Stablecoins Sub-Sectors
Related research

Liquity v2: Evolving Onchain Leverage
By
Anil Lulla•
Are CDP stablecoins toast? They have a rich history in DeFi, but have fallen out of fashion over the past few years. Liquity appears to be a strong contender for CDP resurgence with its upcoming v2 release. It boasts fresh ideas from a well-respected team after a close-but-not-quite v1.This memo will focus primarily on the new dynamics at play with Liquity v2; its obstacles, success factors, and the potential impact on LQTY.

The Stablecoin Manifesto
By
Anil Lulla•
Fintechs like Robinhood and Revolut are launching their own stablecoins. Stripe just acquired a stablecoin company for $1.1B. And despite explicitly cannibalizing their own margins, incumbents like PayPal and Visa are integrating stablecoins out of fear that if they don’t, someone else will.
It is becoming increasingly clear that mainstream adoption of stablecoins is not something that could happen or should happen, but something inevitable. The reason is simple. By offering businesses a straightforward proposition — lower costs, higher margins, and new revenue streams — stablecoins are inherently aligned with the most reliable force in capitalism: the relentless pursuit of profit.
In the following report we will outline how exactly stablecoins can improve the bottom line of companies, entertain the bull and bear case for stablecoins and blockchains serving as the economic substrate for the agentic economy, and lastly, we will zoom out and examine the competing structural incentives — from policy makers, regulators, incumbents, to foreign countries — that will inevitably drive stablecoin adoption.

The Revival of MakerDAO: Unpacking The MKR Thesis
By
Anil Lulla•
Introduction MakerDAO has historically been punished for its lack of innovation and stagnant culture, but it could be on […]

The Rise of Ethena: Unpacking The Emerging Synthetic Dollar
By
Anil Lulla•
Intro The stablecoin duopoly is being challenged. After rapidly scaling supply from zero to over $2.2B in less than a […]

The Looming Opportunity With Decentralized Stablecoins
By
Anil Lulla•
Stablecoins are an integral part of crypto, with a total market capitalization of $124B. Despite the increasing adoption of DeFi, the majority of the stablecoin market is held by centralized stablecoins such as USDT and USDC.

Risk Analysis on Centralized Stablecoins
By
Anil Lulla•
As a critical component in the crypto ecosystem, stablecoins play a vital role in providing a safe haven for investors and serving as the asset of choice across exchanges, lending markets, and virtually all of DeFi. Currently, the total value of stablecoins stands at $135B, representing ~10.5% of the entire crypto market capitalization.
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