Head of Research
Dr. Sarah Chen
Dr. Chen leads the research practice and the quarterly reports program. Her work spans CBDCs, tokenized deposits, and the economics of cross-border payments.
Areas of focus
CBDCsTokenizationCross-Border
Recent work
Market Data · 8 min
Q3 Payment Flows: Stablecoin Settlement Volume Eclipses Legacy Networks in Select Corridors
Institutional adoption is driving a structural shift in liquidity routing.
Infrastructure · 8 min
FedNow Year Two: Adoption Curves, Volume Mix, and the Next Battleground
Volume is climbing - but the more interesting metric is the mix of use cases moving onto the rail.
Embedded Finance · 9 min
Embedded Lending at Platform Scale: Underwriting on First-Party Data
Why vertical SaaS platforms have a structural advantage in SMB credit.
Real-Time · 9 min
Credit on UPI: India's Next Volume Frontier
Linking credit lines and credit cards to UPI is reshaping the consumer credit market at unprecedented scale.
CBDCs · 11 min
Wholesale CBDC vs. Tokenized Deposits: A Convergence Map
The two architectures are increasingly addressing the same use cases - and the differences that remain matter.
AI Commerce · 9 min
Automating the Dispute Lifecycle With Generative AI
Issuers and acquirers are converging on AI-assisted dispute workflows that compress cycle time and improve win rates.