Wintermute co-founder Evgeny Gaevoy said at the "Institutionalization of Digital Assets" roundtable in Singapore Token2049: I have been doing market making in traditional markets for 10 years, especially in cash trading, various settlement modes, and sending cash overseas for payment. Although the efficiency is already high, it is far less efficient than putting it on the blockchain. We started with stablecoins, which can be a huge catalyst for improving settlement. Because you can actually eliminate the dependence on banks in settlement, which is obviously an improvement.

For me, the second aspect is the democratization of how ordinary people can get some opportunities, such as if I want to get US Treasury bonds, currently I need to open an account with a bank, transfer dollars, instruct them to buy bonds for me, and rely on them to execute it in a secure and isolated way. Again, it is many steps, many of which are ultimately quite inefficient, and asset tokenization can theoretically allow people to invest directly in these tokenized assets, greatly improving efficiency.