In our report, we will examine the factors that contribute to depeg events, analyze each centralized...from a bank run due to a mismatch between the duration of their assets and liabilities....UST-LUNA Bank Run: UST is an algorithmic stablecoin....However, as these stablecoins are not widely used in DeFi and centralized exchanges (CEXs), we will focus...

It’s even bigger than the banks....major source of UST demand, that supply will have to be absorbed by the private sector and foreign central...banks....DeFi faced a stress test, leaving questions about the ecosystem’s vulnerability to centralized risks.

...choosing to stake ETH, you have a variety of avenues to explore, including liquid staking protocols, centralized...Furthermore, its centralized structure represents a vulnerability, as it constitutes a single point of...In terms of staking methods, investors have several options: liquid staking protocols, centralized exchanges...

But banking is more than just financing, and solutions are being spun up in other verticals like market...While not part of the capital stack, market making is something Investment Banks will do for clients...

DAO Banking: Beyond Tokens [Excerpt from a Delphi Pro Report] Since DeFi started taking off in 2020...

DAO Banking: Beyond Tokens [Excerpt from a Delphi Pro Report] The first major instance of a DAO financing...

Why Are Bank Stocks and Bitcoin Moving Together?...Since 2020, the entire market has been repriced by central banks....But Bitcoin is not just like a bank – it is a bank, and a reserve, in a single unified architecture....Their reserves are held in USD, T-bills, and central bank deposits.

Centralization....The Path Forward Bittensor knows this centralization can’t last....Bottom line: The centralized control that saved Bittensor during this predicament is also one of its...

For decades, overseas central banks and investors – notably China and Japan – were reliable sources of...The post-2000 “dollar-centric” reserve framework where global central banks recycled trade surpluses...Central banks trimmed U.S. dollar reserve exposure by –0.05% in Q1 2025, while increasing allocations...

Fed Liquidity Woes One of the most notable headwinds is a local top in central bank liquidity....In mid-January, we were already seeing signs that the expansion in central bank liquidity was starting...Higher UST yields, greater bond market volatility, a stronger USD, and a pullback in central bank liquidity...

We foresaw an increase in global liquidity — boosted by an expansion in central bank liquidity — as the...Following a strong end to 2023, central bank liquidity has been more tepid in 1H 2024....In terms of central bank liquidity, Fed Liquidity is actually relatively flat compared to where it was...

Dawn of a New Age Major central banks have added over $1T to their balance sheets since October....BTC and crypto.The reality is stability in sovereign debt markets is now the top priority for major central...banks....’s no coincidence that this debacle also happened to coincide with the most recent bottom in global central...bank liquidity.

Chart of The Day: SWIFT Bans on Russia Banks Society of Worldwide Interbank Financial Telecommunications...the weekend, the White House released a joint statement that signaled its intent to remove Russian banks...This disconnects Russian Banks from the international financial system and prevents them from operating...

Despite the increasing adoption of DeFi, the majority of the stablecoin market is held by centralized...However, users increasingly opt for centralized stables like USDC and USDT due to their convenience,...As a comparison, the top 5 centralized stablecoins hold 93.24% of the market share, and the top 5 decentralized...

...to Jerome Powell’s presser… Lord Powell’s latest press conference on March 22nd was a masterclass in Central...Full-blown banking crisis....Morgan and Bank of America....As a result, USDT now commands a 65% market share in the centralized stablecoin space....The FTX fallout has highlighted the custodial risks associated with centralized exchanges (CEXs), pushing...

Many institutions are using outdated, centralized custody solutions to protect their assets....and financial workflow logic onchain, providing transparency, security, and liveness – in contrast to centralized...Virtual Bank Accounts Fuse enables virtual US bank accounts, powered by Bridge, to simplify the process...

It addressed many of the pain points associated with commodity money by letting central banks issue paper...Eventually, the gold bullion standard emerged, a system where central banks allowed currencies of all...And forced the world’s central banks to hold a lot of U.S. dollar reserves.