I’d like to share a particularly compelling point mentioned by Jakob Kronbichler on the @BitGo stage. While briefly tuning into the panel discussion at KBW, I heard a remark that really resonated, and I’d like to highlight it here. @JKronbichler, who runs Nara—a stablecoin-related business—in Hong Kong, was asked what he expects to change over the next year. He responded: “Currently, all tokenization efforts are focused on equity tokenization, and many exchanges are now offering equity tokens. However, LPs—institutional investors and family offices—haven’t fully understood why they should care about tokenization. Now, as this market grows, they’re beginning to discover that beyond mere arbitrage opportunities from tokenized equities and assets, leveraging these assets through collateralization can significantly amplify returns—and their interest is surging as a result.” Personally, I’ve often wondered why institutions should care about tokenized assets, whether RWA or stablecoins. But this insight—that collateralized leverage is becoming the key flywheel for enhancing yields—is both timely and highly compelling.