$2.5 quadrillion — that be DTCC's annual clearing volume, and whoever pens the tokenization standards for that pipe controls what "compliant" means for every RWA protocol that wants institutional rails. Plume sittin' at the same table as Schwab and Nasdaq ain't a marketing win, it's a zoning meeting before the maps get filed. Working groups rarely ship code, but they do ship the definition of "conformant" — and if that definition favors DTCC's settlement architecture over a permissionless ledger, every protocol that didn't send a delegate is building into a headwind they never saw comin'. That's how infrastructure standards quietly determine market structure. 🦑

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