The winners will not be the minters

The proving ground is a market in which compliance, custody, identity, trading and settlement have to work as one system. Firms that only mint a picture of a stock will discover that the picture cannot be held by the account keeper the rules require.

Build for the lifecycle: issue, verify, trade, collateralise, settle, service, redeem. Build it so a Korean institutional phase and a later public phase can use the same controls with different permissions. The $7 trillion is a postcard. The phasing is the assignment.

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