May 26 – Consensus – Miami

Consensus Miami brought together the institutions now moving on-chain in a serious way. The through-line was clear: stablecoins and real-world assets have crossed from experiment to institutional infrastructure.

Here are some takeaways that stayed with us:

◆ Stablecoins are becoming a core global payments rail. Major banks and asset managers are building on them as the on-ramp and off-ramp for institutional money.

◆ Tokenization has moved past pilots to what matters at scale — secondary liquidity, compliance, and real efficiency gains, with real-world assets increasingly used as productive, yield-bearing collateral rather than idle treasury.

◆ The flywheel is spinning. Stablecoins provide the liquid dollar layer and tokenized assets bring real yield on-chain, together forming the new institutional on-chain reality — with settlement, payments, and credit all being rebuilt on tokenized rails.

Great to connect with so many of the institutional leaders and builders driving this forward.