This is one of the clearest articulations I’ve seen of where exchanges are actually heading.
What stood out to me most is the shift from “adding” TradFi to structurally integrating it. UI as strategy is a powerful signal — architecture reflects conviction.
The idea that crypto becomes financial plumbing rather than ideology resonates deeply. If tokenized equities and RWAs scale the way you project, exchanges that redesign around migration — not cycles — will likely define the next era.
Curious to see how liquidity routing and institutional participation evolve as this convergence accelerates.