Independent research on credit, stablecoins and market structure by Ahmad Mardeni, who leads market expansion at Fluid.https://mardeni.io/en-ushttps://mardeni.io/research/ai-buildout-off-balance-sheet/https://mardeni.io/research/ai-buildout-off-balance-sheet/Meta's $27 billion Louisiana campus carries no debt on Meta's balance sheet. Four structures keep the AI buildout in the footnotes, and each one breaks differently.Wed, 02 Sep 2026 00:00:00 GMThttps://mardeni.io/research/stablecoins-and-the-us-debt/https://mardeni.io/research/stablecoins-and-the-us-debt/The popular story says the US legalised stablecoins to create a captive buyer for its debt. The conclusion is half right, the mechanism is wrong, and the real one is more interesting.Mon, 31 Aug 2026 00:00:00 GMT