SECTION D — RESEARCH & STATISTICS

The Annals

Every figure counted twice. Every claim carries a footnote. Opinions end where the data begins.
AUDITED ✓
FIG. D-1 — FLAGSHIP SERIES

The CGP Settlement Index

Cost of moving $100 across a border, all rails blended. January 1, 2016 = 100. Lower is civilization.
14010570350201620182020202220242026JAN 2018 — THE GREAT CONGESTION · 128.4MAY 2021 — GAS PANICMAR 2024 — STABLECOIN CORRIDORS OPEN
SOURCES: PUBLIC MEMPOOLS AND PUBLIC STATISTICS; NO CENTRAL BANKS WERE CONSULTED, NAMED OR OTHERWISE. SPECIMEN SERIES UNTIL LAUNCH. METHODOLOGY IN THE BULLETIN.
THE AGATE BOARD — OBSERVED THIS MORNING ● SPECIMEN FEED
CORRIDOR VOLUME, $/MO
$2.41B▲ +8.1%
MEDIAN NETWORK FEE
$0.043▼ −12%
T+0 SETTLEMENT SHARE
96.4%▲ +0.6PT
STABLECOIN SHARE OF FLOW
61.7%▲ +2.3PT
QUARTERLY BULLETIN No. 9STATE OFCRYPTO PAYMENTSQ2 · MMXXVITHE CRYPTOGATE PRO — RESEARCH DESK
THE FLAGSHIP — SPECIMEN, SET AHEAD OF THE PRESSES

State of Crypto Payments, Q2 2026.

Ninety-one days, $6.1 billion in settled flow, 1.2 million transfers timed to the millisecond. The quarter stablecoins stopped being the alternative and became the default — and the wire transfer officially became the scenic route.

38 PAGES14 PLATES6 CORRIDORS PROFILED0 ADJECTIVES WASTED
READ THE BULLETIN →

The Card Catalogue

State of Crypto Payments, Q2 2026SPECIMEN BULLETIN No. 0 — JUL 2026 — 38 PP — 14 PLATESFLAGSHIPThe Plate Library: nine ways this desk draws money in motionSPECIMEN BOOK — JUL 2026 — LIVING DOCUMENT — 9 PLATESFLAGSHIPThe Corridor Papers: six routes where the wire lost its monopolyMONOGRAPH — COMMISSIONED, IN PREPARATIONCORRIDORSAnatomy of a basis point: where settlement cost actually hidesWORKING PAPER — COMMISSIONED, IN PREPARATIONFEESThe stablecoin balance sheet: reserves, attestations, and other bedtime storiesMONOGRAPH — COMMISSIONED, IN PREPARATIONSTABLECOINSMiCA, one year on: what compliance costs when done soberFIELD NOTES — COMMISSIONED, IN PREPARATIONREGULATIONCheckout mortality tables: where crypto shoppers abandon cartsDATASET + NOTES — COMMISSIONED, IN PREPARATIONMERCHANTSGas, weather, and other excuses: a taxonomy of settlement delayWORKING PAPER — COMMISSIONED, IN PREPARATIONFEES
THE BACK CATALOGUE PRINTS ITSELF — ONE REAL QUARTER AT A TIME.