Loading…
Writing
Notes on payment systems, device software, transaction uncertainty, platform design, and the emerging role of AI in commerce. I write from the questions that appear in real operating conditions.
Stablecoin payment corridors have real cost advantages and specific operational trade-offs. A comparison against traditional rails.
The Markets in Crypto-Assets regulation has been in full effect through 2025. Two years in, the operational patterns are becoming visible.
Layer-2 networks have made stablecoin transfers cheap. The bridge risk that used to concentrate on a few high-profile bridges has changed shape.
Central bank digital currency pilots continued in 2025 across multiple jurisdictions. What the different designs reveal about the choices ahead.
Smart contract wallets and account abstraction give agent-initiated payments a technical foundation that programmatic keys don't have.
Merchant payouts in stablecoins raise a custody question that fiat payouts don't. What operational patterns look like.
The absence of chargebacks is a feature and a gap. Design patterns for merchant refund flows in a rail with no consumer dispute mechanism.
The FATF Travel Rule requires VASPs to share originator and beneficiary information on transfers. Two years in, the compliance patterns are converging.
Tokenized bank deposits and stablecoins look similar from the outside. The regulatory, credit, and operational profiles diverge sharply.
"Blockchain payments" as a category is often marketed as if it replaces rails. In practice, blockchain settlement sits inside a broader payment rail architecture.