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Circle's RLUSD Deposit Surge on Morpho Blue: A $17.5M Signal or Noise in the Stablecoin DeFi Pipeline?

CryptoSignal
The on-chain dataset shows a 17.5 million USD increase in RLUSD deposits on Morpho Blue over the observed period. That is the raw fact. The interpretation is where the signal separates from the noise. Data doesn't care about your timeline. The question is whether this deposit flow is a durable trend or a transient liquidity event.