Liquidity watch: $5,000 or bust
Plus, crypto as the liquidity pool of first resort
Quota-based competition ≠ priced-based competition
Can it really be true that most economists analyzing China don’t understand this?
The surge in bullion lease rates is China’s Libor moment
The popular perception that China is a beneficiary of rising bullion prices overlooks that it is the one that needs the metals for financing. The true market signal is that rebalancing is near.
Analysis: The great Ethena de-pegging (or not?)
Friday’s de-pegging of Ethena’s USDe rocked crypto markets and came as if out of the blue. With more than 72 hours to gather intel and reflect on what went on, here’s our post-mortem of the bloodbath that day — and what it augurs for DeFi resilience and delta-neutral strategy stablecoins more broadly. You can listen […]
Crypto bloodbath: the stablecoin fallout
Looks like it was a close one for the Delta-One coins like Ethena’s USDe.
Presented without (much) comment: Slowly, then suddenly, edition
Odds and ends we’ve spotted throughout the week.
The Weekly Peg: Delta-one strategies are all go
Plus, Hyperliquid’s Jeff Yan argues perps are superior instruments. Meanwhile, tokenized deposits dealing in stablecoins are coming to Japan.
Stablecoins as stablization programs for the West
The Genius Act is about more than separating credit functions from payment float. It’s a form of forward guidance that says, ‘You can trust us, because we have an intent to peg. ‘
The Weekly Peg (3/3): Jack Ma says ‘I told you so’
The fight over whether stablecoins should hold all assets in unremunerated reserves at the BoE heats up. Plus, SWFs are getting into stablecoins.
The Weekly Peg (2/3): Let a thousand stablecoins bloom
The stablecoin duopoly era is coming to an end. Plus, Delta One makes an appearance.