Gm, Tokens will do for capital markets what containers did for global trade. This is no longer a narrative I’m watching from the sidelines. It is becoming the framework behind my research and the exposure I want to build over the next cycle. Capital markets still run through fragmented databases, custodians, brokers and settlement systems. Tokens give assets a common, machine-readable format. Once tokenized, the same asset can move between exchanges, custodians and lending markets without being rebuilt for every institution. That changes more than settlement speed. It allows financial capabilities to attach directly to the asset: – @Ondo and @centrifuge bring securities and funds onchain. – @CantonNetwork provides privacy and settlement infrastructure for institutions. – @RobinhoodCrypto brings tokenized assets directly to retail distribution. – @chainlink connects assets, data and liquidity across networks. – @aave and @Morpho turn eligible assets into productive collateral. The biggest winners may be the networks and protocols where those assets are issued, traded, financed and repeatedly reused. Stablecoins proved that tokenized dollars can reach global distribution. The next phase is bringing stocks, Treasuries, funds and private credit onto the same programmable rails. I’m positioning around the infrastructure that captures activity across the entire lifecycle. That is where I expect durable value to accrue.