Piotr is the Head of Research at Stablewatch, focused on in-depth market analysis and risk modeling for stablecoin yield products. He holds a PhD in Ultrafast Spectroscopy from Politecnico di Milano, and has coauthored over 15 high-impact papers in leading scientific journals. He has worked in DeFi as an investor for venture capital firms Geometry and Synergis Capital, after which he has founded a gas derivatives startup, later merged with Luban.
Stablewatch Memo
Stablewatch Memo #2: Recent weeks provided a clear demonstration of how modern financial systems handle stress. When redemption requests hit 9.3% of outstanding shares, BlackRock gated its $26 billion HLEND fund, trapping investor capital behind a 5% quarterly cap. Meanwhile, onchain lending protocols processed over $51.7 billion in
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AI infrastructure spending is reshaping credit markets. How collateralized lending, DeFi rails, and asset-based finance are closing a multi-trillion-dollar funding gap.
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This article was made possible with the support of @idOS_network Executive Summary The stablecoin economy has transitioned from a crypto niche into a $290 billion financial powerhouse, and is currently experiencing an explosive growth, characterized by an 89.4% YoY surge in volume. This rapid expansion, underpinned by formalizing
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This article is part of the Redstone “Yield Bearing Assets & Stablecoins Report 2025”, where Stablewatch is a co-author. The architecture of the digital asset economy is on the cusp of a fundamental transformation, catalyzed by the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. A landmark
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AI's Value Bypass The proliferation of generative AI has introduced a systemic inefficiency into the digital economy. It arises not from a flaw, but from a fundamental architectural incompatibility between how autonomous agents consume information and how the web has historically monetized its creation. The result is the
Blog
The Yield-Bearing Stablecoin (YBS) market has fundamentally evolved into a complex, multi-billion dollar ecosystem. Navigating this landscape today demands more than simple APY trackers; it requires a sophisticated, data-driven framework. To accommodate for the growing complexity of this market, we are launching a major evolution of the stablewatch.io analytics
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Executive Summary The USD.AI protocol marks a significant architectural evolution in decentralized finance, establishing the "InfraFi" paradigm to bridge onchain liquidity with the capital-intensive world of artificial intelligence compute. Its design is a direct response to a dual-sided market needs: the AI industry’s insatiable requirement for
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Explore how crypto payment cards bridge digital assets and global commerce, using stablecoins, custodial vs non-custodial models, and fintech.
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The Search for Sustainable Yield The decentralized finance (DeFi) lending sector, a cornerstone of the on-chain economy, has long navigated fundamental economic tradeoffs. To attract liquidity, protocols must offer competitive yields to lenders; yet, to stimulate borrowing and protocol usage, they must provide low interest rates to borrowers. Historically, bridging
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The Quest for Capital Efficiency Decentralized Finance (DeFi) exists as a global competitive arena where the relentless pursuit of higher yields and capital efficiency dictates the flow of assets. In this environment, the most successful protocols are those that enable the capital to be as productive as possible. Yet, for
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Evaluating the Yield Premium in a Novel Asset Class Yield-bearing stablecoins (YBS) have emerged as a prominent decentralized finance (DeFi) asset class of 2025. Combining the price stability of a fiat-pegged asset (implying there is no downside) with a native yield (essence of DeFi). This creates a compelling proposition for
Research
This research was possible thanks to our Strategic Partner - Plasma The global financial system currently runs on decades-old infrastructure, sustaining frictions that act as a tax on economic activity - a problem particularly prevalent in the emerging markets. In response, new financial rails are organically emerging on public blockchains,