Deep work on payments, settlement, and the tokenization of global capital markets.
The flagship paper — where the argument for a settlement and tokenization layer gets made.
The stablecoin narrative has consolidated around a single proposition: faster, cheaper payments. That proposition is valid but incomplete. Payments are Layer One. Settlement and tokenized capital markets are the bigger prize.
Read the paper →Payments are where the story starts. They are not where the value is.
Stablecoins. Faster, cheaper rails, and the entry point everyone sees. This is Layer One, and it is where most of the narrative stops.
Where value actually clears across borders and currencies. The FX leg is the real unlock, and the one legacy rails tax hardest.
Securities, funds, and collateral moving on-chain. The largest prize, and the reason payments were only ever the beginning.
The best infrastructure is invisible.
New notes and papers as they publish. Grounded, sourced, no noise.
The FCA's new authorization regime is less about banning anything and more about deciding which rails survive the paperwork.
Read →Washington built a five-year on-ramp for on-chain equities, and the part that matters most is not the trading. It is the clock.
Read →The U.S. and U.K. just moved to align rules for tokenized finance, but the gap between recommendation and rulebook is where the real work lives.
Read →Everyone watches tokenized securities. The real convergence is happening in margin, funding, and FX, the plumbing nobody puts on a keynote slide.
Read →Wall Street's plumbing operator got SEC cover to tokenize the assets institutions actually hold, and that matters more than any crypto-native launch this year.
Read →Why stablecoin payments are only Layer One, and what sits above them: settlement, on-chain FX, tokenized securities.
Read →Where cross-border value actually clears, and why the FX leg is the real unlock.
Coming soonPast the pilots: where tokenization reaches real capital markets and what still blocks it.
Coming soonFive threads, one thesis: the infrastructure of money is being rebuilt.
The entry point. Supply, rails, and why they are only Layer One.
Where value actually clears across borders and currencies.
Securities, funds, and collateral moving on-chain.
The correspondent-banking tax and what replaces it.
Where new rails matter most, grounded in the field.
Operator and builder working at the convergence of payments, stablecoins, and capital markets. BJ Research is where the thinking lives: first-principles work on the rails beneath global money, written to be useful to the people building on them.
New notes on stablecoins, settlement, and tokenized capital markets. Published here, shared on LinkedIn.
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