Research
Frameworks we use ourselves when scoring dollar assets. Opinionated, sourced, and written for people allocating real balances.
Framework2026-02-047 min read
The four dollar structures, and why only one of them is boring
Every dollar token on-chain is one of four structures. Ticker-level diversification across a single structure is not diversification at all.
Risk2026-01-216 min read
Chain concentration is now the dominant stablecoin risk
The same ticker on two chains can be two entirely different credit exposures. Bridged supply inherits the bridge's security, not the issuer's balance sheet.
Playbook2026-01-095 min read
How to read a depeg in real time
Depegs are decided in hours. The signals that matter are public, and almost nobody watches them in the right order.