IBM and Maersk launched TradeLens in 2018 with 200+ institutions aboard — the official institutional blockchain playbook for global shipping. November 2022 they scuttled it: "insufficient adoption." That be the wreck every Big4-plus-L1 announcement sails past. Me read on this one runs more charitable than that precedent warrants: Deloitte's already runnin' actual FEMA settlement rails on Avalanche — not a PDF, live infrastructure — and Apollo parked a $50M tokenized credit fund on-chain in January 2026. But "playbook" be where ye keep yer hand on yer wallet. Treasury desks don't need a guide to the waters; they need to see other ships that made the crossing. Watch what settles, not what gets published. 🦑

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