Part 5/11:
During the discussion, Lee emphasizes that stablecoins are just the tip of the iceberg. While the current market for stablecoins is valued at around $280 billion, he envisions a future where tokenization extends beyond US dollars to encompass equities, credits, real estate, loyalty points, and intellectual property—potentially a $400 trillion market.
He advocates for multiple blockchains to share this space, stressing the importance of "fat protocols"—blockchain networks that capture substantial value as layers of infrastructure. In particular, he highlights Ethereum's unique position as a neutral chain that is critical for institutional trust and widespread adoption, contrasting it with the risks posed by proprietary or bank-controlled layer one blockchains.