Explainers
Stablecoin Treasury Monitoring for Finance Teams
Corporate treasurers who hold stablecoins face a reconciliation problem no bank statement solves. Here is how onchain monitoring works, and what breaks when you skip it.
Alex Nin
Explainers
USDY: The Yield-Bearing Token Backed by Treasuries
USDY pays holders the yield on short-term US Treasuries while moving like a stablecoin onchain. Here is how the token is structured, who can use it, and why the design matters.
Explainers
What Is Network Tokenization in Card Payments?
Network tokenization is the payment-card security method behind Apple Pay and one-click checkout. It is a different thing from the asset tokenization that puts stocks and bonds onchain.
Explainers
OpenAI Valuation: $852B and Still Private
OpenAI is worth $852 billion on paper, yet you cannot buy a share of it. Here is how a private company gets a valuation, why the widely-quoted $500 billion figure is stale, and what a 2027 listing would change.
Explainers
How to Sell Pre-IPO Shares: Tender Offers and Secondaries
Selling shares in a company that has not gone public is legal but constrained. Here are the real routes, who can use them, and the frictions that decide whether a sale ever closes.
Explainers
AP2: Google's Agent Payments Protocol
AP2 is Google's Agent Payments Protocol, a standard that lets AI agents make purchases with cryptographic proof that you authorized them. The core innovation is the signed mandate.
Explainers
USYC: The Tokenized Treasury Fund Built for Collateral
USYC turns a short-term Treasury yield product into an onchain token that can settle and move as collateral in seconds. Here is how it works and why the collateral use case matters more than the yield.
Explainers
Kalshi Valuation: How a Prediction Market Is Priced
Kalshi's valuation swings on regulatory outcomes and volume growth, not just fee revenue. Here is how a federally regulated prediction market gets priced, and why the number is contested.
Explainers
NBBO: The Best US Stock Price, and Why Crypto Lacks One
The National Best Bid and Offer gives every US equity trade a single reference price. Onchain markets have no equivalent yet, and that gap shapes tokenized finance.
Explainers
How to Invest in Starlink: The SpaceX Ticker
Starlink is a division of SpaceX, not a separately traded company. Since SpaceX listed on Nasdaq in June 2026, buying its shares is the only way to hold Starlink exposure.
Explainers
Stablecoin Regulation Is a Stack, Not One Rule
US stablecoin regulation is not one statute. It is a stack of reserve, AML, sanctions, and custody obligations from four different agencies, and each binds a different party.
Explainers
Market Surveillance on a Public Ledger
On a public blockchain you can watch every trade and transfer in real time, yet the identity behind each wallet stays hidden. That inversion changes what market surveillance can and cannot catch.