Block Scholes tested Bitget’s unified account, where 125 tokenized US stocks can back crypto positions. On a $1M portfolio, the capital needed fell from $340K to $175K.
The catch is correlation. Stock collateral falls together with the market, so the modeled portfolio hit liquidation after a ~21% correlated drop, versus ~27% if the same value sat in USDT. Since 2022, BTC’s 60-day correlation with the Nasdaq-100 has averaged +0.41.
The stocks keep working too: they still pay dividends in USDT and can be pledged to borrow stablecoins.
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