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The Race to Build a "Sticky" DeFi Debt Market
...uncollateralized or under-collateralized fashion, allowing companies and individuals access to efficient debt...The vast majority of these projects have been funded by tokens and/or equity and very little debt....This is a massive opportunity that Maple could tap into by providing a vibrant debt market that hundreds...
13 Min
Unsecured Lending
Apr 2022
Engineering Real Credit Onchain: The 3Jane Bet
In TradFi, this is where legal systems step in: asset seizure, debt collection, and bankruptcy courts...Some protocols must integrate off-chain enforcement (e.g., real-world debt collectors), others can build...At the same time, late penalties start accruing, further increasing their debt obligation. ...-based debt collection agencies.
18 Min
DeFi
Jul 2025
A Deep Dive on Galaxy Digital's Flagship AI Mining Center Helios
Galaxy expects to announce the execution of project-level debt financing (i.e. construction loan) in...$5.8B of CoreWeave’s outstanding debt consists of Delayed Draw Term Loans (“DDTL”)....CoreWeave only incurs debt under its DDTL facilities upon signing of a customer contract – debt is drawn...to drive down its debt cost of capital.
32 Min
Macro & Markets
Jun 2025
The Dark Night Rises - Part 1
/GDP levels), and immense scale of debt monetization will continue to put pressure on the JPY if left...China is also the second largest foreign holder of US Treasury debt — which it’s been selling in part...Meanwhile, the amount of UST debt outstanding continues to rise relative to the size of the Fed’s UST...
23 Min
Macro & Markets
Jul 2024
A Fragile Absorption: The 2025 TGA Refill and the New Liquidity Regime
During periods of fiscal constraint such as debt ceiling standoffs, the Treasury often draws down the...Once that constraint is lifted, it must refill the TGA by issuing more debt than needed for immediate...s official Q3 borrowing projection released on July 29, forecasts $1.007 trillion in net marketable debt...
26 Min
Macro & Markets
Aug 2025
Policy Formulation Survival Guide for Security Status
...foundational challenges we faced in 2020—but now we’re burdened with a ton of additional regulatory debt...How do we start wading through this regulatory debt?...on this journey, I have been advocating for a few things since the start of 2025: Clear Regulatory Debt...
9 Min
Policy
Apr 2025
USD.AI: Financing the Future of AI Infra
...agreement, the NFT is transferred back to the borrower, who can then post the NFT as collateral to access debt...If the borrower has not yet used debt proceeds to purchase more of the original chips, it may make sense...The governance token will have a gauge-weighted mechanic that directs passive debt to different hardware...
14 Min
Infrastructure
May 2025
The Year Ahead for Markets 2026
More deficit spending means more debt growth, which means greater liquidity needs....Bessent can’t term out the debt either because it risks sending bond yields (and volatility) higher,...The amount of short-term debt the US Treasury has to refinance has surged, with large swaths of both...T-bill’s (~$150B) AND existing coupon debt (~$300B) maturing every month.
71 Min
Macro & Markets
Dec 2025
April Showers… May Flowers? - Macro & Markets May 2025
Japan is another focal point, with concerns about the sustainability of its government debt evidenced...downgrade of its US credit rating further supports this tension, given the agency’s rationale of rising debt...If demand for sovereign debt wanes — as debt supply continues to expand — liquidity issues will almost...
25 Min
Macro & Markets
Jun 2025
The Public Crypto Accumulator Era - Part 1
These are public crypto accumulators: companies that use equity, debt, and reflexive investor demand...These firms are capital structure optimizers: using equity issuance, debt instruments, and reflexive...flywheel, typically unfolding in five steps: Funding: The company raises capital through equity or debt...
31 Min
Macro & Markets
Jun 2025
No Pain, No Gain
USTs and sovereign debt). Additionally, the DXY is also tracking the move higher in UST yields....More fiscal deficits —> more UST debt —> more USD liquidity —> higher asset prices This is the...Just look at the correlation between US public debt levels and the Fed’s balance sheet over the last...You end up with the Bank of Japan owning most of the debt.
13 Min
Macro & Markets
Apr 2024
Through the Fire - Will the Rubber Meet the Road?
The record value destruction and increased volatility in sovereign debt markets are triggering alarm...Total US public debt outstanding continues to accelerate, pushing the US federal debt burden above $33.5...The world’s largest economy is now operating with debt-to-GDP ~120% – and it’s projected to continue...
19 Min
Macro & Markets
Oct 2023
The Rise of Ethena: Unpacking The Emerging Synthetic Dollar
Conversely, Collateralized-Debt-Position (CDP) stablecoins have the opposite problem....such as DAI is undermined by the need to collateralize 1 DAI with significantly more than $1 worth of debt...ADL is the process of socializing the cost of this “bad debt” across other profitable traders who get...
40 Min
DeFi
Apr 2024
PACT Protocol: Rearchitecting Structured Credit for the Tokenized Era
Introduction Global credit markets hold more than $300 trillion in outstanding debt, yet the systems...PACT’s Fully On-Chain Credit Infrastructure The facility tokens representing these debt facilities can...credible foundation for structured credit and a pathway to eventually bring parts of the $300 trillion debt...
32 Min
DeFi
Dec 2025
High off the Halving
More fiscal deficits —> more UST debt —> more USD liquidity —> higher asset prices This has...standard operating procedure in the post-GFC world, evidenced by the stark correlation between US public debt...
7 Min
Macro & Markets
Apr 2024
The Inefficient Market Hypothesis
Cycles is refocusing the discussion around money to the debt side....To clear the most debt, for the most people, with the least amount of money....Obligations are the debt that a payment settles (invoice, rent, etc.)...The are four ways to discharge debt/settle.
43 Min
DeFi
Sep 2024
The Decade Ahead
Debt to GDP globally is >300%. Global supply chains are now a bug, not a feature....Debt / GDP is already >300%. The demographic pyramid is inverted....As Ray Dalio reminds us, in every debt crisis where debts are denominated in a local currency, governments...
22 Min
AI
Jul 2026
Pulse Check on Liquidity Trends
...lesser extent, the Fed” and that this trend “could continue through the better part of Q1 as the US debt...they’ve proven their willingness to coordinate efforts if that’s what it takes to ensure sovereign debt...The outlook for the US fiscal deficit is only getting worse, which means more Treasury debt issuance...
7 Min
Global Macro Themes
May 2023
Monthly Chartbook - AI Narrative Takes the Wheel
@TheStalwart As part of the debt-ceiling agreement, student loan payments are set to resume on August...@DVandOne01 The second big aspect of the debt ceiling — perhaps it should be the first — relates to...The debt ceiling shenanigans prevented the Treasury from following its typical issuance schedule — it...
30 Min
Global Macro Themes
Jun 2023
Inside the Ecosystem: Fueling Aptos' Global Trading Engine
As trader PNL grows, mUSD minters (or LPs) will see their debt grow....SNX stakers can mint sUSD against their SNX and cumulatively form the “global debt pool”....If traders win trades, the debt pool rises and impacts stakers on a pro-rata basis....If traders net lose on the platform, the global debt pool shrinks.
39 Min
Infrastructure
Jun 2025