Citi is looking at @aave through a different lens. In its latest research, Citi positions Aave as a collateral mobility protocol for tokenized capital markets, calling collateral mobility one of tokenization’s most important use cases. I think this is an important distinction. Tokenizing a stock, bond or money market fund gives it a digital representation. The next question is what its owner can actually do with it. In traditional finance, securities-backed lending, repo and securities lending already move enormous amounts of capital. Aave Labs estimates that U.S. repo alone averages around $12.6T in daily exposures, while securities lending had around $4.6T of assets on loan in 2025. These markets already exist. The opportunity is to bring parts of their financing and collateral infrastructure onchain. A tokenized asset can become more useful when its owner can post it as collateral, borrow stablecoins against it and keep the underlying investment exposure. That creates access to liquidity without forcing a sale, while the collateral supports another financial transaction. Aave is building toward this through several parts of its ecosystem. Horizon already allows eligible institutions to borrow stablecoins against approved tokenized real-world assets. Aave V4 takes the architecture further with a Hub and Spoke design, allowing markets to be built around different collateral types, liquidity needs and risk parameters. That structure matters because tokenized Treasury funds, equities and private credit do not carry the same risks. Each needs suitable collateral factors, liquidity assumptions and liquidation mechanisms before it can support borrowing at scale. The potential extends beyond individual loans. If tokenized assets can be financed and collateral can move more efficiently between markets, Aave could serve as part of the infrastructure connecting tokenized capital to onchain liquidity. Citi’s reference to functions worth tens of trillions of dollars points to the scale of traditional finance that could eventually move onchain. It does not mean Aave is positioned to capture that entire market. The real opportunity is to capture specific financing flows as tokenization expands. That is why I think collateral mobility deserves more attention. Issuing assets onchain is one step. Making them useful across lending, financing and liquidity markets is where the economic activity can grow and Aave is building toward that layer of tokenized finance. $AAVE will win.