Davos takeaway on Larry Fink’s tokenization thesis: Tokenization as a must, not a choice. A required step in financial infrastructure evolution. Tokenization plus decimalization in the same direction. Smaller trade units, broader participation, more granular markets. The irony: emerging markets lead. Brazil and India at the front of currency tokenization and digitization. Developed markets, including the US, framed as moving slower. Not a slow roll. He pushed urgency, move very fast. Five concrete benefits he listed • Fee reduction: “We would be reducing fees” • Financial democratization: lower fees open access • Cross asset liquidity: tokenized money market funds, stocks, bonds move freely • Less corruption: “We could reduce corruption” via blockchain transparency • Stronger security: “activities are probably processed and more secure than ever before” Endgame vision: One Common Blockchain where all investable assets run on a shared chain. • Instant switching: tokenized MMF to stocks to bonds. • Asset conversion without intermediaries. • Big drop in middle costs, stronger access for more people. • More efficient processing plus better security. • More transparency, less corruption. Risk he acknowledged: “yes, we have more dependencies on maybe one blockchain.” He still argued the benefits outweigh that dependency risk. His framing on why transparency matters • SVB’s collapse: tech failure not the core issue, regulation failure. • Faster information flow helps markets converge on fair value faster. • Tokenization as the next step in that transparency and efficiency arc.