A decade ago, blockchain arrived in finance with all the subtlety of a stag party in a boutique hotel – loud, chaotic and impossible to ignore. Crypto exchanges multiplied, token launches promised to reinvent capitalism, and regulators watched warily as billions of dollars in speculative capital surged through a financial system that barely understood what had just appeared inside it. Much of that first wave collapsed under its own excess. But while the noise faded, something quieter – and potentially far more consequential – began to take shape inside the institutional machinery of global finance. This is the part of…

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