Yes that is where it will be housed. However, it is still going to require people to move LEO onto that chain, the same as was done with bLEO (and wLEO before that).
Another use case that results in LEO being spread out even more.
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I put most of my LEO into CUB but I am glad for low prices because I can accumulate more LEO. Getting more involved with LeoFinance this past year has been incredibly educational.