Tokenized assets could become one of the biggest use cases for USDC

I've been thinking about Circle's long-term opportunity beyond just payments and crypto trading.

The obvious story around USDC is stablecoin adoption: payments, remittances, treasury management, and settlement. But I think the more interesting question is what happens if more traditional financial assets start moving onchain.

Tokenized equities are one example.

Today, buying and trading stocks still relies on a lot of traditional infrastructure. Brokers, exchanges, clearing systems, settlement periods, and different market access rules all create friction.

If real-world assets continue moving onchain, stablecoins like USDC could become the settlement layer connecting everything together. The stock itself is only one part of the ecosystem. You also need a reliable digital dollar for collateral, settlement, and liquidity.

I recently started looking into platforms experimenting with tokenized equities, including Canborsa, and it made me think about how important stablecoin infrastructure could become for this sector. The interesting part isn't just putting assets onchain, but building an entire financial system around them.

Of course, there are still major questions around regulation, institutional adoption, and whether traditional investors will actually embrace this model.

But if RWAs become a major crypto narrative over the next decade, it seems hard to imagine that stablecoins won't be one of the key pieces of infrastructure behind it.

Do you think tokenization is a meaningful growth opportunity for Circle, or will payments and traditional settlement remain the much larger market?