Robert Leshner, co- founder of Superstate and creator of Compound, joins Frank Chaparro to discuss why institutional interest in tokenization hasn't translated to token prices, how stablecoins changed everything, and where real-world assets are actually headed.

In this conversation, Robert and Frank cover:

• Why 99% of crypto markets are driven by momentum and flows, not fundamentals

• How stablecoins reaching $100-200 billion created a tipping point for institutions

• Why we're heading toward 200+ multi-billion dollar stablecoins coexisting

• How streaming yield by the second changes the game for crypto-native capital

• Why every major Wall Street institution now has teams focused on crypto

This episode reveals a tension at the heart of crypto right now: institutional momentum is real, the infrastructure is being built, and none of it has translated into price action yet. Robert's explanation for why that is, and where it's headed, reframes how to think about value creation in this market.