Research
Data-led notes on tokenized finance
Weekly. One section on the market, one product or methodology deep-dive, one chart with the underlying data.
17 May 2026
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Product
BUIDL crossed $2.4B — what changed in the holder base
Analysis of the 312 wallets that account for 89% of supply. The growth came from a small number of large allocators, not a broadening base.
6 min read · By Ben Ghabili
10 May 2026
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Methodology
Reserve attestation cadence — Q2 league table
Twelve of 27 issuers now publish weekly or faster. We rank the field on cadence, scope, and verifiability.
4 min read · By Ben Ghabili
3 May 2026
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Market
The tokenised credit yield gap is narrowing
Maple, Centrifuge, and Goldfinch pools now yield 200 bps over Treasury products on average — down from 380 bps a year ago.
8 min read · By Ben Ghabili
26 Apr 2026
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Industry
Stellar or Ethereum? Where tokenised funds are going
Franklin and WisdomTree chose Stellar. BlackRock chose Ethereum. The reasoning differs more than the public narrative suggests.
7 min read · By Ben Ghabili
19 Apr 2026
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Methodology
Introducing the Plinch rating methodology
How we compute custody, attestation, liquidity, and smart-contract scores. The methodology document is public and versioned.
12 min read · By Ben Ghabili