Research
Explore how crypto payment cards bridge digital assets and global commerce, using stablecoins, custodial vs non-custodial models, and fintech.
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TLDR * Piku operates a yield-optimized stablecoin where USP appreciates in value rather than maintaining a fixed $1 peg, with backing deployed across a proprietary FX arbitrage strategy (50%) and six DeFi protocols (50%) * The BMMF Turkey FX Arbitrage Strategy executes 2-3 delta-neutral trades daily in Turkish cryptocurrency markets, capturing crypto
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stUSDS The Sky ecosystem has introduced stUSDS, a new risk capital token designed for more expert users who wish to provide specialised liquidity for SKY-backed borrowing operations. This token represents a fundamental component of the Sky lending infrastructure, creating an isolated capital pool that funds leverage activities within the ecosystem.
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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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Introduction Central banking has undergone three centuries of evolution, from the Bank of England's 1694 founding as a wartime government financier to today's sophisticated institutions managing monetary policy and nationwide financial stability. The Bank of England established the foundational public-private hybrid structure, pioneering exclusive banknote issuance
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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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Introducing Keel Keel is an automated capital engine that operates within the Sky Protocol (formerly MakerDAO) agent framework, in a similar manner to current agents Spark and Grove. Keel aims to become Solana's largest onchain balance sheet while pioneering the infrastructure needed for tomorrow's tokenised economy.
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The BlackRock USD Institutional Digital Liquidity Fund (BUIDL) is one of the foremost examples of the amazing innovation that can occur as a result of the nexus of TradFi and DeFi. Launched in March 2024 by BlackRock, the world's largest asset manager, and tokenized by Securitize, BUIDL is
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Reservoir has emerged as a heavyweight among DeFi yield bearing products, the protocol has to date amassed a TVL of $197m since its launch in November of 2024. It currently ranks as the 14th largest protocol on Stablewatch in terms of yield paid out (YPO) for just the ERC-20 version
Research
This article was written in collaboration with @Castle_Labs. Written by Gleb and Atomist. Abstract Stablecoins are dominating headlines throughout 2025. This leaves us wondering, which blockchain network will house and facilitate this asset class? As tokenised dollars continue to be increasingly accepted and regulated, five upcoming Layer 1 blockchains
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Aave’s native stablecoin, GHO, is establishing itself as a notable contender in the yield-bearing space, a trend reflected in the metrics of the Stablewatch Yield Bearing Stablecoin dashboard. Since its July 2023 launch, it has seen steady growth, reaching $335M total supply across more than 5,700 current holders.
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Humanity is burdened by two fundamental limitations, time and cognitive capacity. Managing capital effectively is a constant drag on both of these resources that are already in scarce supply, particularly among the most productive members of society. It is no wonder that the market size for wealth and asset management