SOI Editorial

SOI Editorial is the collective byline of CJSOI, Crypto Journal by SOI. The journal covers stablecoins, banking, payments and blockchain, with explanations grounded in original sources.

Latest

Monochrome diagram on how a stablecoin issuer can restrict an account, freeze custodial balances or blocklist an address

Stablecoins · Nov 1

Can Stablecoin Issuers Freeze Funds? USDC and USDT Rules

Issuer controls can block stablecoin transfers, custodial balances or redemption. Here is how USDC and USDT differ.

Diagram showing an issuer, a segregated stablecoin reserve at a custodian, and the holder's redemption claim

stablecoins · Nov 1

Stablecoin Reserve Segregation: Protections and Limits

What reserve segregation protects in a stablecoin insolvency, and why it cannot guarantee liquidity or insurance.

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

stablecoins · Nov 1

Stablecoin Primary and Secondary Markets

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

Flow diagram: a customer's USDC deposit passes through a liquidation address and arrives as USD in the customer account, followed by a treasury transfer

Stablecoins · Oct 31

Stablecoin-to-USD Settlement: From Deposit to Treasury

How a USDC liquidation address, customer account and treasury transfer form a stablecoin-to-USD settlement flow.

Diagram of one balance in two bank ledgers: nostro, our account with you, and vostro, your account with us, linked by arrows for account, statement and reconciliation

Banking · Oct 31

Nostro vs Vostro Accounts: One Balance, Two Bank Ledgers

Why nostro and vostro are two views of one correspondent account, and how banks reconcile the balance.

Two columns compare blockchain consensus steps (proposed, justified, finalized) with payment settlement steps (instruction, settled, irrevocable)

blockchain · Oct 31

Blockchain Finality vs Settlement Finality

Why a finalized block and a legally final payment are different states, and how to design for both.

Black-and-white timeline of a settlement account balance: a payment of 500 at 09:30 pushes it below zero, the gap is bridged by intraday credit, and a receipt of 600 at 11:00 leaves it at +100 by the close.

banking · Oct 30

Intraday Liquidity: How Banks Fund the Payment Day

Why a bank can be liquid at day-end but still need funds before a payment deadline.

Three-step flow for crypto sanctions screening: a wallet address with its network and asset goes to screening against lists, context and risk signals, then to a review that records evidence and a decision.

sanctions · Oct 30

Crypto Sanctions Screening: Addresses, Alerts and Review

Treat wallet matches as evidence to review, with network context, current lists and a recorded decision.

Diagram comparing gross and net settlement: on the left, banks A and B exchange two separate payments; on the right, the obligations are offset into one net position from A to B.

payments · Oct 30

Gross vs Net Settlement: How Payment Systems Move Money

Gross settlement moves each payment; net settlement offsets obligations before money moves.

Monochrome CJSOI diagram of a stablecoin liquidity pool balancing USDC and USDT, with notes on changing balances, fees and depeg risk.

stablecoins · Oct 29

Stablecoin Liquidity Pools: How Swaps and LP Risk Work

How stablecoin liquidity pools price swaps, change an LP's token mix and concentrate depeg risk.

Monochrome operating map for a business stablecoin payment: customer, checkout, processor and ledger, with asset, network, amount and status checks.

stablecoin payments · Oct 29

How Businesses Accept Stablecoin Payments

Choose a stablecoin payment route, define confirmation and refund states, and reconcile every order.

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

banking · Oct 29

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.

CJSOI diagram showing a stablecoin payment moving from seen to confirmed to finalized, with the reminder that a balance update is not final settlement

stablecoin payments · Oct 28

Stablecoin Payment Confirmations and Finality

Learn how pending, confirmed and finalized stablecoin transfers differ across Ethereum and Solana.

CJSOI diagram showing an ERC-20 token owner granting an allowance to a spender contract through approve, allowance and transferFrom

ERC-20 · Oct 28

ERC-20 Token Allowances: What Stablecoin Users Approve

Understand ERC-20 approvals, unlimited allowances, permit signatures and how to revoke stablecoin access.

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 · Oct 27

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.

Diagram showing a stablecoin sent from Network A to an incompatible Network B address

stablecoins · Oct 27

Stablecoin Sent to the Wrong Network: What Can Be Recovered?

Wrong-network stablecoin transfers may be recoverable only when you or a supporting custodian controls the destination.

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 · Oct 27

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 · Oct 26

Stablecoin Reserve Attestations: A Reader's Guide

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

Diagram of HSBC RedCoin (RCHKD): the HKMA licence, HSBC as issuer and the PayMe wallet used for P2P transfers and merchant payments, with the October 23, 2026 launch and the HSBC HK App and tokenised investments planned later in 2026

HSBC · Oct 25

HSBC RedCoin Goes Live on PayMe as HSBC's HKD Stablecoin

HSBC's HKMA-licensed Hong Kong dollar stablecoin, RedCoin (RCHKD), went live on PayMe on October 23, 2026.

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 · Oct 25

EURC and Euro Stablecoins: Networks, Fees and Redemption

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

A stablecoin refund record links back to the customer's original wallet; its request and processing status remain separate.

Payments · Oct 25

Stripe Stablecoin Refunds: Wallets, Amounts and Status

Where Stripe stablecoin refunds go, how partial amounts add up and what the saved status actually establishes.

GENIUS Act diagram: three types of permitted payment stablecoin issuer, the core rules on reserves, yield, disclosure and redemption, and a timeline from July 18, 2025 to July 18, 2028

GENIUS Act · Oct 24

GENIUS Act Explained: What the US Stablecoin Law Requires

The GENIUS Act limits who may issue a US payment stablecoin and sets reserve, redemption and disclosure rules.

Diagram of Canada's proposed stablecoin regulations: a redemption paid at par within three business days with a fee of no more than 1%, the four eligible reserve asset types held at a Canadian custodian, and a timeline from the October 24, 2026 Gazette notice to the December 23, 2026 comment deadline and fall 2027.

Canada · Oct 24

Canada Publishes Draft Stablecoin Regulations: Three-Day Redemption, 1% Fee Cap

Canada's draft stablecoin rules: redemption within three business days, a 1% fee cap and no yield for holding.

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 · Oct 24

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.