Open Money, Clearly Explained

Stablecoins Hold About as Much U.S. Debt as India, and the Treasury Is Counting on More

Treasury's deputy secretary told the bond market on September 22 that stablecoin issuers hold nearly $200 billion of Treasury bills and called it a growth opportunity.

The Ongoing Lack of Clarity

Clarity Act fails 49-50: What the Senate vote means for stablecoin rewards and bank deposits

The SEC Will Let a Blockchain Be the Share Register, as Long as One Firm Controls It

In eleven days, two regulators said in writing that a shared ledger can be the legally authoritative record of who owns what.

The x402 Counter Has Shown the Same Four Numbers Since March

Forty of the world's largest payment and technology companies joined a foundation this summer for a market whose only public number comes from an unstamped counter that has not moved since March.

Coinbase Put Apple on a Public Blockchain and Kept the Freeze Switch

Four US stocks went onto a public blockchain this week in self-custodied wallets, issued by an Abu Dhabi special purpose vehicle whose prospectus reserves the power to freeze and confiscate them.

Bitcoin's Best Week Since 2023 Was a Bet on US Fiscal Policy, Not a Sign of Adoption

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.