Institutional settlement angle: HashKey became one of the first institutional clients of Standard Chartered’s tokenized deposit solution, for institutional treasury management and settlement, improving the efficiency of cross-market fund transfers. What merits closer attention is the redeemability of tokenized deposits, disclosures on their fiat currency peg, and whether access will expand from “pilot clients” to more licensed trading platforms. Don’t interpret access as meaning fiat currencies are now fully interoperable on-chain, and don’t overlook custody and settlement finality across jurisdictions.