Lombard Notes
Checked by editors 15 days ago
Access
Open
Languages
English
Latest material
October 1, 2026
About
Lombard Notes is Giorgio Giuliani's essay site, subtitled "Dispatches from the frontiers of finance", and stablecoins are its main thread. Posts run 8 to 17 minutes and are free on the site, with an optional Substack subscription.
Recent essays
"The inevitability of local stablecoins" (1 October 2026) argues that local-currency stablecoins will arrive. "The local leg: solving local liquidity in the stablecoin sandwich" (15 September) tackles liquidity at the last mile. "Own the Rail or Rent It" (28 July) frames the build-or-sponsor choice, and "The Price of Trust: Pre-funded accounts in Global Settlement" (26 June) counts what pre-funding costs. Earlier pieces include "Repo, On-chain", the "long road to $1 on-chain" and "to €1 on-chain", "Delegating Money: The Architecture of Agentic Payments" (9 March) and "Stablecoin Monetisation Models".
Categories
Tags include Stablecoins, Tokenization, DeFi, Payments, Credit, Banking, Financial Infrastructure and Financial History.
Cross-border PSPs, treasury teams and anyone designing FX or settlement flows get the most from it, because each piece works through one infrastructure question in detail. English.
Payments angle
Essays on stablecoin settlement, local liquidity, pre-funded accounts in cross-border payments and agentic payment architecture.
Sources
Latest material · October 1, 2026Open the publication
Checked by the editors on October 19, 2026