Resume · Policy & Market Infrastructure
Research on digital money, stablecoins, settlement, and control-layer infrastructure.
For central banking, policy, public-interest, and market-infrastructure roles. Connects stablecoin mechanics to concentration, finality, resilience, and the public interest.
Decision lens
Evidence-first frameworks testing how gateway design choices affect finality, resilience, escalation paths, and public-interest outcomes: what breaks first, who absorbs it, and who controls the response. Translates complex infrastructure questions into institutional language for policy teams, central bank research divisions, and market-infrastructure regulators.
Lead paper under review for the Federal Reserve Board / FRBNY Fifth Conference on International Roles of the U.S. Dollar, June 2026.
What the policy lens answers
Focus areas
Central Banking
Market Infrastructure
Payments Policy
Public Interest
- Stablecoin gateway analysis grounded in three years of on-chain data, 19 entities, and four Federal Reserve policy regimes
- Frameworks for concentration, settlement, control-layer exposure, and stress propagation
- Turns abstract policy debates into named control-layer metrics, failure paths, and decision thresholds
Settlement and finality
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?
Tokenized deposits and bank funding
How tokenized deposits differ from stablecoins, what balance-sheet consequences follow, and how migration between objects changes concentration, liquidity, and who bears risk.
Control-layer risk
Where routing defaults, gateways, operators, reserve structures, and custody obligations concentrate bargaining power and regulatory leverage.
Supporting research
These papers are the closest match for how the policy lens frames the work.
Routing the Dollar
How gateways shape control, resilience, and policy leverage across token systems.
Read →
Minimum Viable Equivalence Packs
Nine-category diligence framework structured around institutional equivalence and stress behavior.
Read →
The Control Layer War
An unpublished internal document on how policy choices become operational realities in custody, operator infrastructure, and compliance programs. A public version is available.
Tokenized Deposits
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 summary →
Contact
Policy, 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.