All reports
Three cornerstone pieces open the English edition. Sixteen deep dives sit below them — the SVB weekend hour by hour, the Luna postmortem, the NYAG settlement read in full, MiCA in plain English, four off-ramps compared, four bridges compared. The longer Chinese library lives on the Chinese reports page.
Six dimensions side by side: reserve composition, regulator, liquidity, cross-chain support, depeg history, fit by use case. The Silicon Valley Bank weekend reconstructed minute by minute. The NYAG 2021 settlement read in plain English. Twelve real-world scenarios with a pick on each line. About thirty thousand words.
Four families: fiat-backed (USDT, USDC), crypto-collateralised (DAI), algorithmic (Luna's UST as the cautionary tale), commodity-backed (PAXG and friends). Where the peg holds, where it breaks, how to think about which one fits which job. Written for readers hearing the word for the first time.
Safety, custody, taxes, on-ramps, off-ramps, what happens during a depeg, do I owe tax for moving USDT between wallets, can my exchange freeze my balance. Twenty questions, each answer under five hundred words, sources at the foot of every answer. The FAQ we wish existed when we started.
Reserve composition, regulator pressure and depeg history put side by side. The answer is messier than the headlines suggest — and the framing the question gets in 2026 has more to do with your custody choices than the issuer's balance sheet.
Fiat-backed, crypto-collateralised, algorithmic, commodity-pegged. How each design holds peg, where each one breaks, what to use each one for in 2026 — and why one of the four categories effectively died in May 2022.
The honest list of risks in 2026: depeg, regulator seizure, smart-contract failure, counterparty collapse. How likely each one is, what to do about it, and which mitigations actually move the needle versus theatre.
New to stablecoins? A four-criterion decision tree for picking the right one: liquidity, regulator, reserves, use-case fit. The honest version of the guide — including the cases where the answer is "neither, wait six months."
A defensive explainer on "dirty USDT": why the coin on the chain is not the thing that gets frozen, how a P2P sale lands proceeds of crime in your account, six lines of defence, and five lawful steps if your account is already frozen. Heavy on legal disclaimers, teaching nothing illegal.
A minute-by-minute reconstruction of the March 2023 USDC depeg. Circle's $3.3B SVB exposure, the Coinbase price track from $0.97 down to $0.879, the Curve pool drain, the Sunday FDIC backstop. What the dashboards showed at each step.
The May 2022 Luna and UST collapse explained: the design that printed money, the run that vaporised sixty billion, the Do Kwon extradition, the regulator lessons. Why the model was structurally fragile, and why nobody is building it the same way again.
Every documented USDT depeg event since 2018, what caused each one, how deep the price went, and how long the recovery took. With a working framework for thinking about the next one before it arrives.
The full BUSD wind-down timeline. NYDFS halting new issuance in February 2023, Binance pulling spot pairs, the auto-conversion to FDUSD, and where Paxos redemption actually stands today. How a $23B stablecoin went to near-zero circulation in eighteen months.
Four ways to convert USDT or USDC back to fiat in 2026: the exchange off-ramp, P2P, the DEX-to-card service, the off-ramp aggregator. Real fees, real wait times, real KYC requirements. Where each one fits, where each one fails.
Moving USDT or USDC between chains: Circle CCTP, Stargate, Allbridge, LayerZero. Real fees, real wait times, real exploits to avoid. A practical, data-driven guide comparing each bridge on published fees, on-chain records and incident history.
Five different accidents share the name “wrong chain”, and they have five different outcomes. Which one you are in is decided by who holds the private key to the address the tokens landed in. A case-by-case sort, a judgement table, and an honest account of the ones with no way back.
A close read of the 2021 NYAG settlement with Bitfinex and Tether: the $18.5M fine, the reserve disclosure regime that followed, and what the order does and does not say. The version that cuts through the press releases.
Circle's EURC, the only EU-licensed dollar-equivalent stablecoin in euros at scale. What MiCA requires, what EURC reserves look like, and why adoption has been slower than expected. The plain-English read of the regulation.
What FDUSD actually is. First Digital Trust as the issuer, Hong Kong trust company law, the HKMA stablecoin framework, the Binance partnership, the reserve attestations. The standalone explainer the launch announcements didn't write.
PYUSD's full story: the August 2023 launch on Ethereum, the move to Solana in 2024, the Paxos-then-Solana issuer change, and whether the commerce use case is real or marketing. The honest read on PayPal's stablecoin play.
Reserve transparency scored across Tether, Circle, Paxos and First Digital. Attestation cadence, auditor identity, custodian disclosure, redemption history. Where each issuer sits today and where they've improved since 2021.
A twelve-year history of stablecoins, year by year. Realcoin, Tether, MakerDAO, the 2021 boom, Luna's collapse, SVB, BUSD, MiCA, HKMA — the full arc, with the moments that mattered and the ones the early press got wrong.
Availability first, fees second: which venues will actually let you in from the US, the EU, the UK or elsewhere, what the entry-tier fee schedules really say in August 2026, a four-question decision tree, and the three traps that cost beginners real money.
The Chinese edition has been running longer and covers more ground. If you read Mandarin, the Chinese reports page has the full catalogue: cross-border USDT settlement, hardware wallets for USDT, the BUSD timeline, the Luna postmortem, six jurisdictions of tax treatment, China-specific OTC routes, and more. Pieces marked as cornerstone are translated for the English edition over time.
Want to suggest a topic or flag something the existing pieces are missing? Email [email protected].