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Where Stablecoin Yield Comes From: Four Sources, Four Risks
The largest pool of yield in this category is the interest on reserves, and the framework signed in July 2025 keeps it at the issuer. Everything a holder can collect comes from lending to collateralised borrowers, from being paid to hold somebody else's hedge, or from a subsidy that will end — so a quoted rate is a price, and the payer is always carrying a risk in exchange. -
The U.S. Starts Writing Stablecoin Rules: What the Fed’s Proposal and Treasury’s GENIUS Rule Change
On Sept 24 the Fed proposed 100% reserve and capital rules for stablecoin issuers; on Sept 30 Treasury published its first binding GENIUS Act rule. What the two-tier market looks like.- 36
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Lloyds and Visa Settled $750,000 in USDC. Read the Pilot, Not the Headline.
A seven-day pilot moved real money over a stablecoin rail for a UK bank group and a card network. What it proved is narrower, and more interesting, than the headline suggests. -
What Is DeFi? Six Functions, Mapped Against the Finance It Copies.
Lending, market making, settlement, reference data, clearing and governance all exist in both systems, and the roles line up almost one to one. What does not line up is who carries the risk: collateral replaces credit judgement, automatic liquidation replaces negotiated extension, and nothing replaces the lender of last resort.- 12
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What Is a Stablecoin? Three Designs Under One Word, Three Different Risks.
A stablecoin is a token that promises one dollar, and there are three different answers to where the dollar is: reserves held off chain, collateral held on chain, or no full reserve at all with incentives doing the work. The word describes a target price, not a risk level, and the gate that decides everything is redemption.- 39
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One Chain Per Issuer: the Stablecoin Settlement Race Tether Sat Out
Circle built Arc, Stripe built Tempo, the Tether-aligned camp built Plasma and Stable, and a 21-bank consortium is building its own. Every one of those networks launches with a small permissioned validator set, which is the honest description of what a stablecoin chain is. Tether, the issuer with the most to gain from a toll road, is the one that declined to build. -
OUSD Pays Its Distributors. The Stablecoin Model Just Flipped.
Open USD launched on 30 September 2026 with free one-to-one minting, no volume caps, and almost all reserve earnings routed to the distributors that drive its supply, plus most of the company's equity allocated over four to five years on the same contribution basis. Tether and Circle keep their float. OUSD is buying distribution with it. -
A Stablecoin Is a Receipt. Someone Else Holds the Key and Keeps the Interest.
USDT and USDC together are about $258.6 billion of circulating claims. I read both contracts directly: each exposes an administrative freeze query, and USDT’s answers true for a real address. At the 13-week Treasury bill rate of 4.20 percent on 28 September 2026, that float would earn about $10.9 billion a year. The holders are paid nothing.- 117
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A Top-10 Exchange Ranking Is Not Due Diligence. Ten Checks It Cannot Do For You
CoinGecko’s public leaderboard names ten exchanges, and its own methodology says one of the inputs is website traffic. I ran the query twice, half an hour apart, and the headline number moved. Here are the ten questions the list leaves blank, and where to verify each one yourself.- 8
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Two Sentences, Zero Noes: Reading California’s Memecoin Ban as a Specification
AB 2409 adds one chapter with two sections. Its central definition turns on how a token is marketed, and its only lever is a borrowed federal term written to let protocols, validators and liquidity pools go.- 27
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One Balance, Thirty Networks: Reading the Breez Announcement Like a Spec
Breez's SDK can now take stablecoin payments from 30-plus networks into a single bitcoin balance. The engineering claim is plausible; the economics claim is not yet in writing.- 15
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South Korea Banned Market Makers. A Yen Stablecoin Sent the Bill in an Hour.
Upbit let a yen stablecoin print four times its peg in an hour, and the FSC is now reviewing market making. The peg was never in the token. It was in an order book, and someone had to be paid to quote into it.- 24
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Crypto Built the Rails. Wall Street Is Signing the Lease.
Kalshi’s appeal and the Bitget hack were the noise. The real story is that equities are being rerouted onto rails crypto built, and the only question that matters is who owns those rails and who pays the maintenance.- 47
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Six Agent Payment Standards, Two Layers, One Decision
Block wired Lightning into x402 last week and 40 organizations are now on the membership list. Here is the comparison that actually matters - and the five questions to ask before you build on any of them.- 37
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Crypto Got a Spec Instead of a Law: Inside the Fed, SEC and CFTC Rule Sprint
The Clarity Act failed 49-50 in the Senate. Within 48 hours the SEC, CFTC and Fed published their own rules - turning a legislative defeat into something builders can actually read: an interface spec, with all the fragility that implies.- 15
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