Explainers
The CLARITY Act Is a Turf War Over Crypto
The CLARITY Act does not approve or ban crypto. It decides which regulator, the SEC or the CFTC, oversees which digital asset, and that jurisdictional line is the whole point.
Alex Nin
Explainers
Tokenized Funds: The Fund Plumbing They Replace
A tokenized fund is a mutual fund or money market fund whose shares live as blockchain tokens. Here is how that swaps out the transfer agent, reconciliation and settlement plumbing underneath.
Explainers
SpaceX Valuation: From Tender Offers to $1.98T
For years SpaceX had a price only a handful of insiders could see. Then it listed on Nasdaq at the largest IPO in Wall Street history. Here is how its valuation was set before and after the bell.
Explainers
B2B Stablecoin Payments: The Fastest-Growing Slice
Business-to-business is the smallest of the four stablecoin payment flows by value and the fastest-growing, and it clusters in a handful of cross-border corridors.
Explainers
Crypto Lending: Who Lends, Who Borrows, and Why
Crypto lending is three different businesses wearing one name. We break down who sits on each side of the loan and how custody, liquidation and counterparty risk differ.
Explainers
xStocks: Tokenized Stocks You Don't Legally Own
xStocks track real shares 1:1 but they are not the shares themselves. That legal structure is why they trade outside the US and plug into DeFi.
Explainers
KYCC: Knowing Your Customer's Customer in Stablecoins
KYCC is the obligation to look one layer past your direct customer. For a stablecoin issuer whose direct customer is an exchange, that gap is where risk hides.
Explainers
The GENIUS Act: What Stablecoin Issuers Must Prove
The GENIUS Act moved stablecoins from a regulatory gray zone to a federal rulebook. The obligations it created on reserves, monthly disclosures, and redemption rights are what changed institutional appetite.
Explainers
Tokenized Money Market Funds: Three Funds, Three Businesses
Tokenized money market funds now hold $17.3B onchain, but funds of similar size run completely different businesses. Here is what the wallet data reveals.
Explainers
Kalshi vs Polymarket: Two Roads to the Same Bet
Kalshi and Polymarket let you trade on the outcome of real-world events, but they answer to different rules, live on different rails, and settle in different ways. Here is what separates them.
Explainers
Where an Agentic Payment Breaks Down
A single agentic payment leaves a trail of records across an AI agent, a payments protocol and a blockchain. Walk it end to end and you find the reconciliation problem hiding in plain sight.
Explainers
Stablecoin Payments: Volume vs Real Activity
Onchain stablecoin volume runs into the trillions, but only a fraction is genuine payment activity once bots, exchange flows and mint/burn are stripped. Here is how stablecoin payments actually settle, and how to read the numbers.