Interactive pieces

Who controls tokenized RWAs?

Tokenized real-world assets are marketed as a wave of independent, competing products. The same transfer agents, custodians, banks, and venture firms sit behind most of them, several already mapped funding DeFi's own curators. Follow the web behind the wrapper.

In the Stock Market by Default, Off the Table by Design

Whether it's savings, retirement, insurance, or a pension, your money is already in public and private equity markets, a choice nobody asked you to make. Trace each account through its institution and decision-maker to see who actually calls the shots, and exactly where the law draws the line.

Who's bankrolling the curators?

A handful of venture firms fund both the DeFi lending protocols and the third-party curator firms nominally managing risk on top of them. Follow the web of who funds, curates, and now directly powers the infrastructure on both sides of a check that was supposed to be independent.

TradFi vs DeFi Leverage: 2x by Law, 200x by Code

Margin, perpetuals, and DeFi collateral loops all call themselves leverage, but they charge for it in three structurally different ways. Drag the same $10,000 across all eight venues and watch the bill diverge.

Stablecoins: Who captures your yields?

A law bans stablecoin issuers from paying you interest on the Treasury bills backing your dollar. Follow that interest through five structures to see where it actually lands, and how an industry that set out to build a dollar needing no bank ended up here.

Mapping ASEAN's digital payment rails

Speed, control, and who's actually using them. Ten countries, ten domestic payment rails, mapped side by side, every one of them run by a regulated institution.

Mapping ASEAN's crypto scene

What's legal, what's safe, what's yours. Ten countries, ten different answers, mapped, none of them sharing a rulebook.