What institutions are describing is sovereign infrastructure with open interoperability. Control over their stack, compliance logic, and risk perimeter, but with the ability to plug into a broader liquidity network on their own terms. The institutions moving fastest are the ones that understand that ownership of the infrastructure and access to the network must work in concert. We've been writing about this concept in detail recently. You'll see what sovereign control over code, compliance, and risk without sacrificing network connectivity actually looks like in practice: https://cosmos.network/blog/cosmos-vs-canton-network(Cosmos - The Interchain ⚛️)