Category: Market Notes

RWA moved from panel topic to pipeline, token models get priced like business models, and engagement is the new distribution moat.

Not trading — cross-border settlement. SMEs, emerging-market savers, and issuers themselves are the real winners of the stablecoin payments shift.

Institutional counterparties can’t approve relationships with entities of uncertain status. Structure isn’t overhead anymore — it’s the go-to-market.

Diligence questions shifted from narrative to arithmetic. Founders who answer in numbers, not adjectives, are the ones closing rounds.

A 40% drawdown on an unchanged thesis is a sale on your own conviction. Three questions that separate discipline from performance.