Analysis
Analysis and perspectives from a firm that operates at the intersection of Bitcoin infrastructure, public markets, and institutional capital in Asia.
The CLARITY Act Passes the Senate Banking Committee. Here Is What It Means.
On May 14, 2026, the Senate Banking Committee passed the Digital Asset Market Structure Clarity Act of 2025 (H.R. 3633) by a 15-9 bipartisan…
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The CLARITY Act’s Stablecoin Yield Compromise: What It Actually Says
On May 1, 2026, Punchbowl News reported it had obtained the compromise bill text hammered out by Senators Thom Tillis (R-NC) and Angela Alsobrooks…
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Hong Kong Issues Its First Stablecoin Licenses. Here Is What It Means.
On April 10, 2026, the Hong Kong Monetary Authority updated its Register of Licensed Stablecoin Issuers. For the first time since the Stablecoins Ordinance…
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What Circle’s cirBTC Tells Us About Where Bitcoin Infrastructure Is Heading
Circle built the institutional trust layer for stablecoins. Now it is applying the same playbook to Bitcoin. On April 2, 2026, Circle announced cirBTC:…
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Hong Kong’s Stablecoin Licensing Delay: What It Signals and What Comes Next
Hong Kong set out to be first. Instead, it is waiting. The Hong Kong Monetary Authority's Stablecoin Ordinance came into effect on August 1,…
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What the GENIUS Act Means for Stablecoin Operators in 2026
In the span of one week, the U.S. regulatory framework for stablecoins moved from an abstraction to an operational reality. On April 1, 2026,…
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