$200M for $thBILL isn’t a vanity milestone it’s product-market fit showing up on-chain. In ~14 weeks, @Theo_Network took a tokenized T-bill fund from zero to ~$200M outstanding with nearly $1B cumulative traded volume, per cofounder Arijit Pingle’s update. Why I care: RWA “issuance” is easy; liquid, composable collateral is hard. thBILL runs the right playbook non-rebasing design, continuous primary access, and integrations that turn yield into usable credit lines. ❯ Data points I checked ❯ Cofounder post: “~$200M TVL… ~1B volume, >1x vol/TVL” (signals real turnover vs. parked TVL). ❯ External trackers show circulating value around the same zone (~$200M–$214M), consistent with the claim. What it means next: with $200M+ as base collateral, the pipes (Pendle PT/YT, Morpho/Euler lending, Arbitrum venues) should get tighter spreads and deeper borrow over the next rotations assuming redemptions stay smooth and market-maker inventory stays hedged. If you’re playing it: ❯ Treat thBILL as your “safe leg,” then route PT/YT for fixed/forward rate views. ❯ Watch utilization + LTVs on new markets during rollover weeks before sizing. ❯ Track chain breakdowns to spot where depth (and best pricing) concentrates. Clean takeaway: $thBILL just graduated from “promising” to “used.” Keep an eye on volume/TVL > 1.0 and redemption latency those will tell you if this pace holds