Our thoughts on privacy and stablecoins

Regulated institutions, including banks, are increasingly open to stablecoin infrastructure because they recognise its benefits. However, adoption tends to favour approaches that reduce risk and operational friction while minimising architectural novelty. In institutional payments, the winning designs are the ones that fit existing trust boundaries. In practice, most banks and regulated payment firms are willing to integrate with a small number of public blockchains they alre

The last decade taught the internet a hard lesson: “pseudonymous” rarely means “private.” A new shift is accelerating that reality. Large language models (LLMs) are making deanonymization dramatically cheaper and easier to scale. Recent research shows LLM-driven systems can take a pseudonymous online profile, extract identifying clues from unstructured text, cross-reference public information, and link it back to a real person with high confidence in a meaningful share of cas