Research

Financial Infrastructure for Development

Capital formation, structured finance, and digital infrastructure across emerging markets and decentralized networks.

Working Papers

Association Financing in Panama

Urban capital formation · Collective ownership · Development finance

How private associations in Panama form capital, allocate credit, and finance urban development outside traditional banking systems. Field research and financial analysis of the ph (propiedad horizontal) model.

Beyond APY: A Framework for Yield-Bearing Stablecoins

Stablecoin methodology · Institutional standards · Risk classification

A standardized framework for evaluating yield-bearing stablecoins across custody, collateral, yield source, and redemption risk dimensions. Aims to give institutional investors a common language for due diligence.

Financing Decentralized Infrastructure

DePIN · Project finance · Cash flow securitization · Compute networks

Applying project finance and cash flow securitization frameworks to decentralized physical infrastructure networks (DePIN). Case study on Akash Network compute leases and the emerging capital stack for GPU infrastructure.

Research Notes & Briefs

Figure and Mortgage-Backed Stablecoins

Structured finance · GENIUS Act · Tokenization

Analysis of Figure Technologies' mortgage-backed stablecoin model and its implications for on-chain structured finance under the GENIUS Act regulatory framework.

Programmable Dollar Savings for Emerging Markets

Financial inclusion · Digital savings · Payments infrastructure

Architecture and design considerations for programmable digital dollar savings products targeting unbanked and underbanked populations in emerging market economies.