A weekly research-driven brief tracking how onchain systems actually work — focused on structure, adoption, and what lasts beyond the hype.
Bitcoin gained 23% in seven days after a Treasury decision about the long bond, and the supply of dollars on public blockchains grew 0.26%. The open money read: price has stopped being a scoreboard for open infrastructure, and this is the week you can watch the two come apart.
KPMG issued an unqualified opinion on Tether's 2025 financials, confirming $6.814 billion in excess reserves, in the same year more than 100 crypto projects folded. The open money read: the industry is being graded now, and the tests are revenue, reserves, and redemption.
On July 29, BNY launched its Digital Transfer Agency, making blockchain the authoritative books and records for a fund servicing business that keeps the ledger for $8.6 trillion across 7.6 million accounts.
RWA perps out-traded every crypto category on Hyperliquid for the first time, and Ondo shelved its blockchain plans to launch a TEE execution network where tokenized stocks serve as margin. The Open Money read: perps are the machinery converting tokenization into live capital.
On July 15, Jesse Pollak said Base's bet on onchain social had 'disintegrated completely,' handed the consumer Base App to Cobie, and refocused the chain on trading, payments, and AI agents.
Vitalik Buterin published the Lean Ethereum strawmap, a three-to-four-year plan to replace almost every major piece of the protocol: verification instead of re-execution, privacy, quantum-safe cryptography, and a tiered state model that could cut token fees.