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Morgan Stanley: Could A Banking Crisis Drive Adoption?

Empire

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The Future of ETFs

I think it's fascinating to watch the likes of Make-a-Dow being probably the largest out there in AUM. But starting to see them investing in bond portfolios via more crypto-native banks. So that bridge between DeFi, which was previously in this almost crypto echo chamber,. taking that and buying now traditional instruments through regulated institutions. Andrew, do you think that is the end state, though? Or is the endState that the actual bonds originate on chain?

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