Crypto Scenario Insights
What happened
Stablecoins have scaled to a $315 billion asset class but function primarily as passive cash. The push to integrate real-world asset yields directly into these digital dollars faces aggressive resistance from traditional…
What we think
The most likely outcome is a split market where U.S. stablecoins remain non-yield-bearing due to banking lobby pressure, while offshore jurisdictions capture the yield-bearing market (55% probability).
Read the analysis
Can Stablecoins Evolve Into Productive Capital, or Will Regulatory Walls Keep $315B Idle?
We explain what happened and what could follow. We do not forecast prices.