Policy · ExplainerWhat is the GENIUS Act, and how does it regulate stablecoins in the US?In July 2025 the United States got its first federal law written specifically for stablecoins. It decides who may issue them, what must back them and what holders can expect, but much of it depends on rules still being written.7 min readBitfolio: finance, fintech and crypto, explained from primary sources
The Briefing
- 1PolicyWhat is MiCA, and how does the EU regulate crypto-assets?Since the end of 2024 one law has set the ground rules for crypto issuers and service providers across the European Union. Here is what it covers and what changed when its transition ran out in July 2026.
- 2FinanceWhat is a stablecoin, and how does it stay at one dollar?Stablecoins are crypto tokens built to stay boring: one token, one dollar. Whether they manage it depends on what backs them, who can redeem them and what the law requires.
- 3FintechWhat are real-time payments, and how do they move money in seconds?In a growing number of countries, money can leave one bank account and be usable in another a few seconds later, at any hour. Here is how these systems work, where they came from and why an instant payment needs extra care.
- 4MarketsWhat is a spot bitcoin ETF, and what did the SEC approve in January 2024?A spot bitcoin exchange-traded product lets you buy shares through an ordinary brokerage account while a trust holds the bitcoin. Here is what that structure gives you, and what it does not.
- 5TechWhat are layer 2 rollups, and how do optimistic and ZK rollups differ?Rollups move most of the work off Ethereum's main chain but still lean on it for security. Here is how the two main designs work and what each asks you to trust.
Policy · ExplainerWhat is the GENIUS Act, and how does it regulate stablecoins in the US?In July 2025 the United States got its first federal law written specifically for stablecoins. It decides who may issue them, what must back them and what holders can expect, but much of it depends on rules still being written.7 min read
Finance · ExplainerHow do banks create money when they make a loan?Most of the money in your account was never printed. It was typed into existence by a bank when someone borrowed. Here is how that works, and what keeps it in check.7 min read
Tech · ExplainerHow does a blockchain work, and why is it so hard to change?A blockchain is a shared record book that thousands of computers keep in sync without a boss. Here is how the pieces fit together, from a single transaction to a chain of blocks.8 min readLatest explainers
Markets · ExplainerWhat is volatility, and why do crypto prices swing so much?Volatility is the size and speed of price swings. Crypto-assets have been far more volatile than most traditional assets, and understanding the numbers helps you judge what a sharp move really means for your money.
Policy · ExplainerHow is crypto taxed in the US? The IRS basics, explainedUS tax law treats crypto as property, not money, which is why swapping, spending and earning coins can all create a tax bill. General education, not tax advice.
Finance · ExplainerWhat is a central bank digital currency (CBDC)?A CBDC would put central bank money, today available to the public only as notes and coins, into a digital wallet. Most central banks are studying the idea; very few have gone live.
Fintech · ExplainerWhat is fintech, and how does it change the way money moves?Fintech is the umbrella word for the apps, software and new firms that handle money with technology. Knowing what sits behind the app on your phone tells you who is actually holding your money and which protections apply.
Tech · ExplainerWhat is a zero-knowledge proof, and how can you prove something without revealing it?Zero-knowledge proofs let one party convince another that a statement is true while revealing nothing else. Here is how that trick works and why blockchains care about it.
Assets · ProfileWhat is XRP, and how does the XRP Ledger work?XRP is the native currency of the XRP Ledger, a payments-focused blockchain that runs without mining. It is also the asset at the centre of one of the most closely watched US securities cases in crypto.
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New here? Read in this order
The full learning path- 1How money is createdStart with banks and central banks.
- 2How card payments workThe rails crypto is trying to rebuild.
- 3How blockchain worksBlocks, hashes and consensus in plain words.
- 4How crypto markets workWhere prices come from and who sets them.
- 5Who regulates cryptoThe rules that decide what is protected.
Markets
How crypto markets are built: order books, derivatives, liquidity and the products Wall Street now trades.
All Markets
Markets · ExplainerHow do crypto markets work, and who decides the price?There is no single crypto exchange and no official closing price. Here is how many separate venues, two kinds of trading machinery and a patchwork of rules add up to the number on a price ticker.
Markets · ExplainerWhat is an order book, and how does it set the price you pay?Every trading screen is built on the same simple ledger of buyers and sellers. Learn to read it and you will understand why the price you see is rarely the price you get.
Markets · ExplainerWhat is the difference between a market order and a limit order?Every buy or sell button hides a choice between getting filled now and getting the price you want. Knowing which one you are making is the cheapest protection a new trader has.
Markets · ExplainerWhat is crypto market cap, and what does it leave out?Market cap is the first number most crypto lists show, and the one most often misread. It is a simple multiplication, and knowing what goes into it tells you what it can and cannot say.
Finance
Where traditional money meets crypto: banks, rates, stablecoins, custody and tokenized assets.
All Finance
Finance · ExplainerWhat is tokenization of real-world assets, and does it change what you own?Tokenization puts a claim on a bond, fund or other asset onto a blockchain. It can change how the asset is recorded and traded. It does not change what the asset is, or the law that applies to it.
Finance · ExplainerHow do interest rates work, and who decides them?An interest rate is the price of money over time. Central banks set one key rate, and almost every loan, savings account and bond price you see moves in its shadow.
Finance · ExplainerWho really holds your crypto? Custody, keys and wallets explainedWith crypto, whoever controls the private key controls the asset. Custody is the question of who holds that key, and the answer decides what you can lose, and to whom.
Finance · ExplainerWhat is inflation, and why does it shrink the value of your money?Inflation is the slow rise in the general price level that makes each dollar, euro or pound buy a little less every year. Understanding how it is measured makes headlines, savings rates and central bank decisions much easier to read.
Fintech
The plumbing of modern money: card rails, instant payments, open banking and digital wallets.
All Fintech
Fintech · ExplainerHow do card payments work, from tap to settlement?A card payment feels instant, but it is really a short conversation between several companies, followed by a slower exchange of money behind the scenes. Here is who is involved, what each one does and who pays for it.
Fintech · ExplainerWhat is open banking, and how does sharing your bank data work?Open banking lets you tell your bank to share your account data with another app, or to let that app start a payment for you. It began as a competition fix in Europe and is still being worked out in the U.S.
Fintech · ExplainerWhat is a neobank, and is your money protected in one?A neobank looks like a bank on your phone, but behind the app it may or may not be one. Who actually holds your money decides whether deposit insurance protects it, and how quickly you could get it back if something breaks.
Fintech · ExplainerWhat is buy now, pay later, and what does it really cost?Splitting a purchase into four payments feels like a payment option, not a loan. It is a loan, and knowing how it is built helps you use it without surprises.
Tech
How blockchains actually work, from consensus and keys to rollups, oracles and zero-knowledge proofs.
All Tech
Tech · ExplainerProof of work vs proof of stake: how do blockchains agree on the next block?Every public blockchain needs a way for strangers to agree on one history. Proof of work spends electricity to do it; proof of stake puts money up as collateral. Here is how each works and what the trade-offs are.
Tech · ExplainerWhat is a smart contract, and what can go wrong with one?A smart contract is a program that lives on a blockchain and runs exactly as written. That makes it powerful, and it is also why a single bug can be so costly.
Tech · ExplainerHow do crypto wallets and private keys work, and what happens if you lose them?A crypto wallet does not hold coins. It holds the secret that proves you control them. Understanding that one idea explains almost every way people keep, and lose, crypto.
Tech · ExplainerWhat is a blockchain oracle, and why do smart contracts need one?A smart contract can only see what is already on its blockchain. Oracles are the bridge to everything else, and they are often the weakest link in the chain.
Policy
The rules and the rule-makers: MiCA, US stablecoin law, the SEC and CFTC, tax and sanctions.
All Policy
Policy · ExplainerSEC vs CFTC: which US regulator is in charge of crypto?For years the answer to "who regulates crypto in America?" was "it depends". In 2026 the two main market regulators published a shared map, but Congress has not yet written the split into law.
Policy · ExplainerWhat is the Howey test, and how does it decide if a crypto token is a security?A 1946 Supreme Court case about land and service contracts still decides whether many crypto tokens are securities in the United States. Here is how the test works and how the SEC used it in its 2026 crypto interpretation.
Policy · ExplainerWhat is the FATF Travel Rule, and why does your crypto exchange ask who you are sending to?Banks have long had to pass on who is sending and receiving a wire transfer. Since 2019 the global anti-money-laundering standard has asked crypto firms to do the same, which is why exchanges now ask for a recipient's name.
Policy · ExplainerHow is crypto regulated in the UK, and what changes in 2027?Today the UK regulates crypto mainly through anti-money-laundering registration and strict advertising rules. A full licensing regime has been written into law and starts in October 2027. Status as of October 2026.
Tools desk
Transparent calculators with the formula shown, so you can check every number yourself.
All tools- 01Compound interest calculatorEnter a starting amount, a monthly deposit, a rate and a time span to see how much of the result is your money and how much is interest earning interest.
- 02Average cost calculatorEnter up to six purchases and the fee you pay on each. The calculator shows how many units you own and the average price you paid for them, which is rarely the average of the prices.
- 03Profit and loss calculatorEnter what you paid, what you sold for, how much you traded and the fee on each side. The calculator shows the profit or loss after fees and the sale price you need just to break even.
- 04Leverage calculatorEnter your margin, the leverage, an entry and exit price and the direction. The calculator shows the size of the bet you are really making and how small a move can erase your money.
- 05APR to APY converterTwo accounts can quote the same rate and still pay different amounts. Enter a rate and a compounding frequency to see the real yearly yield.
- 06Loan payment calculatorEnter the amount, the annual rate and the term to see the fixed monthly payment and how much of your money goes to interest rather than the loan itself.
- 07Inflation calculatorPick an amount, an inflation rate you think is plausible and a number of years to see how the same basket could cost more and the same dollars buy less.
Asset profiles
Plain profiles of major crypto-assets: what each one is, how it works and what can go wrong. No live prices — they change by the second.
BitcoinBTC
EthereumETH
Tether (USDT)USDT
USD Coin (USDC)USDC
SolanaSOL- XRP
XRP 
BNBBNB
CardanoADA
DogecoinDOGE
ChainlinkLINK
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Glossary A–Z
Finance, fintech and crypto terms from A to Z in one or two plain sentences.