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
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.
Explainers
Agentic Payments: The Rails Behind Agentic Commerce
Agentic commerce lets AI agents buy, subscribe, and pay on your behalf. The hard part is not the purchase. It is proving afterward that the right agent paid the right amount to the right merchant.
Explainers
Morpho: Who Controls Your Deposit
Morpho separates lending mechanics from risk decisions. The curator layer is where most of the risk sits, and most explainers skip it.
Explainers
Kalshi API: What KYC and Fees Mean for Access
Kalshi runs a CFTC-regulated exchange, so its API carries obligations most crypto prediction markets skip: real accounts, identity checks, and a published fee schedule. Here is what that changes for builders.
Explainers
Tokenized Stocks: One Ticker, Three Legal Things
A tokenized stock with the same ticker can be three legally different instruments. That distinction, not the blockchain, decides your rights.
Explainers
The Polymarket API: What It Shows and Hides
The Polymarket API is excellent at telling you what a market looks like right now. It is far weaker at telling you what happened, resolved, and settled across markets over time.