Notes from
the work.
Stablecoin banking, cross-border trade, and the products forming between crypto and fiat.
Settling the gold chain in gold
Gold is converted into dollars and back at every handover of its supply chain, and every holder hedges the same travelling price risk separately. Settling the middle of the chain in XAUT, a gold-backed token, collapses those conversions to two and hedges the position by construction.
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The weekend price of oil
CME oil futures close for 49 hours every weekend. This spring, six weekends of the Iran war broke inside that window, and the only live oil tape belonged to a perpetuals venue. A fill-level record of what happened next.
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How the AI build-out moved through Taiwan's chip supply chain
Every AI server in the world is built from parts made and listed in Taiwan. Over three years those companies were repriced one tier at a time, as the boom worked its way down the supply chain from chips to memory.
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The perp basis on gold
The wholesale gold lease market has paid carry for decades, restricted to the LBMA tier. A separate yield now exists on Hyperliquid's PAXG perpetual: funding was positive in 86% of hourly windows over the last twelve months, averaging 7.6% annualised, accessible to anyone with an exchange account.
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