My dog, Aubrie, illustrates the "Golden Retriever Principle": In finance as in training, the most docile instruments tend to be adopted first. On-chain credit is quietly rebuilding the fixed-income stack - starting with cash-like products On-chain credit is quietly rebuilding parts of the fixed-income stack, starting with cash-like, short-duration products. This note explores why tokenization is moving from infrastructure experiments to institutional balance sheets—and why private credit and payments-linked assets may benefit most. Luc
