Concentration & loop snapshot (RWA & stablecoin side) On the RWA and stablecoin side, conditions in the mfONE_USDC vault on Morpho have worsened compared with earlier checks. A previously large borrower position (around 6.3M USDC) has effectively exited and no similar-sized participant has taken its place. Instant withdraw liquidity has been effectively 0 for roughly two months, and the stated exit window has stretched to around 21–35 days depending on batch timing and queue. Combined with the earlier large NAV write-down, we currently treat this as a pool to stay away from, rather than one to size cautiously into. In the USCC_USDC vault, the Aave Horizon RWA USDC market is concentrated: the top three suppliers account for roughly 85% of deposits, and two of them are running GHO loop structures. On BSC, the usd1 yield layer is backed by a few CeDeFi counterparties, including a solvBTC address around 64M and two other addresses in the low- to mid-single-digit millions; this vault is currently unlevered. These RWA and stablecoin concentration profiles are also part of our regular monitoring and feed into how we size exposure and decide which markets to keep under higher attention.