Ahmad Mardeni

Hey there! I'm Ahmad Mardeni. I lead market expansion at Fluid, a DeFi lending and structured credit protocol.

13 years in tech and a few companies of my own along the way. This is where I write about what interests me, mostly credit, stablecoins, and the plumbing underneath both.

Research

Aug 2026
What Stablecoins Actually Do for the US Debt

The popular version says Washington legalised stablecoins to create a captive buyer for its debt. The conclusion is half right and the mechanism is wrong: what GENIUS actually built is a buyer with a vertical demand curve at the front end, which buys Treasury the absence of a concession rather than cheaper debt.
9 min read

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