Dollar v3 / The Control Layer War
Description current as of March 2026.
How the control layer and token types together determine where risk and policy attach. Maps how payment stablecoins, tokenized deposits, and tokenized cash products diverge in crisis, and how screening, holds, routing defaults, disclosures, and recordkeeping become the effective control layer. Three dollar objects that look identical in a wallet but become different instruments in stress; GENIUS and CLARITY concentrate compliance liability at the control layer.
Design choices become operational obligations, concentration points, and measurable governance problems.
A policy map of the hybrid digital-dollar stack and its control-layer scoring.
Why it matters
It shows how design choices become operational obligations, concentration points, and measurable governance problems.
Who it's for
Policy, stablecoin, payments, and market-infrastructure readers.
Want to discuss this paper? [email protected]