Who Controls the Stack? Deciding What to Own, Partner For—or Cede

As financial activity moves on-chain, institutions face a strategic question that goes beyond whether to build or buy technology: What must they control to protect their economics, customer relationships and competitive position? TradFi companies will operate within an increasingly interconnected ecosystem of blockchain networks, stablecoin issuers, custodians, wallet providers, fintechs, exchanges, AI platforms and infrastructure companies. The working group will map where value and strategic control are likely to accrue across the emerging financial stack and determine which capabilities institutions should own, where partnerships can accelerate scale and innovation, and where dependence on third parties could create unacceptable strategic risk.

Discussion points the working group will take up include:

• Identifying the new control points
• Following the economics
• Protecting the customer relationship
• Defining what the institution must own
• Determining where partnership creates advantage
• Distinguishing partnership from dependency
• Designing for optionality
• Rethinking competitive boundaries
• Deciding where collaboration is necessary
• Making the ownership decision
• Mapping the emerging on-chain stack, identifying the three control points your institution cannot afford to lose