Analysis
Numbers, margins, and what they actually mean.
RegulationCBDCs: Three Years of Pilots, One Real Lesson
The technology worked everywhere. Adoption is a different department.
Sarah Lindqvist|9 July, 2026
Crypto & StablecoinsTokenized Treasuries and the Boring Revolution
The most consequential on-chain product looks exactly like a money market fund.
Lena Vogel|25 June, 2026
Artificial IntelligenceThe Cost Curve Nobody Budgeted For
Inference is cheap per call. Nobody modelled the number of calls.
Tomas Alvarez|8 April, 2026
PaymentsThe Economics of a Basis Point
At scale, one hundredth of a percent is a business model.
Ravi Iyer|2 January, 2026
PaymentsCard Networks Are Not the Enemy
Interchange is expensive. It also buys things that account-to-account payments still have not replicated.
Omar Haddad|29 December, 2025
InfrastructureWhat a Ledger Taught a Generation of Engineers
Double-entry bookkeeping is six hundred years old and still the best distributed systems primer we have.
Lena Vogel|27 December, 2025