Piotr is the Head of Research at Stablewatch. He holds a PhD in Ultrafast Spectroscopy and has coauthored 15+ papers in leading scientific journals. He's worked in vc firms Geometry and Synergis, after which he has founded a gas derivatives startup.
Memo
A record $875 billion in US Commercial Real Estate (CRE) debt is scheduled to mature in 2026, and banks hold the largest share: $396 billion, concentrated in the regional and community banks that are least able to absorb it. Mortgage Bankers Association (MBA) data confirms that this maturity wave forces
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
Memo
AI infrastructure spending is reshaping credit markets. How collateralized lending, DeFi rails, and asset-based finance are closing a multi-trillion-dollar funding gap.
Project Spotlight
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
Research
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
Research
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
Company
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
Project Spotlight
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
Research
Explore how crypto payment cards bridge digital assets and global commerce, using stablecoins, custodial vs non-custodial models, and fintech.
Project Spotlight
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
Project Spotlight
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
Research
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