The player profiles tell you what each firm is doing. The feed tells you what just happened. Threads are where those connect into an actual argument.
One thread per ongoing story. New piece every 2 to 3 weeks. Cross-linked into every player profile it touches.
Newest first. Drafts are listed so you can see what’s coming.
BSTBL, BRSRV, and BUIDL aren’t one product line. They’re three different bets on which institutional rail will carry the next decade of capital.
Roughly $220B of stablecoin supply is backed by T-bills. The category divide between stablecoins and tokenized treasuries is regulatory, not economic, and it is already breaking.
Backed Finance shipped first, Kraken distributed hardest. xStocks crossed $25B in cumulative volume. But the win is volume, not AUM, and the rest of the field was playing a different game.
GENIUS Act, MiCA, MAS, UK DSS. What each one actually demands of issuers, and where the arbitrage lives.