Abhi Pingle(@abhi_pingle):Mustafa's inventory is an invariant. They sell 50kg & then rebuy 50kg the same day, so the gold position never moves and the revenue is pure margin. Why does that matter? Holding a tonne of metal still takes a tonne of capital. Someone has to finance that standing inventory, and that financing is the gold lease market. At its most basic level, that is where thUSD's yield comes from.

Abhi Pingle

@abhi_pingle

Building @Theo_Network, previously trading @optiverglobal

参加 July 2018

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Abhi Pingle@abhi_pingle

2026.08.06 16:32

Mustafa's inventory is an invariant. They sell 50kg & then rebuy 50kg the same day, so the gold position never moves and the revenue is pure margin. Why does that matter? Holding a tonne of metal still takes a tonne of capital. Someone has to finance that standing inventory, and that financing is the gold lease market. At its most basic level, that is where thUSD's yield comes from.