Focused research on stablecoin infrastructure, regulation, and policy.
Each paper is designed for fintech operators, enterprises, policymakers, and market participants building on stablecoin rails.
Essays
From the Anvesan NewsletterA Primer on Stablecoin Orchestration
Why stablecoin cross-border payments still cost about as much as the incumbents, tested against the US–Mexico corridor and the fee stacks of Bridge, Zerohash, and Conduit. The cost concentrates at the FX and exit leg, beyond the blockchain's reach.
Jul 31, 2026Stablecoin Card Payments is a License Game
Card-linked stablecoin spend hit $4.5B in 2025, but the value pools with whoever holds the Visa and Mastercard licenses, not the consumer brands. A breakdown of Rain, Reap, Wirex, and Kulipa, and the three moats that decide who keeps the margin.
Jul 19, 2026A Primer on Stablecoin Clearing
Different stablecoins don't trade at par, and the friction makes large transfers impractical. How Better Money Company is rebuilding the 19th-century clearinghouse, plugging into issuers' mint-and-redeem systems and netting flows the way ACH and CHIPS do.
Jun 29, 2026The Exact Playbook Big Banks Are Using to Absorb Stablecoin
The six-stage playbook banks have run against every financial disruptor, from money market funds to PayPal, is now running against stablecoins. Dismiss, fear-frame, build the regulatory moat, co-opt, absorb the survivors, then consolidate.
Jun 25, 2026Polygon's Stablecoin Gambit
Polygon's Open Money Stack bundles wallets, on/off ramps, orchestration, and settlement into one vertically integrated system: the AWS move applied to stablecoin payments. Inside its three layers, and how it stacks up against Fireblocks, BVNK, and Stripe.
Feb 20, 2026TradFi Will Rule Onchain FX, not Crypto
The real barrier to onchain FX is regulation, not demand or infrastructure, and central banks will not surrender monetary sovereignty. From Project Guardian to mBridge and JP Morgan's Kinexys, the institutions are already co-opting DeFi's rails.
Jan 10, 2026Unsecured Lending Onchain is Hard
Onchain rates are now competitive with a bank line of credit, yet unsecured lending keeps failing on creditworthiness, legal recourse, and regulation. Maple's $36M default and Goldfinch's pivot show why survivors hand underwriting back to TradFi.
Dec 2, 2025Reports
Flagship publicationsStablecoin Funding Landscape
A bottom-up read of every publicly disclosed funding round from January 2024 through mid-May 2026: 111 events, $5.02B, and the structural pattern inside the aggregate. The money is leaving issuance and landing in movement.
State of Consumer Stablecoin
A structured view of how consumer stablecoin markets actually form across three functional layers: consumer spend, movement, and dollar access. The demand is real; the branding is doing none of the work.
The State of Agentic Payments
What is live, who is leading, what the numbers say, and how the market is splitting between card-led agentic checkout and internet-native machine payments.