Control > Borrowed Security Stripe and Circle launching L1s is just the start. For years, the assumption was that enterprises would choose Ethereum, Solana, or another public L1 for their security. The fully decentralized future was the utopia we hoped for. In reality, when I talk to large banks and fintechs, this is not what drives their decisions. They are already regulated and audited. If they own the network, they see that as a stronger security guarantee. They choose the validators, control the upgrade process, and know exactly who is operating the infrastructure. If something goes wrong, there is direct recourse. Enterprises are liable to their customers, and the business will take the hit if they act in bad faith. And if you are moving trillions in stablecoin volume, no public network can offer meaningful economic security anyways. If decentralization and economic security are not priorities, what's left? Valid reasons to launch on a public L1 is distribution and DeFi interoperability. If you need that audience and those integrations, it can make sense. But for fintechs that simply want to move stablecoins, FX, or other RWAs faster and cheaper, and can bridge to other chains when necessary, owning the L1 eliminates value leakage and gives full control. Oracles and interop messaging protocols will be critical in breaking the data silos between private enterprise chains, public networks, and the broader web. Oracles and bridging protocols will grow in their sophistication over the next years to meet the requirements of neobanks, fintechs, etc. Decentralization will be a spectrum, will be interesting to see the distribution over time.