very well observed. I would even argue that DeFi is Tradfi. In the Euro-Dollar market, there is almost no US-Dollar collateral (and even if there was...). Tether is a great example of how money really works: there are Tether = US-Dollar denominated IOUs and no one knows what is behind them, and still, they build the backbone of crypto. The majority of Dollars in the world are not US-Dollar. So it never was about the backing and allways was decentralized. Whenever there was a gold-peg the world economy ran into trouble (like the great bullion famine), the goldstandard is the very reason why we have Cayman, Jersey, HongKong, the City fo London and all the offshore Dollar-denominated Markets. Markets dont care about central-bank money. Its all about fast Liquidity.