$BTC.b becoming the primary $BTC standard on @stable is a collateral re-rating event, and it’s being driven by @Lombard_Finance.

This is the first time $BTC leverage on this surface is anchored to:

• validator-secured issuance
• protocol-native minting
• deterministic stablecoin conversion

That trifecta removes what traders usually overpay for in $BTC leverage: uncertain failure modes.

Once collateral loss becomes mathematically bounded instead of issuer-dependent, three risk dynamics reprice:

1️⃣ Liquidation topology simplifies:

Multiple wrappers create feedback spirals across venues. A single $BTC standard compresses that topology. Cascades shorten. Volume tails flatten.

2️⃣ Credit no longer prices corporate duration:

When solvency proofs live onchain, lenders stop charging for offchain opacity. Borrow curves tighten mechanically.

3️⃣ Leverage becomes structural, not narrative-driven:

Higher LTV emerges from predictability, not optimism. Risk math lifts ceilings before sentiment does.

This is how new leverage regimes actually emerge: not from excitement, but from risk compression.

And the order of operations is always the same:

• Infrastructure derisks first
• Credit curves follow
• Positioning builds
• Spot price reacts last

The inversion now underway is clear:

$BTC leverage is no longer underwriting wrapper risk.
It is compounding directly on validator-secured collateral issued by @Lombard_Finance.

That’s not speculation migrating.
That’s balance-sheet architecture changing.