Stablecoins Sub-Sectors
Related research

A Framework For Crypto Neobanks
By
Anil Lulla•
Today, there are hundreds of different crypto cards to choose from, many of which offer marginal improvements over the next. But the winners will likely be the companies that use cards as an entry point into something larger: stablecoin-native banking, cross-border remittances, DeFi-linked financial accounts, issuer infrastructure, or region-specific dollar access.

Stablecoins: The Next Frontier in Financial Infrastructure
By
Anil Lulla•
Stablecoins have crossed the chasm that once differentiated them as simply a form of digital fiat into what could now be considered the rails to a new financial infrastructure for the institutional world. In our 2026 Infra Year Ahead report we put huge emphasis on stablecoins and tokenization within this context. The goal of this report is to further explore and expand on those ideas and concepts.

Plasma: Taking Aim at a Trillion Dollar Opportunity
By
Anil Lulla•
Stablecoins have quietly become one of the largest payment rails in the world, settling more than $18 trillion in 2025, surpassing both Visa and Mastercard. What started as collateral for crypto trading has evolved into flows serving remittances, merchant settlement, and B2B payments. Particularly in markets where local currency instability makes dollars on-chain both more functional and a store of value.
Despite processing trillions in volume, stablecoins remain second-class citizens on the chains that host them. Ethereum, Tron, Solana, and others were designed as general-purpose smart contract platforms, not dedicated monetary rails. This fundamental mismatch subjects stablecoin transfers to volatile gas pricing, MEV predation, and fee models denominated in speculative native tokens, creating billions in inefficient user fees for what are essentially simple ledger updates.
Plasma flips this model by positioning stablecoins as the network's primary workload rather than just another application. Through its zero-fee USDT transfer model and split-block architecture, Plasma eliminates the computational overhead that plagues other chains.
This mirrors how internet companies like Google and PayPal gave away core services to capture downstream value – Plasma uses free transfers as a customer acquisition wedge to attract high-frequency participants like market makers, CEX off-ramps, and remittance operators.
Plasma’s flagship product, Plasma One, their stablecoin-native neobank, captures value via card interchange, FX spreads, and yield generation while maintaining full EVM compatibility. With native USDT integration, a Bitcoin bridge, and partnerships spanning from Aave to Binance Earn's $1 billion commitment, Plasma is positioning itself as the purpose-built settlement layer for the global dollar economy. A trillion dollar opportunity.

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 […]
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