There are many first-principle truths that exist outside of the crypto-native bubble One of those truths is that institutions will never transact on public blockchains in the absence of enshrined privacy There are actual regulatory requirements around client data confidentiality and compliance reporting that literally make it a non-starter for any credible enterprise or institution The counter to this is that Blackrock and Franklin Templeton are already using Ethereum and Solana today The reality is these institutions are simply using blockchains as a distribution mechanism for products like BUIDL and BENJI to advance their principal goal – grow AUM and clip more fees They themselves are not moving any of their operations on-chain In the absence of optional privacy, blockchains look more like marketing vehicles than backend infra for institutional finance