> Transparent When You Want It, Private When You Need It

Public blockchains solved settlement. They didn't solve privacy. Institutions need to protect positions, counterparty relationships, and transaction amounts without abandoning transparency entirely - and every architecture that tried to solve this hit the same wall. Protocol-level privacy locks everything. Permissioned chains recreate centralization. Separate privacy layers fragment liquidity. Stellar's answer is different. Cryptographic primitives baked into the base layer, two production-ready privacy models on top, and the institution decides what to reveal and to whom. Transparent when you want it. Private when you need it.