Financial markets are on the verge of their biggest infrastructure change since trading moved from paper to screens. A blockchain is digital infrastructure that allows information and value to be recorded, validated and transferred securely and efficiently. What was once a niche innovation is now attracting the world’s largest financial institutions. Asset managers including BlackRock and Franklin Templeton have launched tokenised investment products, while the Depository Trust & Clearing Corporation is developing tokenised market infrastructure. Safeguards around capital flows, investor protection and financial stability remain essential – but the rules now being drafted will determine whether the country stays connected to global financial innovation or drifts to the margins of it.