Technical writing from the Permissionless Technologies team.
May 20, 2026 · Permissionless Technologies
A small import business has a payment problem. The fix is the same one every privacy protocol on Ethereum reuses: four objects that hide payments without hiding the rules. Part 1 of Privacy Pool 101.
May 6, 2026 · Permissionless Technologies
Most privacy protocols pick one proof system. UPP runs two: ~$0.50 PLONK transfers and ~$100 post-quantum STARK vaults. Same pool, same compliance layer.
May 1, 2026 · Permissionless Technologies
We tried every dollar-denominated stablecoin on Ethereum. Most have a blacklist, a wipe function, or collateral sitting in a US bank. Here's what we'd actually use.
April 25, 2026 · Permissionless Technologies
Terra erased $40-60B in four days, caused an Interpol Red Notice, and ended with a $4.47B SEC settlement. Here's what UPD is built to avoid.
April 24, 2026 · Permissionless Technologies
FRAX split itself in two. Legacy stays DeFi-native with self-referential AMOs. frxUSD goes through a Delaware PBC to hold BlackRock BUIDL. UPD stays one thing.
April 23, 2026 · Permissionless Technologies
GHO is minted by facilitators the Aave DAO approves. UPD has no facilitators. The ~$584M gap is about who holds the keys to the money printer.
April 22, 2026 · Permissionless Technologies
crvUSD's LLAMMA soft-liquidates across price bands. But Curve DAO can still change debt ceilings and upgrade implementations on the ~$270M system.
April 22, 2026 · Permissionless Technologies
Three papers in twelve months slashed quantum attack requirements by 10-100x. Every pairing-based SNARK is on the clock. Here's what that means for privacy protocols — and what we're doing about it.
April 21, 2026 · Permissionless Technologies
LUSD has no admin, no pause, no upgrade, and 5 years of live operation. It's the first non-freezable stablecoin in our comparison series we'd call a peer.
April 20, 2026 · Permissionless Technologies
USDD has no freeze function and advertises 230%+ collateral. Yet it depegged in 2022, and TDR pulled $732M in Bitcoin backing without a vote. Here's why.
April 19, 2026 · Permissionless Technologies
USDe and sUPD both generate yield through delta-neutral hedging. But sUSDe has a blacklist and off-chain custody. sUPD has neither. Here's what that trust model difference means for your funds.
April 18, 2026 · Permissionless Technologies
DAI has no freeze function, but 50%+ of its collateral is USDC and freezable RWAs. When SVB collapsed, DAI depegged to $0.85. Here's what that means.
April 17, 2026 · Permissionless Technologies
Paxos minted 300 trillion PYUSD by accident in October 2025. The same contract gives one role the power to freeze and wipe any holder's balance in two calls.
April 16, 2026 · Permissionless Technologies
Circle's CEO won't freeze USDC during a $285M hack - but has blacklisted 600+ wallets holding $117M on his own terms. Here's what that discretionary power means for your funds.
April 15, 2026 · Permissionless Technologies
The blockchain privacy industry is splitting into two camps: prove you're approved, or prove you're not banned. The choice reshapes anonymity sets, fund safety, and regulatory posture.
April 15, 2026 · Permissionless Technologies
Tether's destroyBlackFunds function has wiped $4.2B from 4,163+ addresses. Here's how USDT freeze mechanics compare to an over-collateralized, no-admin-key alternative.
April 14, 2026 · Permissionless Technologies
Regulation is splitting stablecoins into two categories. Tier 1 requires mandatory freeze hooks. Tier 2 has no issuer controls. Here's what that means for $287B in deployed capital.
April 13, 2026 · Permissionless Technologies
The GENIUS Act requires issuers to freeze tokens on demand. MiCA restricts EU exchanges to licensed issuers. Six jurisdictions are converging on the same model. Here's the full map.
April 12, 2026 · Permissionless Technologies
Market cap tells you who is biggest. It doesn't tell you who can freeze your funds. A 2026 breakdown of 10 stablecoins by architecture, freeze risk, and DeFi fit.
April 11, 2026 · Permissionless Technologies
No court order. No appeals process. No time limit. Who controls stablecoin freeze powers across USDT, USDC, and PYUSD, and who doesn't oversee them?
April 10, 2026 · Permissionless Technologies
7 of 10 top stablecoins have freeze functions in their Solidity code. The exact functions, admin keys, and on-chain evidence.
April 10, 2026 · Permissionless Technologies
Both protocols hide your transactions on Ethereum. But one enforces compliance inside the smart contract — the other trusts the wallet to do it. That distinction changes everything.
April 9, 2026 · Permissionless Technologies
Seven of the ten largest stablecoins can freeze balances with one admin transaction. A forensic guide to freeze mechanisms, collateral models, and the over-collateralized alternative.
April 8, 2026 · Permissionless Technologies
The privacy protocol space holds $2.2B in shielded value across 18+ architectures. A technical taxonomy comparing ZK, FHE, and stealth address approaches.
April 7, 2026 · Permissionless Technologies
How $3.2 billion in AML fines created a system that freezes first and asks questions never — and what an architectural fix looks like.
April 1, 2026 · Permissionless Technologies
Stop clipping 5% yield in T-bills when you can farm 50–600% annualized price expansion in the world's most explosive consumer baskets — fully on-chain, fully permissionless.
March 29, 2026 · Permissionless Technologies
A step-by-step developer guide to migrating ZK circuits from BN254 Groth16 to BLS12-381 PLONK — with all the bugs we hit and how we fixed them.
March 29, 2026 · Permissionless Technologies
How a stablecoin project, broken privacy tools, and a Vitalik paper led us to build modular privacy and compliance SDKs for Ethereum.
March 26, 2026 · Permissionless Technologies
Why we built a stablecoin where the protocol is the counterparty, and what that means for censorship resistance and DeFi composability.