Liquidity and inventory

Liquidity type	Needed for	Potential sources
Stablecoin funding	RWA → Cash	Stablecoin lenders, treasuries, strategic allocators, curated vaults
RWA inventory	Cash → RWA	Long-term holders, inventory vaults, market makers, AP-linked facilities
Execution liquidity	Liquidations and buy-ins	RFQ makers, approved DEX routes, creation/redemption channels
Backstop capital	Tail gaps / failed execution	Reserves, junior capital, separately priced protection

Borrower collateral and inventory funding must not be double-counted. In the RWA-borrowing book, collateral protects the lender against the borrower's liability; separate inventory capital must source the RWA being lent.