In this episode of Non-Consensus Investing, Ram Ahluwalia, Chief Investment Officer at Lumida Wealth, offers a comprehensive analysis of the evolving financial ecosystem, focusing on the growing relevance of stablecoins and the convergence of digital assets, financial technology, and traditional banking. He explores the potential emergence of a select group of infrastructure banks poised to succeed in this new paradigm, while examining the accelerating trends in tokenization and regulatory transformation.