Top Results359 results
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
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
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 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
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
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
Avoiding the Real Banking Iceberg
This is a story about the evolution of economies, our reliance on debt, and the corner we’ve gradually..., but that it creates larger risks for those who need to rollover existing debts....Over 40% of US federal debt held by the public has a maturity of less than 2 years....That means over $10T in US Treasury debt needs to be rolled over in the next 24 months.
38 Min
Global Macro Themes
Mar 2023
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
The End Game
Financially, they provided a check on money creation and debt issuance....Debt! More healthcare? Debt! More stimmies? Debt!...The problem, of course, becomes the debt itself. How do we pay for it?...purchases of government debt to finance government spending.
38 Min
Macro & Markets
May 2023
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
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
The State of NFT Lending — Opportunities & Risks
Top-down approach: At present, the NFT lending sector carries an outstanding debt totaling $82.9M spread...This is the amount of debt that is earning interest for lenders at various interest rates....this with one of the leading DeFi lending platforms today, Aave, which currently boasts an outstanding debt...
36 Min
NFTs
Sep 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
The Great Bond Migration
.” — Ray Dalio (03.15.21) I believe the reallocation away from sovereign debt, specifically U.S....Why in the World Would You Own Bonds When…”, as a reminder of many of the headwinds facing sovereign debt...valuation multiples for growth stocks, housing prices (which have been on a tear recently), government debt...
8 Min
Macro & Markets
Mar 2021
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
Is RAI the Decentralized Stablecoin the Market Needs?
As RAI’s redemption price increases, it becomes more expensive for borrowers to pay back their debt....Naturally, this would cause borrowers to buy RAI on spot markets so that they can pay back their debt...As RAI’s redemption price decreases, it becomes cheaper for borrowers to pay back their debt.
11 Min
null
Aug 2022
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
Risk Analysis on Centralized Stablecoins
Treasury debt as collateral....Treasury debt collateral can be liquidated if a counterparty defaults on its agreement to make itself...Treasury debt reverse repos with overnight maturity....Previously, USDT’s asset profile included commercial paper — an unsecured debt instrument — from which...Treasury debt reverse repos. Who Is Best Positioned for a Bank Run?
12 Min
Stablecoins
Apr 2023
Exploring DYAD: A New Approach to Decentralized Stablecoins
Its debt would then be socialized across the remaining NFTs....Importantly, NFTs in debt no longer accrue XP and aren’t entitled to mints....More importantly, I think any possibility of a debt must be avoided at all cost....Many NFTs go into debt all at once. Insolvent NFT holders don’t inject new capital.
14 Min
Algorithmic Stablecoins
Nov 2022