StableState
Stable StateStablecoin infrastructure intelligence for institutional audiences. Distribution economics, cross-border payment rails, programmable liquidity, and tokenised real-world assets.
| Platform |  | Pricing | Only free issues | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 8 | Founded | 5 months ago | Last Issue | 2 months ago |
| Active | |||||
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stablestate1.substack.comLatest Issues
The Stablecoin Licences that Hong Kong issued, and the Edges It Left Open
TL;DR
With practitioner perspectives from Shih Yun Chia (CEO, VerifyVASP), and Etelka Bogardi (Partner, Reed & Smith).
- Hong Kong granted its first two stablecoin issuer licences on April 10, 2026: HSBC and Anchorpoint Financial (St...
Who Can Be Whop? The structural questions behind DeFi yield integration in fintech
Stani Kulechov on LinkedIn “Defi is supercharging Fintech” as he announced the integration of Whop Treasury. At Singapore TOKEN2049 last October, he framed embedded DeFi more broadly as a “trillion-dollar opportunity” for fintechs.
Here in...
The Stablecoin Distribution Economics Playbook: How GTM Changes When Your Product Is Financial Plumbing
KAST raised $80 million at a $600 million valuation. The company’s leadership team is based here in Singapore, where I live. It does not issue stablecoins. It does not hold reserves. It does not run a blockchain. It sits between on-chain do...
How SMEs Actually Monetize Stablecoins: Four Revenue Layers Beyond Payments
TLDR: E-wallets like MoMo and GoPay prove that payment volume alone doesn't monetize; credit is the business, and regulation determines who can build it. Stablecoin rails unlock four revenue layers structurally blocked under fiat e-wallet f...
White-Label Stablecoins and the Unbundling of Correspondent Banking: Where Does Margin Migrate?
TL;DR: Stablecoin issuance is commoditising; the durable margin migrates to three layers: on-ramp/off-ramp providers (0.5-2% per leg), distribution platforms that own the customer relationship (Circle pays over 60% of revenue towards distri...
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Stablecoin infrastructure intelligence for institutional audiences. Distribution economics, cross-border payment rails, programmable liquidity, and tokenised real-world assets.
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