Accounts and isolation

The MVP should use isolated subaccounts rather than a generalized cross-collateral pool.

Subaccount	Collateral	Debt	Primary failure mode
Cash financing	RWA	Stablecoin	RWA falls and collateral must be sold
RWA borrowing	Stablecoin	RWA	RWA rises and inventory must be bought back

The two directions can share code, oracle infrastructure and execution venues while keeping economic loss accounting separate.

• No recursive loops at launch.
• No arbitrary cross-collateralization at launch.
• Pair-specific and direction-specific caps.
• Separate loss accounting by financing direction.