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.
The Weekly Peg (1/3): Singapore hangover
Here’s our rundown of last week’s Token 2049 gathering in Singapore.
The new American América spread
Hi everyone — Dario here. The deluge of AI-driven news means that once-respectable fields like geopolitical analysis, once handled by a few competent individuals (and me), can now be readily manufactured and packaged under a credible-sounding Substack name by the most acne-ridden of adolescents. That’s why The Blind Spot is turning towards color pieces — […]
Why ‘perps’ could be the next big thing after stablecoins
As perpetual futures edge into the mainstream, they stand to reshape dollar funding markets in unexpected ways.
The Weekly Peg: Gearing up for Token2049
Industry news: Flow news: Ethereum saw a massive $1.6B inflow into its stablecoin supply, more than all other chains combined. Commentators argued this should reinforce Ethereum’s role as the backbone of on-chain finance — though some pointed out that velocity, not just supply, is the more telling metric of real adoption. — Tether is seeking […]
Bootstrapping a European manufacturing business
Dispatches from the frontlines of European manufacturing There is something Kafkaesque about European manufacturing: it doesn’t really exist. The problem isn’t just how expensive manufacturing in Europe is. It’s how inflexible and specialized most participants have had to become to fend off Asian competition. The result is a dearth of manufacturing methods, materials, and expertise, […]
Presented without (much) comment
A collection of interesting blind spotty stuff from the week. Who owns U.S. debt? Aka: how QE killed the UST carry-trade for foreigners (and correspondent banking in the global south with it). The Blind Spot is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. From […]
Cash Equivalence: The battle to dominate stablecoin custody and management
Hyperliquid is a crypto exchange that doesn’t want its customers to rely on leading stablecoins like Tether or Circle for trading on its platform. It would rather issue the coin itself. But managing coins is a complex business, requiring licenses, banking relationships, regulatory experts, and more. That’s why Hyperliquid is seeking to outsource the responsibility […]