The Risks of Tokenized Cash

This episode is in the aftermath of a near collapse of significant piece of the commercial bank arena in the United States with cascading issues continuing over the weekend. And so it really sheds a light on this whole question of risk, you know, if you want to have a digital fiat instrument that can take advantage of things like programmability and internet and blockchain infrastructure. What's the appropriate design of that? And you've written about kind of the macroprudential risks of tokenized cash,. But maybe just start by talking about tokenized cash, what does that mean?