Morgan Stanley just published an @ethereum primer. Not an ETH price target or a trading thesis. A primer on Ethereum as infrastructure for stablecoins, tokenized assets, payments, settlement, lending, and financial applications. Assets converge where the liquidity is. Liquidity converges where the assets are. Institutions converge where both already exist. Ethereum has spent a decade compounding all three. Those network effects can't be replicated. Institutions building the future of finance are choosing Ethereum.