Never A Dull Day In Crypto

Under the Hood

Critical Risks in Accepting Tokenized Assets as Collateral

On July 15, DTCC converted DTC-held securities into tokens and used them in live production trades spanning collateral pledges, securities lending, repo, equity settlement and

Stress Test

After mNAV: The Bitcoin Treasury Model Under Siege

The first generation of digital-asset treasury companies converted capital-market premiums into Bitcoin. The next may need to produce cash.Federal Reserve Chair Kevin Warsh delivered a

The Pledge

The Carry: What Should Stablecoin Proceeds Earn?

By the time they sign with us, most borrowers have spent weeks thinking about collateral, LTV, and margin mechanics. Fewer have a plan for where

Collateral Damage / The Pledge

Did You Think You Were Safe? DeFi Lending Exposed.

On April 19th, a hacker drained $292 million from Kelp DAO by tricking a cross-chain bridge into accepting a fraudulent instruction. Within hours, the stolen

Collateral Damage / The Pledge

The Squeeze Trap: Bitcoin’s Coiled Spring Has Two Ends

Bitcoin's next move looks like a breakout. The setup makes it a trapdoor. Perpetual futures funding rates have run negative for 46 consecutive days —