Tokenized equities today are exactly where stablecoins were in 2019. the first pmf is here. bringing equities onchain is just as obvious, simple, yet genius as bringing dollars onchain was back then. we've already seen the first growth spurt push us to the first few billion in onchain supply. but zoom out and it's painfully obvious we're still incredibly early. an easy 100x in growth still ahead over the next few years. here's where it gets interesting though: stablecoin growth was slower, because we spent years operating in a completely different environment. one that mocked crypto, treated it with deep skepticism, and forced us to fight regulatory headwinds the whole way. one of the biggest catalysts, the GENIUS Act, only came last year, many years after the first pmf, and accelerated stablecoin significantly. tokenized equities are positioned completely differently. there's already massive institutional interest and adoption, and tokenized equities are an obvious, compelling fit for exactly that crowd. and just days ago the SEC issued its Innovation Exemption, explicitly allowing tokenized stocks to trade onchain, actively pushing this development forward instead of fighting it. so I think tokenized equities are equally obvious with equally asymmetric upside as stablecoins in 2019. except this time it's going to move much, much faster. one of the biggest opportunities forming in this space right now.