This post examines who holds the local currency once stablecoins have taken over the middle of a cross-border payment.
It looks at the new liquidity providers and draws a conclusion on which model is likely to prevail.
This post maps the six rails behind ~96% of global FX turnover - T2, TIPS, STEP2, Fedwire, FedNow, FedACH - and works out when it's worth owning the connection versus renting it.
This post traces how money actually moves across borders, why trillions of dollars sit locked in pre-funded accounts to make that movement possible, and whether the emerging stablecoin infrastructure is genuinely replacing that model or merely relocating its constraints to a different layer.
I traced $1 from a US bank account to USDC on-chain: same architecture as the €1 journey, different legal foundations underneath every layer.
The $1 road and the €1 road are the same length. One is paved, but everyone in crypto uses the other.
The marketing version of a stablecoin on-ramp takes three seconds to explain. The plumbing version takes five layers of infrastructure, two different finality regimes, and a 1996 compliance rule that blockchain was never designed to satisfy. This is the plumbing version.
Presentation in which I explore stablecoins beyond narrow banking - and what it would take to reconnect money and credit onchain
Stablecoins appear easy to monetise. They are not. This note looks at the few models that can scale sustainably.
Stablecoins, led by Tether (USDT) and USDC, now total $180 billion, with new entrants like yield-bearing stablecoins, PayPal's PYUSD, Agora and M0 trying to disrupt the market.
While USDT and USDC dominate, blockchain’s true potential could lead to disruptive changes in the future of money.
The post analyses PIX the new Instant Payment schemes launched in Brasil: its main characteristics, success factors, and the impact that a widely adopted centralized instant payment scheme will have on the Brazilian financial ecosystem.
The goal of this post is to provide a guide on what buy now pay later is, which are its main dynamics, why it is so successful and how profitable it will stay in the longer run.