Wall Street Wants to Cryptofy Your Stocks

Crypto has always been a technology in search of a purpose. And over the course of its near-two-decade existence, it has found several: Bitcoin provides a store of value, though that value can fluctuate wildly. Stablecoins let you transfer cash instantly around the world without a go-between. And on the less savory front, blockchains make it possible to launder money anonymously and scam buyers of memecoins.

But crypto’s white whale has always been Wall Street. Blockchain boosters have long imagined that the technology would usher in the next generation of finance by moving the traditional system of banks, ...