JTC · Monaco
Senior FellowJacob T. Cós
Former Senior Treasury Specialist, European Investment Bank; sovereign wealth fund adviser
Est. 2021 · Washington D.C.
THE ARCHITECTURE
OF MONEY IS BEING
REWRITTEN.
NOT BY ACCIDENT.
An independent research institute examining the structural transformation of monetary systems, capital formation, and the political economy of financial power.
Current Research
FEATURED PAPERS
Complete Report
THE DOLLAR DISPLACEMENT THESIS:
COMPLETE WORKING PAPER SERIES
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New
The Liability Architecture · D.I. Fisher
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New
The Pension Fund Problem
The GENIUS Act mandates that permitted payment stablecoin issuers hold reserves exclusively in short-duration instruments. Defined benefit pension funds collectively manage obligations extending across liability horizons of fifteen to forty years. This paper maps the structural yield curve effects of concentrating reserve demand at the short end of the sovereign debt market. The pricing framework for their interaction does not exist.
Insurance and the Digital Asset Gap · A.K. Menger
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No. 1
The Valuation Problem
The global insurance and reinsurance industry is accumulating tokenized asset exposure it cannot accurately price. The actuarial infrastructure required to underwrite these instruments credibly does not exist. The aggregate underwriting exposure arising from this gap is not prospective. It is already present in the policy books of firms that have not recognized it.
The Architecture of Preservation · G.W. Tobin
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What the GENIUS Act Means for Trust-Held Assets
The GENIUS Act creates a new legal category for payment stablecoins while declining to amend the Internal Revenue Code. The consequence for trust-held assets is immediate and largely unacknowledged. This paper maps four specific exposure points in existing IDGT structures and describes what forward-looking counsel has already begun inserting into new and amended documents.
Structural Record
THE DECISIONS THAT BUILT THE CURRENT ARCHITECTURE, 2008–2025
Ten structural decisions across seventeen years. Each one was visible before it became consequential. Together they constitute the transition the Institute was established to examine.
Federal rulemakings now defining the stablecoin market
21
Germany's TARGET2 claim against the Eurosystem
€1.1T
e-CNY share of mBridge settlement volume
95.3%
Fellows
Research Fellows
THT · New York
Research FellowThomas H. Thornton
Former Chief Economist and Global Strategist; Silicon Valley venture capital, $20B+ AUM
DIF · London
Senior Research FellowDiana I. Fisher
Former Managing Director; European institutional asset management, long-duration sovereign capital
HEM · Washington D.C.
Senior Fellow EmeritusHenry E. Martyn
Three decades in multilateral development institutions and federal monetary policy
PWE · Washington D.C.
FellowPreston W. Eccles
Former Senior Economist, Federal Reserve Board of Governors; FOMC Secretariat
RVR · Frankfurt
FellowRenée V. Rueff
Former Senior Economist, ECB Directorate General Economics; TARGET2 and reserve management
HSM · Singapore
FellowHelena S. Myrdal
Adviser to sovereign wealth vehicles and family offices across Southeast Asia
GWT · Bermuda
FellowGideon W. Tobin
Partner, elite international law firm; tax and trust architecture for ultra-high-net-worth clients
AKM · Zurich
FellowAdrian K. Menger
Former Chief Risk Officer; major European reinsurance firm, forty jurisdictions
WJL · Shanghai
FellowWei J. Liang
Former senior adviser, major Chinese state-owned financial institution; mainland capital strategy
TNK · Doha
FellowTariq N. Khaldun
Former Director of Sharia Compliance, major Gulf sovereign wealth vehicle; AAOIFI committee
KRB · Lisbon
FellowKai R. Black
DeFi protocol engineer; early Ethereum contributor; decentralized finance infrastructure
DMG · Chicago
FellowDana M. Galbraith
Former Senior Economist, Economic Policy Institute; labor economics and consumer financial exposure
ERV · Montevideo
Non-Resident FellowElena R. Vargas
Former World Bank Chief Economist; illicit financial flows and cross-border capital movement
RYN · Tokyo
Non-Resident FellowRin Y. Nakamura
Former senior economist, Japanese development finance; institutional development in emerging economies
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The Cantillon Institute publishes without a fixed schedule. New working papers and research briefs are distributed to subscribers when they appear.
About
About the Cantillon Institute
The Cantillon Institute was established in 2021 to examine systemic transformations in monetary architecture before they achieve political consensus. The Institute publishes working papers and research briefs, maintains a network of independent research fellows, and operates without institutional funding from the entities it examines.
The Institute's name references Richard Cantillon (c. 1680–1734), whose Essai sur la Nature du Commerce en Général established the foundational observation that monetary expansion benefits those closest to the source of new money before the broader price level adjusts; an effect now known as the Cantillon Effect. Read more →