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Kim Min-jun — CJSOI

Kim Min-jun

Stablecoins and markets coverage at CJSOI. Topics include reserves, redemption, liquidity and the flow of money through digital-asset markets.

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Diagram comparing a stablecoin issuer's primary mint-and-redeem market with secondary exchange pricing and arbitrage
stablecoins ·

Stablecoin Primary and Secondary Markets

How minting, redemption and arbitrage link stablecoin primary and secondary markets—and why a depeg can persist.

Monochrome comparison showing bank capital absorbing losses and bank liquidity meeting cash outflows over a 30-day stress period.
banking ·

Bank Capital vs Liquidity: What Each Buffer Does

Capital absorbs losses. Liquidity meets cash outflows. A bank can have enough of one and still run short of the other.

Diagram of RLUSD's structure: Ripple Labs above Standard Custody & Trust Co., the NYDFS-supervised issuer, and Ripple National Trust Bank, the OCC-chartered bank that manages the reserve and acts as collateral trustee for RLUSD holders, with a timeline from the December 12, 2025 conditional approval to the October 26, 2026 final approval and the GENIUS Act on January 18, 2027
Ripple ·

Ripple National Trust Bank Gets Final OCC Approval for RLUSD Reserves

Ripple National Trust Bank won final OCC approval on October 26, 2026 to manage RLUSD's reserves.

Cover illustration for CJSOI's explainer on delivery versus payment, the settlement rule that links a securities transfer to its cash payment
delivery versus payment ·

Delivery Versus Payment: How Securities and Cash Settle

Delivery versus payment links securities to cash. Compare DvP models, finality and what can still fail.

Monochrome reserve-attestation diagram showing a management reserve statement, practitioner tests and a public report, with checks for the date, tokens, assets and opinion wording.
Stablecoins ·

Stablecoin Reserve Attestations: A Reader's Guide

Read a stablecoin reserve attestation by its date, scope, asset categories and opinion without overclaiming.

Diagram for sending EURC: verify the network against Circle's current list, keep the chain's gas asset for fees, and match asset, network and destination; issuer redemption differs from selling on an exchange
EURC ·

EURC and Euro Stablecoins: Networks, Fees and Redemption

How to send EURC: match the token and network, keep gas funds, and understand MiCA redemption.

USDC on Solana diagram: the Solana network, Circle's native USDC mint and the recipient's associated token account, with SOL paying the network fee
USDC ·

USDC on Solana: Mint, Token Accounts and SOL Fees

How native USDC works on Solana: verify the mint, understand token accounts, keep SOL for fees and avoid network errors.

Chart of Sky's September 2026 update: total stablecoin supply rising from $9.53 billion at the end of August to $9.70 billion on September 30, Sky Reserves at $85.08 million against a $150 million target, and Galaxy accepting sUSDS as loan collateral
Sky ·

Sky Stablecoin Supply Reaches $9.70 Billion as Galaxy Takes sUSDS as Collateral

Sky's stablecoin supply hit $9.70 billion on September 30, 2026; reserves were $85.08 million of a $150 million goal.

Monochrome PYUSD and USDG comparison showing separate issuers, product routes and network checks
PYUSD ·

PYUSD vs USDG: Issuers, Networks and Redemption

PYUSD and USDG share a dollar target but differ in issuer, networks, product access and direct redemption routes.

Monochrome comparison diagram of USDT, USA₮ and USDT0 showing issuer, redemption route and cross-chain bridge path
Stablecoins ·

USDT vs USA₮ vs USDT0: Issuer, Redemption and Bridge Risk

USDT, USA₮ and USDT0 share a dollar target but differ in issuer, redemption rights and cross-chain risk.

Diagram of a stablecoin FX trade: the taker's USDC and the maker's EURC both go into an escrow smart contract on Arc, which releases both legs together, with settlement windows of 30 minutes, one hour or one day depending on the tenor.
Markets ·

Stablecoin FX: How a USDC-to-EURC Trade Settles Onchain

Onchain FX keeps the market price but changes settlement: an escrow contract releases both stablecoins together, or neither.

Diagram of the Bank of Thailand's proposed THB stablecoin model: a small number of issuers, licensed wallet providers and transfers limited to verified wallets, with redemption at one coin per baht within one business day and backing in bank deposits.
Bank of Thailand ·

Bank of Thailand Proposes THB Stablecoin Rules: Few Issuers, No Yield

Thailand's central bank proposes few issuers, full deposit backing, one-day redemption and no interest for holders.

Monochrome USDC on Base transfer diagram showing the token, network route and ETH gas requirement.
USDC ·

USDC on Base: How to Send It and Pay Gas in ETH

How to send USDC on Base, verify the contract and network, keep ETH for gas, and avoid unsupported deposits.

Native USDC and bridged USDC.e shown as separate Polygon PoS routes with their contract checks
USDC ·

USDC on Polygon: Native USDC vs USDC.e

Check native USDC, USDC.e, Polygon PoS gas in POL and destination support before sending.

Diagram of the EBA's October 14, 2026 decision classifying USDC as a significant e-money token, one of 45 notified under MiCA: from November 12, 2026 the EBA supervises own funds, reserve of assets, liquidity and recovery and redemption plans, while France's ACPR keeps governance, qualifying holdings, fit and proper checks, outsourcing and conflicts of interest.
EBA ·

EBA Names USDC the EU's First Significant E-Money Token

From November 12, 2026, the EBA takes over supervision of USDC's own funds, reserve, liquidity and redemption plans from France's ACPR.

USDC to USDT conversion checklist: same network, previewed costs and verified contract address
USDC ·

USDC to USDT: How to Convert Without Mixing Networks

A practical USDC-to-USDT checklist for exchange conversions, wallet swaps, fees and network matching.

Diagram of cirBTC backed one-to-one by custodied bitcoin and available on Arc and Ethereum
Circle ·

Circle cirBTC Wrapped Bitcoin Goes Live

Circle outlines custody, reserves and redemption tests as cirBTC launches on Arc and Ethereum.

A USDT address with a visible balance, blocked by an issuer blocklist entry in the token contract.
Stablecoins ·

Can USDT Be Frozen? What Tether and Circle's Terms Allow

Yes, and so can USDC. The power sits in the issuers' terms and in the token contracts themselves.

A price line holding at $1, dipping in a depeg and recovering, beside reserves and redemption boxes.
Markets ·

Can Stablecoins Lose Value? How a Peg Holds and Breaks

The $1 is a redemption promise, not a set price. USDC in 2023 and UST in 2022 show how it bends and breaks.

Diagram of Securitize Stocks: an underlying share held by the broker-dealer, a token representing a security entitlement, and settlement in USDC on Solana.
Securitize ·

Securitize Launches Tokenized U.S. Stocks Settled in USDC

Securitize Stocks give eligible investors tokens backed one for one by U.S. shares, settled in USDC on Solana.

An exchange purchase followed by a network choice and a TRON wallet receipt
Stablecoins ·

How to Buy USDT TRC20 and Withdraw It on TRON

Buy USDT where TRON is a withdrawal network, then withdraw it on TRON: steps, holds, fees and the TRX you need next.

Diagram of the Tether, National Bank of Kazakhstan and Alatau City Authority memorandum: three agreed steps (study international stablecoin issuance models, define use cases, prepare a concept and pilot proposal) and a fourth step, issuance, whose issuer, network, reserves and launch date are not announced.
Tether ·

Tether, Kazakhstan's Central Bank Sign MoU to Study a Tenge Stablecoin

Tether says the memorandum covers a study of issuance models, use cases and a pilot proposal. No issuer, network or launch date has been announced.

Line diagram: a USDT box on the left with arrows to four network boxes, TRON, Ethereum, Solana and TON, each leading to a box labeled fee.
USDT ·

Cheapest Way to Send USDT: Network Fees on TRON, Ethereum, Solana and TON

USDT network fees on TRON, Ethereum, Solana and TON, checked November 8, 2026.

A wallet sending USDT over TRC-20 to a T address, using energy and bandwidth
USDT ·

How to Send USDT on TRON (TRC-20): Steps, Fees, Mistakes

How to send USDT on TRON from a wallet or an exchange, what it costs in TRX and how to avoid losses.

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