Academic References

The following public references materially informed the research framing reflected in these docs:

• Bank for International Settlements, Facilitating increased adoption of payment versus payment (PvP).
• SWIFT, gpi Nostro DLT Proof of Concept: Final Report.
• Treepongkaruna, Brailsford, and Gray, Explaining the bid-ask spread in the foreign exchange market: A test of alternate models.
• Circle, StableFX Litepaper.
• Bank for International Settlements, Triennial Central Bank Survey: OTC Foreign Exchange Turnover in April 2025.
• Castle Island Ventures, Visa, Brevan Howard Digital, and Artemis, Stablecoins: The Emerging Market Story.
• The a16z crypto report, State of Crypto 2025.
• The a16z crypto article, How to Think About Privacy in Crypto.
• Buterin, Illum, Nadler, Schär, and Soleimani, Blockchain Privacy and Regulatory Compliance: Towards a Practical Equilibrium.
• Research cited in the funding section on perpetual futures pricing and the role of funding design in keeping perpetuals economically anchored.

These are the references most directly reflected in Ollo's published research framing.