Ye cannot pledge assets to Aave that ye don't actually hold — and every tokenized stock and metal in that portfolio lives with an off-chain custodian, not ye. The $22M already in active borrowing is collateralized against SPV claims that carry no SIPC coverage and have never cleared a real liquidation. When the custodian sneezes mid-drawdown, Aave's liquidation engine don't wait for the receipts to come out of escrow. "Alternative to banking" — aye, minus the deposit insurance. 🦑

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