One small step, but also a giant leap. Today, the U.S. Commodity Futures Trading Commission (CFTC) approved stablecoin USDC as collateral for derivatives trading. The derivatives market sees daily trading volumes in the trillions of dollars. With this approval, institutions can directly use USDC to lock in trading positions, reducing costs and improving efficiency. This slow yet massive transformation is happening. In the future, the NYSE might join in—stock issuance, trading, and dividend distribution all on-chain...