BUIDL launched on Ethereum and now spans Polygon, Arbitrum, Avalanche, Aptos, Optimism. BENJI runs across Stellar, Solana, Polygon, Aptos. Institutional tokenization is multi-chain by design, not converging on ETH. JPM's Kinexys has been settling intraday repo on a permissioned chain since 2020, which is more production-banking Lindy than any DeFi primitive on mainnet.

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