The financial ecosystem built around XRP is already taking shape. Yes, the price is down. But that doesn’t change what is happening beneath the surface. I think Treasury Secretary Scott Bessent’s remarks at Swell about stablecoins becoming a new source of demand for U.S. Treasury debt are particularly important. As dollar-backed stablecoins gain adoption, their issuers create additional demand for reserve assets, including short-term U.S. Treasury bills. By capturing demand for dollars in overseas markets, particularly in emerging economies, stablecoins could help support the U.S. Treasury market while further strengthening the dollar’s global influence. I believe RLUSD has an important role to play in this shift. But what really interests me is not simply the growth of RLUSD. It’s the role XRP could play beyond it. RLUSD can serve as an entry point for dollar liquidity, while XRP has the potential to provide bridge liquidity between different currencies and digital assets, including RLUSD, USDC, JPYSC, XSGD, and euro-denominated stablecoins. If Ripple continues developing the liquidity infrastructure for these markets, it could create more opportunities for transactions to flow through XRP. Another important piece of the puzzle is Ripple Prime and Ripple Treasury. Ripple Prime serves institutional clients through trading, collateral management, and financing, while Ripple Treasury supports corporate treasury operations and liquidity management. In other words, Ripple is expanding beyond payments into a much broader range of financial activities, including institutional trading, corporate treasury management, collateral, and lending. At the same time, XRPL is preparing for another important step forward with XLS-64, XLS-65, and XLS-66. Once activated, these amendments could help transform XRPL from a network primarily known for moving value into a financial infrastructure capable of pooling assets, facilitating lending, and generating liquidity. RLUSD brings liquidity into the ecosystem. XRPL provides the infrastructure to put that capital to work. And XRP could serve as a bridge asset and potentially as collateral. If these pieces come together, XRP could gain entirely new sources of demand beyond its traditional role in payments and cross-border transfers. That is the bigger picture I’m looking at. XRP is more than just a payment token. It has the potential to become a central liquidity asset within a financial infrastructure connecting payments, currency exchange, institutional liquidity, corporate treasury operations, collateral, lending, and tokenized asset markets. Of course, the growth of RLUSD does not automatically translate into demand for XRP. XRP still needs to be meaningfully adopted as a bridge asset and as collateral. But I believe there is real significance in the financial infrastructure Ripple is putting in place to make that possible. Price matters, of course. But the real significance lies in what is being built beneath the surface. The key question is whether XRP can become an asset that the financial system actually needs. That, in my view, is where its long-term value lies.