Graphite Protocol trades at 1.36 trailing P/S versus a 30.95 category median, with 30-day revenue up 759.59%. The case rests on daily fee revenue holding above its October 2025 top.
MoonPay buys a broker-dealer, the SEC opens tokenised equities, Brazil closes a stablecoin corridor. The scarce asset is legal permission to move value, not compute or capital.
Value is accruing to whoever owns the licence, the settlement leg, and the power contract. The token is increasingly the passenger, not the vehicle.
Nasdaq's $100M mark on Payward, India's wholesale CBDC bond pilot, and Circle's validator set all point the same way: the securities and settlement layer is being rebuilt by regulated incumbents, while the AI compute trade runs on contracted capacity that has not yet been built or billed.
Settlement infrastructure is being rebuilt at the securities layer, and capital is following it. The AI compute trade inside listed miners is a financing structure dressed as a capability story.
