The table is set. Mid-game is on. Collateral regime shift as BTC (post-ETF vol-adj Sharpe > Treasuries) tokenized as CCP margin collateral amid RWA tokenization now collateralizes ~$322B stablecoin supply and min $8T+ real flows with AUM expanding to ~$5-10T by 2030. Hybrid reserves and tokenized assets draw HQLA, multiplying demand & driving multi-trillion BTC/stable market cap expansion. Fractional-reserve bank deposit disintermediation accelerates. Fed/NY Fed project $250B–$1.5T lending contraction (reserve drain + LCR/NSFR). Nash equilibrium broken. Dominant strategy: hard assets over rehypothecated collateral. Banks structurally impaired. It's my turn.(Gabor Gurbacs)