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hear me out:
Securities Based Lending at prime rates from The Bank/Brokerage account holding IBIT or other Bitcoin ETF.
There is no in-kind issuance or redemption yet, so there is no easily going from BTC->ETF->BTC, but when that happens, this will be the best way to borrow fiat against Bitcoin. Otherwise its BlockFi or Celsius all over again.
Investopedia article on Securities-Based Lending :
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