CoinDesk’s latest Crypto Long & Short column features a market-structure argument from LMAX Group’s Jenna Wright. Her central point is that markets do not break down because there is too little capital in the system. Instead, she says, breakdowns happen when capital is stuck in the wrong place, held back by settlement cycles even as risk reprices minute by minute. In that gap, money cannot move at the same speed as the exposure it is meant to support.
Wright argues that stablecoins and tokenization are quietly starting to fill that role. In her framing, they are becoming part of the underlying plumbing that can help capital move in step with changing risk conditions. The piece appeared in CoinDesk’s Crypto Long & Short series and was written by Wright, with editing by Kim Greenberg Klemballa. CoinDesk’s page shows the article was published on Aug. 12, 2026.
CoinDesk’s latest Crypto Long & Short column features LMAX Group’s Jenna Wright outlining her view on market structure.
Wright argues that markets do not break down because of a shortage of capital. Her case is that the problem appears when capital is stuck in the wrong place, trapped by settlement cycles while risk reprices by the minute.
The argument in the column
She says stablecoins and tokenization are quietly becoming the plumbing that allows money to move as fast as the risk it supports.
The article is by Jenna Wright and edited by Kim Greenberg Klemballa. CoinDesk’s page shows it was published on Aug. 12, 2026.
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