The Quietest Race in Monetary History
Never before have so many central banks worked simultaneously on the same transformation. According to counts by the Atlantic Council and the BIS, 137 countries and monetary unions representing nearly all of global GDP are engaged in a phase of exploration, development, piloting, or launch of a central…
Global real estate remains the dominant asset class, valued at approximately $393-448 trillion (Savills, 2026 estimates), about 3.3 times the global equity market capitalization and 2.8 times that of bonds. In this context, institutional capital is structurally shifting toward rental income streams (SFR/BTR). The institutional share of the US Single-Family Rental market remains low (2.0-3.1%…
Every structural bull market in financial history has followed the same sequence: first the asset, then the liquidity, then the index and only then the institutional capital. Equities had Dow Jones before they had pension funds. Credit had Barclays Agg before it had ETF flows. Tokenized real-world assets are trying to run the sequence in…