STRUCTURE FIRST · LIQUIDITY ALWAYS
ENTER OX85 →HOUSE LOADING
OX85 ·  RESEARCH

Working papers from the house.

Theses, notes, and memos on structure, latency, and operating liquidity in continuous markets. Written here first. Distributed everywhere after.

14 PAPERS
142026.10.26What counts as yield?NOTEA month ago we wrote that the variable deciding who wins in bank issued stablecoins was still a question. The first agency to finalize its rules answered by declining to write the answer down. The boundary on yield now sits in supervision, not in the text.7 MIN READ · OX85→132026.10.19Who said no?NOTEThe Innovation Exemption gave issuers thirty days to block a third party token of their shares. The first venue to post a notice has now recorded nine objections. None gives a reason. Nasdaq, opting out of every venue, gave one.7 MIN READ · OX85→122026.10.15What does velocity measure?NOTESupply has been flat for a year, so the bullish case has moved to velocity. In March the bank behind the figure defined it on adjusted volume and got six. In October it reports thirty. Adjusted volume over supply still gives six. Raw transfer value gives thirty two.7 MIN READ · OX85→112026.09.28What does it cost a bank to issue?THESISTwo proposals published on 24 September set out what a bank must hold, deduct and prove to issue a payment stablecoin. The plumbing is priced in detail. The two variables that decide who wins, how far the ban on yield reaches and what counts as an anti money laundering failure, are left open as questions.8 MIN READ · OX85→102026.09.21What anchors a stock that never closes?THESISTwo days after the Senate failed to advance market structure legislation, the SEC exempted onchain venues trading tokenized listed shares. Its fact sheet sells around the clock trading. Its order says pool prices are most likely set only by the pool itself, and leaves the hours when the home market is closed to public comment.8 MIN READ · OX85→092026.09.11What makes a perpetual a future?NOTEThe court fight asks whether a perpetual is a future or a swap. The order that started it answers with a familiar test. The part nobody is reading is where the approval stops, and that line is drawn by the spot market and by another agency's definition.7 MIN READ · OX85→082026.08.31What does preemption not reach?THESISThe industry read Regulation Crypto Assets as one rule instead of fifty. The proposal preempts state registration and qualification. It says nothing about tax, and Illinois had already shown what a state can do with the part that was left behind.8 MIN READ · OX85→072026.08.27Who decides it is over?THESISThe headline numbers are two exemption caps. The consequential sentence is elsewhere. Under the proposed safe harbor the issuer certifies that its promised managerial efforts have ceased, and the Commission stops treating the asset as subject to an investment contract.8 MIN READ · OX85→062026.08.19Who pays for security?THESISThe twenty one million debate returned this month and aimed at the block subsidy. The subsidy is the one layer running exactly as designed. The fee market meant to replace it sits at 0.69 percent of miner revenue, and the price of hashpower now has a second bidder.8 MIN READ · OX85→052026.08.10What does the wrapper cost?THESISInstitutional bitcoin demand did not leave. It changed wrapper. One vehicle carries a 12 percent preferred dividend, the other an expense ratio, and that difference is now doing the work.8 MIN READ · OX85→042026.08.03What does the money fund?THESISThe four largest US banks are building a shared deposit token. Read as a payments product it is unremarkable. Read as a liability defense it is the most important thing they have built in a decade.8 MIN READ · OX85→032026.07.27Who enforces the rules?NOTEThe market structure bill is no longer stuck on token taxonomy. It is stuck on who holds enforcement, and every crypto bill after it will pass through the same gate.7 MIN READ · OX85→022026.07.20Who issues the money?THESISThe stablecoin versus bank versus central bank frame is wrong. The three issuance tiers are specializing, not competing. The contested position is orchestration.12 MIN READ · OX85→012026.07.14The death spiral of the digital asset treasuryNOTEThe DAT model ran on one fuel, stock priced above the crypto it holds. In 2026 that fuel ran out, and the flywheel began to turn in reverse.9 MIN READ · OX85→
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