We don't have a current plan to issue a stablecoin or tokenize a deposit. That doesn't mean we won't at some point, but we don't feel the need to do that right now.
Operational efficiency alone, that's not enough. It needs to be something commercial. The industry is figuring out where the commercial value is.
The aim is to build tokenized collateral that would allow traders to use as margin, without the need to liquidate their holdings to post cash.
Collateral tokens could have helped avoid or lessen the 'liability-driven' crisis in 2022, where pension funds could have used money market fund tokens for margin calls.
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