Together with Pamela Norton, we dive deep into the evolving landscape of real-world assets and their growing intersection with digital finance. Our conversation explores how tangible assets like real estate, commodities, and intellectual property are becoming tokenized, creating new liquidity pathways and investment opportunities. We'll also introduce the concept of the M5 money supply, a novel framework for understanding the future of money in a decentralized world. From asset-backed tokens to the potential implications for global financial systems, this episode unpacks the shift from traditional to digital economies and how new financial instruments could reshape M5 as we know it. Tune in to learn how this evolution could impact everything from personal investments to national monetary.