Public writing from the company’s research programme. Each note argues one structural question in settlement architecture at the level of design criteria — what a settlement layer would require, not what any instrument does. The notes are published on LinkedIn under the author’s personal profile; this page is an index, not a mirror.
Published · 19 July 2026
The Stablecoin Paradox: Crypto’s Quiet Surrender to the Dollar
The industry that began as structural opposition to fiat now settles the large majority of its on-chain unit-of-exchange volume in dollar-collateralized instruments whose reserves sit in Treasury bills — at the same moment central banks are diversifying away from the dollar at the fastest rate in two decades. The note argues that the coincidence of the two facts, not either fact alone, is the structural story. Sources cited in-line: ARK Big Ideas 2026; IMF WEO April 2026.
Every proposed alternative to the dollar rail relocates monetary sovereignty from one state to another; it does not remove it. The note proposes three tests a settlement unit would have to pass to be called sovereign-neutral — no authority able to dilute it, sanction its ledger of account, or redefine it — and examines which candidates could meet them. Sources cited in-line: World Gold Council Gold Demand Trends FY2025; ARK Big Ideas 2026.