LONG READ: Steelmanning Trump’s war strategy (as an intellectual exercise)
In an information war that’s gone kinetic, the first casualty is still the truth.
Did you hear the one about China’s ‘M&A Guidance Fund’?
Of course not. All attention has been on Iran. But it’s important, because it’s a mirror of the West’s private credit crisis.
Banks should probably stop trying to mint their own stablecoins
Under the OCC’s proposed framework it might make more sense to enter into issuer-parnterships.
Bank of England signals flexibility on stablecoin rules as consultation continues
BoE’s Breeden says the Bank’s shift from 100 percent to a 60/40 percentage split on remunerated holdings shows it is listening to industry.
Circle is turning into a repo machine
The stablecoin issuer’s latest filings show that roughly 54 percent of all depositor cash in Circle’s Reserve Fund is invested in repo.
Poland’s epic gold-buying spree may have had a secret wartime agenda all along
After the president unveiled a rival rearmament plan to be financed by the central bank that amassed the bullion, speculation is growing that Poland’s vast gold reserves could play a pivotal role.
A dispatch from Cape Town
I’m writing this from South Africa, where I’ve been spending the past few days at a retreat hosted by Gold Republic alongside a small group of macro thinkers including Brent Johnson, Whitney Baker, John Butler, and Michael Every. It’s been a strange vantage point from which to watch the sudden escalation around Iran — slightly […]
SPACES CHAT: Jane Street vs the crypto markets
Below is an AI-assisted summary of today’s wide-ranging Spaces chat on the implications of the Terraform Labs lawsuit against Jane Street, and broader peg-based systems.
Industry warns UK risks digital dollarisation without stablecoin reform
Fintech leaders told MPs that unless the U.K. backs a competitive sterling stablecoin regime, dollar-denominated stablecoins could dominate future payments systems.
Too big to flow: financialisation, fragility and the reserve trap
Why shrinking central bank balance sheets is not an option when financialisation quietly drives every incremental unit of GDP.