Highlighting a few thoughts after reading this, it really gets to the core of why tokenisation matters. Financial innovation has always been constrained by settlement infrastructure. No matter how sophisticated the instrument, the way it moves and settles capital ultimately defines its efficiency. Why does this matter? Because time = capital efficiency. And whenever there is latency in settlement, a premium inevitably emerges → whether in the form of opportunity cost, liquidity discounts or wider spreads. These frictions compound into structural inefficiencies across markets and that’s why the evolution of settlement has always played such a critical role in shaping asset dynamics. Over the years, we’ve seen major improvements but the system has never truly reached the ideal state of near-instant settlement. And that’s the bridge to what’s happening now. @Theo_Network $thBILL represents a foundational manifestation of a new primitive backed by strong institutional credibility through Standard Chartered’s Libeara + Wellington Management. But the real distinction isn’t the asset itself, its the level of accessibility. Why so? Institutional-grade yield historically gated behind "prime brokerage relationships, minimum subscription sizes, and T+1 settlement cycles" and has now been condensed into a permissionless, on-chain format with real-time settlement and full composability. This means the same underlying exposure ST US govt. obligations, one of the most liquid and trusted asset classes globally but delivered through a completely different infrastructure layer. And you can see why major institutions moved early since they recognised this. TLDR: Tokenisation has always been the endgame of financialisation aka the gateway that brings traditional assets into programmable, composable systems like DeFi. What thBILL changes is not what you own, but how you access and use it. The same yield that once required institutional rails is now accessible to any participant that can hold an on-chain position. That’s the real shift.