The on-chain settlement infrastructure is moving serious volume now. We're talking about $280 billion daily in repo settlements flowing through blockchain networks—that single metric dwarfs Ethereum's entire market capitalization moving through digital asset infrastructure every 24 hours.

What makes this significant isn't just the scale. DTCC (Depository Trust & Clearing Corporation) recently got SEC approval to migrate U.S. Treasury securities onto blockchain infrastructure, which represents a watershed moment for institutional adoption. This isn't speculative hype—it's real financial infrastructure shifting to distributed ledgers.

The settlement layer itself is commanding serious valuation multiples. We're seeing the ecosystem valued around $8 billion, reflecting market confidence in this shift from traditional post-trade infrastructure to decentralized alternatives. When you layer in the operational efficiency gains and 24/7 settlement capability, the economic argument becomes pretty compelling for institutions managing systemic liquidity.