Google’s custody initiatives are worth studying more than the phrase “big tech endorsement.” Before institutions enter on-chain, they must first resolve who can move funds. ① Solana officially disclosed that Google has launched a multi-party computation (MPC) custody system for institutions, currently in private preview with major financial institutions, with a commercial launch targeted for early 2027. At this stage, it should not be portrayed as fully commercially available. ② These systems handle digital asset control: how keys are managed, how signing permissions are allocated, and how critical operations are executed. For institutions, even if on-chain transfers are fast enough, internal authorization and security protocols still determine adoption speed. ③ I’m more interested in whether it can integrate into existing enterprise workflows. Holding tokens on the balance sheet and incorporating tokens into daily operations are two entirely different levels of complexity—the latter requires a continuously available operational framework. ④ Private preview information does not mean client funds have been massively migrated, nor does it imply Alphabet has purchased SOL. The actual scope of support, liability allocation, commercial terms, and user scale remain to be disclosed. My own assessment: Institutional adoption is often driven by these less glamorous capabilities. Once custody, approval, and operational recovery are properly addressed, financial products can operate sustainably. I’m watching this path closely—but I separate product progress from market sentiment. NFA / DYOR @Solana_zh @solana @Google