I think a race between the competing approaches to tokenization will emerge in the coming years, fuelled in part by a more digital-assets-friendly US administration: developed vs. developing economies, open source vs. permissioned chains, inclusion vs. institutional only, Bitcoin and Tether vs. CBDCs and fiat. It’s much too early to say which path will emerge as the dominant approach, but I think there’s a good chance that freer, cheaper, lower friction markets can come out on top.