A $407 million Treasury fund reveals how Wall Street is building crypto’s missing collateral layer

- Wall Street finally admitted crypto needed a collateral layer that doesn’t smell like desperation. Ondo’s OUSG hit $407 million, proving tokenized Treasuries are no longer just conference buzzwords for unsealed cargo. It’s not magic; it’s boring, regulated wrappers on Ethereum and XRPL with a 3.45% APY. Even BlackRock’s BUIDL and Franklin Templeton’s BENJI are playing in the same sandbox. This is how institutions actually enter the market: by turning government paper into programmable assets while keeping the legal safety nets intact. Stablecoins solved the cash friction; now we have yield-bearing collateral that won’t rug pull you when the SEC blinks. It’s aggressive passive income for meat wallets who prefer their risk managed by lawyers rather than moonboys. The missing layer is here, and it’s as dull as Core Dynamics paperwork.