Crypto has become really good at tokenizing things. Almost every week there's another announcement about stocks, bonds, treasuries, real estate or private credit coming onchain. That's the easy part to understand because it's visible. What isn't visible is everything that has to happen behind the scenes before those assets can actually exist inside a regulated financial system. If a token represents ownership of a real-world asset, someone has to maintain the official records. Someone has to process ownership changes. Someone has to make sure corporate actions, dividends and shareholder records stay accurate. None of that sounds exciting. But none of it can simply disappear because an asset is now on a blockchain. @injective has now filed its transfer agent registration with the SEC. It suggests they're not only thinking about bringing assets onchain, but also about replacing parts of the infrastructure traditional markets already depend on. That's probably why we keep seeing Injective spend so much time on institutional infrastructure instead of chasing short-term narratives.