The world's currency trading runs through London, and so does a large share of its institutional allocation. Neither of those is recent. On 13 November we are putting two stages in it. Stable Summit: what stablecoin infrastructure needs to carry institutional volume. Capital Summit: what institutions need in place before they route capital through it. Secure your spot: stablesummit.xyz | capitalsummit.io

One day. Two stages. The infrastructure side and the capital side, in one room. Stable Summit covers what stablecoins need to work at scale, from issuance through settlement and compliance. Capital Summit covers what institutions weigh before committing, from risk and custody through returns. Early Bird tickets are live! Secure your spot: stablesummit.xyz | capitalsummit.io

The Senate blocked the CLARITY Act this week. 49-50 on cloture on the motion to proceed, eleven short of the 60 needed. That was a vote on whether debate could begin, not on the bill. A motion to reconsider was entered, so the file is not formally shut, but market structure is stalled for 2026. What did not die is the stablecoin yield question. GENIUS bans issuers from paying yield. It says nothing about exchanges and platforms. The Senate version of CLARITY was the text that would have closed that gap. It failed, so the gap stays open in law. Our first panel on stablecoin regulation ran in Paris on 16 July 2023. Navigating the International Regulatory Landscape of Stablecoins & Crypto Services, with a former French MP, a protocol legal counsel and two builders, asking whether rules could ever harmonise across jurisdictions. That was two years before the US passed its first stablecoin law. Since then we have worked through the angles as they came up. Consumer protection against competitiveness. Sanctions, the travel rule and where liability sits. Whether the yield is safe. Whether the yield is competitive. What a yield ban does to business models. None of it was settled then and most of it is not settled now. This week did not close any of it. Platform rewards continue for now. The GENIUS rulemaking is still live, with the OCC's final rule expected in November, and it lands on the issuer side rather than on platform rewards across the board. We will keep running the conversation. London 13 November. Secure your spot: stablesummit.xyz | capitalsummit.io

Today we are announcing that S&P Global has entered an agreement to acquire OpenZeppelin. Onchain finance is growing from an emerging market into core financial infrastructure, and the standards and rails our team and community built are becoming the rails of global finance. OpenZeppelin smart contracts facilitated over $37 trillion in value transferred, with the vast majority of the largest DeFi protocols, blockchain networks, stablecoins and tokenized funds relying on them. With S&P Global, we expect to accelerate the impact of onchain finance, backed by more than a century of trust in global markets, benchmarks, and risk frameworks. To our clients and to all the users of OpenZeppelin open source tools: • OpenZeppelin Contracts and all our open source applications and tools remain open source, free, and publicly maintained on GitHub. Building open source standards stays a core priority. • Audits, engineering work, and ecosystem programs continue with the same team, brand, quality, and customer experience, with what will be the added benefit of S&P Global's research capacity, market data, and institutional reach. For the last decade, OpenZeppelin has set the security standard for onchain finance. Today begins a new chapter for that mission, together with one of the most trusted names in global markets. Read the full announcement: openzeppelin.com/news/spglob…

A tokenized deposit and a stablecoin can look identical on a screen. The differences are legal, financial, and operational, and they determine what backs each instrument, how it moves, and who absorbs the loss when something fails. The new Stable School article maps both in full: stableschool.org/news/42

Was a very nice chat with @stable_summit team about (s)USDS, SkyEcosystem and DeFi risk curation!

The hack isn't where most of the damage happens. The damage comes after. Bad debt accrues, positions unwind, and a team decides in real time how to respond. On @stable_summit, @BogdanHabic explains why modeling is critical for day 2 onchain: 👇 piped.video/TEvwvM4wzfs?si=k4TW…

This was a good one because the questions were non-standard. Our space needs to talk more about Day 2 operations, and by that I mean "what can go wrong after my launch". With so much institutional capital coming in, this isn't a nice to have anymore, but a must have for any organization deploying any capital or code onchain.

AI agents already hold funds and pay for data, computing capacity, and services. The settlement layer is live. The trust and accountability layer is still forming. This Stable School article maps the foundations: what agents can and cannot do today, how they pay, which standards are emerging, and the risks: stableschool.org/news/41 Anil Nadiminti of @awscloud raised one of those open questions at Stable Summit NYC.

Interesting

We wrapped up day 2 @ethbelgrade and the energy didn't let up! Stable School captured the builders shaping onchain finance with @BlockAnalitica, @FireblocksHQ, @TenderlyApp, @CoWSwap and more. Episodes dropping on stableschool.org. Stay tuned.