Insights
Analysis and perspectives from a firm that operates at the intersection of Bitcoin infrastructure, public markets, and institutional capital in Asia.
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, the U.S. Treasury issued its first notice of proposed rulemaking under the Guiding and Establishing National…
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Analysis
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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 Is a Bitcoin Treasury Company?
A Bitcoin treasury company is a publicly traded corporation that holds Bitcoin as a primary or significant asset on its balance sheet, treating it…
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How Stablecoins Are Regulated: A Market-by-Market Overview
Stablecoin regulation has entered its implementation phase. In 2026, the question is no longer whether major jurisdictions will regulate stablecoins, but how quickly each…
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Bitcoin Treasury Strategy in Asia: Why It Is Different
The Bitcoin treasury company model originated in the United States. Strategy's decision to allocate its corporate cash to Bitcoin in 2020 became the template…
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