market design Resources & Insights

Research Library (11)

• James Aris - Working Paper 26-069 Who Pays for Payments? Mark Egan — Analyzes how payment system costs are allocated across participants, and who ultimately bears those costs. Examines p...
• Settlement Layer Deep Dive — Analyzes settlement-layer design choices for real-time payments, focusing on liquidity, finality, and operational tra...
• Global Currency Access-The End of Correspondent Dependency — Argues that global currency access can move beyond reliance on correspondent banking by using alternative network mod...
• A Stablecoin Thats Actually Stable - A Portfolio Optimi — Proposes a portfolio optimization approach to design a stablecoin with stronger price stability than single-asset peg...
• Corporate Bank Digital Money a perspective on (May 2026) — Analyzes corporate bank digital money as a bank-issued digital settlement instrument for institutional use, comparing...
• Executive Briefing - Stablecoins vs UNITE Global FMI — Compares stablecoins with the UNITE Global FMI model, likely focusing on differences in settlement architecture, gove...
• The Stablecoin Business — Analyzes stablecoins as a business model, focusing on how issuers generate revenue, manage reserves, and scale distri...
• Halaburda - Impossibility of Transparent and Decentralized Trading on Permissionless Blockchains — Academic paper arguing that fully transparent, decentralized trading on permissionless blockchains is infeasible give...
• Financial Assets Tokenization — Analyzes tokenization of financial assets, outlining potential efficiency gains in issuance, trading, and post-trade ...
• The New Financial Order - RWAs and Stablecoins — Analyzes how real-world assets and stablecoins are reshaping financial market structure, with emphasis on tokenizatio...
• The Next Frontier of Financial Markets — Explores tokenization as a structural shift in financial markets, arguing that programmable digital assets can improv...