Fantastic piece by @eth_systems depicting the future of institutional cash. For context, US money market funds hold nearly $8 trillion, yet they still run on silos: private registers, banking-hour settlement, and constant reconciliation between fund, agent, custodian and bank. On Ethereum, the ledger becomes the register. Shares settle around the clock, move directly between holders, and work as collateral. Compliance runs inside every transfer. Zero-knowledge proofs keep positions hidden from the public, while the transfer agent sees every share. No more silos. Instead, continuous visibility is provided, while privacy is preserved.