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Stablecoins

Curated insights and technical field notes on Stablecoins.

Current note

Open USD moves the stablecoin fight from issuing the coin to distributing it

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Payments

Open USD moves the stablecoin fight from issuing the coin to distributing it

Open Standard announced Open USD on June 30, 2026 with a partner-backed model: no-fee mint and redeem, no volume caps, and reserve economics shared with the businesses moving the money. The technical object is another dollar stablecoin. The strategic move is shifting the revenue fight from holding the reserves to distributing the rail.

Lead essay

The current Doric argument leads the index ahead of the chronological archive.

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01 / Payments

Commerce architecture

Merchant-of-record decisions, checkout ownership, billing operations, settlement, reconciliation, and risk boundaries.

02 / AI tooling

Practical AI systems

Agentic commerce, multi-agent orchestration, model fine-tuning, runtime governance, and production deployment.

03 / Build notes

From idea to system

The design, architecture, and operating decisions behind Doric Stack products as they move from prototype to public release.

Latest Notes

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Mar 16, 2026 By Navin Agrawal AI systems 3 min read

AI agents get two payment rails, card and stablecoin

Visa and Coinbase are building competing payment rails for machines, not people. Coinbase's x402 puts stablecoins on HTTP's long-reserved 402 status code for sub-cent agent payments. Visa keeps the card rails and their dispute resolution. The split is real, because a 10,000-call-an-hour agent and a $4,000 flight want opposite things.

Mar 9, 2026 By Navin Agrawal Payments 3 min read

A chartered bank just put a stablecoin on card settlement

SoFi Bank put SoFiUSD on Mastercard's settlement layer. Authorization still rides the card rails and the merchant sees nothing change, but the interbank fund movement happens on-chain, around the clock, with no batch window and no correspondent float. For the first time, issuers and acquirers get to choose their settlement medium.

Jun 4, 2025 By Navin Agrawal Payments 3 min read

SWIFT vs Ripple: Evolution, Not Revolution in Cross-Border Payments

The headlines say XRP and RLUSD will replace SWIFT. The likelier path is evolution, not revolution - a hybrid book where each rail earns the job it is actually good at.