Stablecoins & Markets
Kim Min-jun
Coverage focuses on reserves, redemption and the flow of money through digital-asset markets.
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The Brief
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USDT on Bitcoin: Utexo Opens Mint Sandbox Before November 28 Launch
Utexo opened a Signet sandbox for its bridged USDT on Bitcoin on October 22; the public launch is set for November 28.
OCC Finalizes GENIUS Act Rule for Payment Stablecoin Issuers
The OCC's GENIUS Act final rule takes effect January 18, 2027, with waivers expected for existing U.S. issuers.
Bank of Thailand Proposes THB Stablecoin Rules: Few Issuers, No Yield
Thailand's central bank proposes few issuers, full deposit backing, one-day redemption and no interest for holders.
How Digital Money Works
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Tokenized Deposits and Stablecoins: The Difference
A digital token does not tell you who owes the money. Start with the claim behind it.
The Full Cost of a Cross-Border Stablecoin Payment
The full cost of a cross-border stablecoin payment, with a cost model, worked examples and World Bank data.
What Happens When You Redeem a Stablecoin?
Selling a token and redeeming it with its issuer are different transactions. Here is where the dollars come from.
Inside the Stablecoin
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USDC on Solana: Mint, Token Accounts and SOL Fees
How native USDC works on Solana: verify the mint, understand token accounts, keep SOL for fees and avoid network errors.
PYUSD vs USDG: Issuers, Networks and Redemption
PYUSD and USDG share a dollar target but differ in issuer, networks, product access and direct redemption routes.
USDT vs USA₮ vs USDT0: Issuer, Redemption and Bridge Risk
USDT, USA₮ and USDT0 share a dollar target but differ in issuer, redemption rights and cross-chain risk.
Money in Motion
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FedNow vs RTP vs ACH: How US Bank Payments Move
FedNow and RTP settle instantly; ACH moves credits and debits in batches. Compare reach, timing and finality.
How Businesses Accept Stablecoin Payments
A stablecoin checkout needs a payment intent, supported chain, settlement record, refund policy and reconciliation.
Payment Versus Payment: What PvP Removes from an FX Trade
Conditional currency settlement reduces principal risk. It still leaves funding, replacement and operational questions.
The Reading List
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USDT on TON: Fees, Jettons and Exchange Memos
Send USDT on TON by verifying the jetton master, matching the deposit network and following any memo requirement.
Fedwire vs CHIPS: How High-Value Dollar Payments Settle
Fedwire settles payments one by one; CHIPS uses liquidity-saving netting. Here is what that changes in practice.
UETR Payment Tracking: How Banks Trace a Swift Transfer
How a 36-character UETR helps banks trace a Swift payment—and what it cannot prove.
Stablecoin Reserves in Bank Deposits: Why Issuers Hold Cash at Banks
Redemptions are paid in bank money, so issuers keep part of the reserve at banks. MiCA sets a minimum; March 2023 showed the risk.
Stablecoin FX: How a USDC-to-EURC Trade Settles Onchain
Onchain FX keeps the market price but changes settlement: an escrow contract releases both stablecoins together, or neither.
USDC on Base: How to Send It and Pay Gas in ETH
How to send USDC on Base, verify the contract and network, keep ETH for gas, and avoid unsupported deposits.
