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Delegating Money: The Architecture of Agentic Payments
One of the most visible effects of the web was the disintermediation of commerce.
Mar 18
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Stablecoin Monetisation Models
Tether is often cited as one of the most profitable business ventures in the history of capitalism.
Feb 5
DeFi’s missing primitive: Insurance
This post was co-authored with Francesco Mangia, a quantitative researcher with experience in both DeFi and traditional finance, specializing in risk…
Jan 15
Fractional Reserve Banking onchain
Stablecoins are, in essence, the first large-scale experiment in narrow banking.
Nov 25, 2025
Commodities onchain: gold and beyond
Gold is going on-chain. Paxos and Tether lead today, but new platforms are building the rails that could turn commodities into the next generation of…
Oct 30, 2025
Stablecoins are rails, not tokens
After several years publishing as Fintech Ruminations, I am introducing a new name: Lombard Notes.
Sep 27, 2025
Not All Tokens Are Equal: The Legal Wrappers Behind Tokenization
Disclaimer: I am not a lawyer, and nothing in this post should be taken as legal advice.
Aug 28, 2025
The mechanics of a Tokenization Engine
Last week — during ethCC 2025 in Cannes — two major announcements captured the attention of crypto and fintech operators: US stocks are coming onchain.
Jul 17, 2025
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