For central banking, policy, public-interest, and market-infrastructure roles. Connects stablecoin mechanics to concentration, finality, resilience, and the public interest.
Fed/FRBNY submission · 19 gateways / 3 years of data · Led team of 4 analysts
Extends that framing into finality, concentration, how failures can cascade across gateways and into the banking system, and who controls the response under stress, anchored by a paper prepared for the Federal Reserve Board / FRBNY conference on the international roles of the U.S. dollar.
When is a tokenized payment really final? Which dependencies stay off-chain, who controls the hold or unwind path, and what does that imply for institutions relying on the rail?
How tokenized deposits differ from stablecoins, what balance-sheet consequences follow, and how migration between objects changes concentration, liquidity, and who bears risk.
Where routing defaults, gateways, operators, reserve structures, and custody obligations concentrate bargaining power and regulatory leverage.
Closest papers for this lens.
How gateways shape control, resilience, and policy leverage across token systems.
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Nine-category diligence framework structured around institutional equivalence and stress behavior.
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An unpublished internal document on how policy choices become operational realities in custody, operator infrastructure, and compliance programs. A public version is available.
The same wallet can hold objects with different liability structures. The distinction between reserve-backed money and bank liabilities is one of the most consequential policy questions on the site.
Open paper summaryPolicy, market infrastructure, or research leadership. Tell me what you're working on and I'll send the most relevant paper, resume version, or supporting material.