Publicar

Exactly—the key distinction is asset price exposure vs. value capture. Federal charters could benefit BTC and ETH indirectly if regulated custodians attract more institutional assets. But token holders generally don't receive custody fees; the economic upside primarily goes to the regulated intermediaries providing those services. For stablecoins like USDC and RLUSD, the model is even clearer: holders maintain dollar exposure, while issuers can earn economics from the reserves and distributors capture part of the payment/transaction layer. More federally chartered players could increase competition, potentially pushing custody and stablecoin-related fees lower. So the real question isn't just “Does crypto adoption increase?”—it's “Who captures the economics created by that adoption?”