement leads without support from cross-exchange spreads invite sharper reversals.

Better questions beat louder opinions when regimes shift.

Most blow-ups start as comfortable consensus.

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