A flowering tree rising through a traditional Chinese pavilion in the OPM Labs editorial style

01 / Public research

Signals worth
following.

Selected research on market structure, institutional adoption and the signals changing digital-asset markets.

Back to full Deep Think

02 / Research index

Published thinking.

Research Notes map a market. Field Notes isolate a signal. Coffee reads an institution from the outside in.

AllResearch NoteField NoteCoffee

10 publications / newest first

06 publications / newest first

02 publications / newest first

Field Note / August 2026
Field Note / On-Chain
The 114-Holder Treasury
What holder concentration and wallet activity reveal about the tokenized-Treasury boom.
On-chain signalsTokenized TreasuriesMarket structure
Read note
Coffee / August 2026
Coffee with the Corner Office / Nº2
The HSBC Switchboard
Why liquidity—not issuance—may decide who owns the clearing layer between digital forms of money.
Institutional strategyLiquidityTokenized money
Read note
Field Note / August 2026
The Institutional Map / Field Note
The Trillion-Dollar Assumption
How the GENIUS yield ban—and one undefined word—could reshape the trillion-dollar stablecoin thesis.
StablecoinsRegulationTokenized funds
Read note
Coffee / August 2026
Coffee with the Corner Office / Nº1
The State Street Play
A first-principles read of State Street’s strategy: enable the market, then own the infrastructure.
Institutional strategyTokenizationMarket infrastructure
Read note
Research Note / July 2026
The Institutional Map / Issue 05
Build, Skip, or Wait: Nine Models Mapped
Where real value sits across nine digital-asset business models—and where patience is the position.
Business modelsMarket maturity
Open report
Research Note / July 2026
The Institutional Map / Issue 04
Stablecoin, or Deposit?
Two forms of the digital dollar—and the liquidity layer beneath the fight.
StablecoinsTokenized deposits
Open report
Research Note / July 2026
The Institutional Map / Issue 03
The Tokenized-Equity Business Banks Haven’t Productized Yet
Why tokenized equities may matter more as collateral than as a trading product.
Tokenized equitiesCollateral
Open report
Research Note / July 2026
The Institutional Map / Issue 02
The Rails Held. The Sellers Went Dark.
Market infrastructure, ETF wrappers and the limits of institutional flow visibility.
Market structureInstitutional flows
Open report
Research Note / July 2026
The Institutional Map / Issue 01
The Rails, Not the Token
Institutional market infrastructure across collateral, custody, settlement and liquidity.
Market infrastructureSettlement
Open report
Research Note / July 2026
Open Market / Issue 01
The House Always Won
A market-structure study of VC-token and memecoin launch mechanics.
Launch mechanicsMarket structure
Open report