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Orientation · pick one This site has about forty pages across four tabs. Reading it front to back works, but most people want one of these four routes.
~50 minutes · no codeYou want to understand how stablecoin cross-border payments work, well enough to evaluate a claim about them. This path never opens a source file.
1

Why corridors cost so much

Correspondent banking, pre-funding, and where the 8.78% actually goes. Read →
2

How stablecoins work

Issuance, redemption, reserves, and the difference between a peg and a promise. Read →
3

Settlement and finality

Why “instant” is a marketing word and finality is a probability curve. Read →
4

The 2026 regulatory picture

GENIUS Act rulemaking, MiCA’s transitional cliff, Kenya’s VASP Act, Nigeria’s ISA. Read →
5

The case against

The BIS argument that stablecoins fail the three tests of sound money: taken seriously, not strawmanned. Read →
Finish at the bibliography if you want the primary sources.

Conventions used throughout

A teal block is a load-bearing claim the code enforces: there is a test or a database constraint behind it.
An amber block is a known gap: something modelled but not wired, or a limitation accepted on purpose. These are stated rather than hidden.
Account codes appear as structured strings, asset.float.bank.EUR, liability.customer.va_1.KES: because a journal should be legible in a log or a psql session without joining anything. All monetary figures are integer minor units. 10000n is €100.00. There are no floats anywhere near money, and there is a lint rule that makes sure.