While crypto is gripped by fear, the buildout of digital asset infrastructure and tokenized financial markets accelerates unbothered Big divergence between price action and institutionalization What’s happened past few days: • Visa takes USDC prefunding into commercial production • BNY and Citadel Securities execute a triparty repo using tokenized Treasuries • Interactive Brokers launches ETH staking • DRW and Marex execute an OTC swap referencing a tokenized S&P index • Deutsche Bank prepares to launch crypto custody • Charles Schwab expands direct BTC and ETH services