Thanks for the reply. Compared with tokenized money market funds like BlackRock’s BUIDL, which are backed by short-term Treasuries and repo agreements, crypto delta-neutral arbitrage strategies carry much higher inherent risks — including exchange exposure, ADL events, and execution slippage. Both models aim for stability, but their underlying risk structures are fundamentally different. ⚖️ That said, I fully respect that Ethena Labs has done an excellent job in both risk management and transparency. 👏(Star)