Protocol Research for Financial Infrastructure | Building @__Dropset__ | Founded by @alex_n_kahn

Joined September 2025
22 Photos and videos
Our founder and @SuperteamUSA member @alex_n_kahn would like to introduce you to @__Dropset__ , a currency exchange platform built on @solana. The future of Forex is onchain
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The network effects literature has a name for this inflection point It's the moment coordination costs collapse faster than new entrants can raise them When PayPal, Paxos, Fiserv, and now Western Union all settle on the same rails, the question stops being "why Solana?" and starts being "why anywhere else?" Liquidity is not a feature. It's a moat that compounds
Everyone debated @solana's potential. May 2026 ended the debate. On May 4, @WesternUnion launched USDPT - a dollar-backed stablecoin on Solana, live in production, replacing SWIFT for agent settlements across 200 countries. The list now includes @PayPal, @Paxos, @Worldpay_Global, @SoFi, @Fiserv, Western Union. All on the same chain. @SolanaFndn's Head of Payments @sherazshere has a name for it: the cold start problem being solved Speed and low cost used to be the differentiator. Those are now table stakes. What isn't replicable is five years of liquidity, global rails, and integrations that each make the next one more inevitable. Each new enterprise arrives to liquidity already there - lowers the cost of the next decision - makes the list longer - deepens the liquidity further. The cold start problem is solved.
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The stablecoin distribution wars aren't being fought between issuers They're being fought between rails. Whoever controls the settlement layer: the SENs, the FedNow integrations, the onchain liquidity venues, controls which stablecoins get used by default Issuance is a commodity. Connectivity is the moat. That's what makes rebuilding next generation infrastructure more interesting than launching another dollar token
One of America's largest digital banks is rebuilding settlement infrastructure for the stablecoin era. @SoFi's Ben Reynolds and Simon Griffin sit down with @CaddleMaya for the debut episode of Mint Condition. They unpack why SoFi is rebuilding SEN, launching SoFiUSD, and the future of banking onchain. Full episode below ⬇️ 00:00 — SoFi and the bank of the future 01:22 — SEN, what it was, why SoFi is rebuilding it 06:11 — SoFiUSD: the insured depository advantage 15:00 — Liquidity is the least understood part of stablecoin issuance 17:46 — Distribution, partnerships, and what comes next
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May 28
When 10% of a market shifts from transactional to productive, the plumbing has to change Most stablecoin infrastructure was designed for transfer, not yield routing That gap is where the next layer gets built
Yield-bearing assets (tokenized funds) account for ~10% of the stablecoin market. Adoption is shifting toward dollars that generate yield, not just facilitate transactions. Issuers of tokenized funds looking good going forward. A ratio to follow 👇
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May 27
Missing challenge #3 @VIhnatiuk: liquidity infrastructure isn't ready for agentic scale CLAMMs break near peg. CLOBs require per-chain market makers. No standardized routing layer exists yet Compliance got solved for $3.5B but liquidity fragmentation is the next $3.5B problem
Stablecoins won global adoption. Every major company is rushing to integrate them in their daily operations. But what comes after that? In my latest piece for @TheStreet, I've analyzed the two biggest challenges that the industry will face in the near future.
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May 21
The non-USD stablecoin opportunity is real, but most people are asking the wrong question. It's not "which currency gets tokenized next." It's "which infrastructure can handle the liquidity when it does" Settlement at scale is unforgiving. Latency, depth, composability these aren't nice-to-haves when you're moving institutional flow Solana led all major chains in stablecoin inflows in 2025, supply more than doubling YoY per @artemis_xyz. That gap widens as the use cases get more serious The chains that win stablecoin liquidity today write the rails for everything that comes next
99.6% of stablecoins are pegged to the U.S. Dollar. The global financial system is materially more diversified --> current structure is unlikely to be a long-term equilibrium. Issuers focused on non-USD currencies --> great opportunity today, given the limited competition.
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May 19
We went looking for the stablecoins missing from our list and found them @SG_Forge EURCV @VNX_Platform VGBP @BiLira_Kripto TRYB @idrx_co IDRX The non-USD stablecoin ecosystem is growing fast
May 14
Multinational stablecoins are having their moment Tagging every major (500M market cap cutoff for USD-backed) stablecoin we could find on @Solana, who's missing from this list? @circle $USDC & $EURC @Tether_to $USDT @global_dollar $USDG @PayPal $PYUSD @worldlibertyfi $USD1 @VNX_Platform $VEUR & $VCHF @tokenGBP $tGBP @BrzToken $BRZ @GMOTrust $GYEN @AUDD_digital $AUDD @etherfuse $MXNe @cngn_co $cNGN @ZARP_Stablecoin $ZARP @StraitsX $XSDG
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May 14
Multinational stablecoins are having their moment Tagging every major (500M market cap cutoff for USD-backed) stablecoin we could find on @Solana, who's missing from this list? @circle $USDC & $EURC @Tether_to $USDT @global_dollar $USDG @PayPal $PYUSD @worldlibertyfi $USD1 @VNX_Platform $VEUR & $VCHF @tokenGBP $tGBP @BrzToken $BRZ @GMOTrust $GYEN @AUDD_digital $AUDD @etherfuse $MXNe @cngn_co $cNGN @ZARP_Stablecoin $ZARP @StraitsX $XSDG
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May 12
Check out our latest spec on the eCLOB: Ephemeral Central Limit Order Book The eCLOB provides cheap price updates for market makers, 100% orderbook transparency for takers, and built on forthcoming Anchor V2 Combining the best of two powerful architectures exclusively on @Solana Watch the breakdown youtu.be/eMfejVdAhOY

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Fourth @colosseum update live and we shipped the orderbook visualization to the market sim page Watching @finnam0n and @EthanTerrero from @oregonblock bring this to life has been something else So, when sim levels update, you're not just watching the numbers snap in, you can actually see the book shift in real time Bids and asks breathing. the market alive This is what building feels like youtube.com/watch?v=KXSsQRi_…
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We're at @solana Accelerate in Miami Sun's out guns out, no better time to talk high-perf DeFi and on chain trading
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Just another reason for us to keep revolutionizing SBPF
the fact that Solana devs are building assembly-level tooling like Dropset while most L1s are still arguing about execution environments is exactly why the performance gap keeps widening. SBPF is becoming its own ecosystem
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Apr 30
Our founder @alex_n_kahn is at @colosseum Build Station in SF Come chat about the future of on chain order books, hybrid Rust/ASM programming, and maybe grab a whiteboard together Thanks to organizers for putting on a stellar event
Replying to @colosseum
4/ While the Frontier Hackathon is online, we're inviting a select group of founders to build IRL at Colosseum's SF office during the competition. Approved devs get a desk/monitor an interview for our next accelerator batch. SF Build Station | Apply: luma.com/0jak2r3a
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Apr 29
Waiting to showcase how we are leveling up orderbook innovation
In 6 Days, @solana Accelerate USA🇺🇸 lands in Miami alongside @consensus2026 to turn up the heat on American innovation. See you there!
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Apr 28
New feature drop with Finn Fuji from @oregonblock Realistic trading bots- Sniper, Whale, Noise, and Retail now live on the DASMAC order book sim youtube.com/watch?v=8SbOEjmT…

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Apr 23
When your founder @alex_n_kahn has lunch with @NotDeGhost and he immediately put Dropset Beta ASM to work stress testing the Anchor V2 debugger, then submits a PR: github.com/DASMAC-com/dropse…
.@humidifi did $5B in volume last month. Their secret? A 47 CU oracle update written in assembly. With Anchor v2, you can debug it step by step.
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Apr 21
Week 2 of Colosseum Frontier is already shipping the impossible First fully assembly-based register market instruction: spins up vaults, an onchain order book, and a market PDA, under 11K compute units Not vibes, just assembly youtube.com/watch?v=iIq3pNFS…
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Apr 14
Wondering what we've been shipping lately? Check out our @colosseum Frontier Hackathon Week 1 Video Update: youtube.com/watch?v=44ejykJm… Market making bots, CLI order book tools, and a new local frontend deployment Stay tuned for more weekly updates!
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Apr 12
We don’t do incremental. We rewrite the playbook. Never-been-done-before implementations with Pinocchio, SBPF, and more are live If you’re building on the edge, start here: docs.dropset.io

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