There's a $230T securities market and a $25.5T collateral market.

That gap is the biggest unlock in finance and $CC is building the pipes to close it.

- DTCC tokenizing Treasuries

- Euroclear running gold collateral

- JPMorgan deploying JPM Coin

They also just powered the first private stablecoin payroll for a real enterprise.

This is what institutional crypto actually looks like.