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Stablecoins
Apr 2020
Reserve & Celo - Part 2
...pdf-embedder url=”https://storage.googleapis.com/members-portal-bucket/uploads/2020/07/Research-Report-Reserve-Celo-Part...-2-5-31-2020.pdf” title=”Research Report – Reserve & Celo – Part 2 – 5 31 2020″]...
1 Min
DeFi
May 2020
DeFi
Jun 2020
DeFi
Jun 2020
NFT Blue Chip Flippening, Anchor Grows Reserves, & Crypto Fund Flows
Anchor’s Yield Reserve Grows Steadily as Staking Yield Rises Since bETH was added as collateral on...Terra’s Anchor Protocol, the yield reserve has consistently grown....Recently, the growth in LUNA’s staking yield has also resulted in significant growth in Anchor’s yield reserves...
3 Min
NFTs
Dec 2021
Chainlink's Treasury Reserve
The reserve is adding ~55k L...Most ppl still don’t get how bullish the @chainlink...The reserve is adding ~55k LI...
1 Min
DeFi
Aug 2025
NFT Worlds Crashes, Otherside Kodas
🚨 In Case You Missed It US Federal Reserve hikes interest rates by 75 bps for second consecutive month...🚨 In Case You Missed It US Federal Reserve hikes interest rates by 75 bps for second consecutive month...
4 Min
Virtual Worlds
Jul 2022
STABLE Act: Impending Regulation or Political Wish List?
Registering with the FDIC, Federal Reserve and any relevant banking institution 6 months prior to issuance...Require stablecoin issuers to obtain FDIC insurance or maintain reserves at the Fed to ensure USD liquidity...example, Circle (USDC) is already issued by regulated financial institutions and is fully backed by reserve...
6 Min
DeFi
Dec 2020
The End Game
...increase in subprime borrowing that began in 1999 as the U.S. government-sponsored mortgage lender Federal...As long as election-sensitive politicians control the Federal purse strings, debt will always be the...Today, interest payments on Federal debt make up 10% of U.S. revenues (taxes).
38 Min
Macro & Markets
May 2023
Avoiding the Real Banking Iceberg
Bank reserves are critical for liquidity....those reserves was another key catalyst…and that was without multiple bank failures....The US government is strapped with ~$31T of federal debt, roughly $24T of which is held by the public...Over 40% of US federal debt held by the public has a maturity of less than 2 years.
38 Min
Global Macro Themes
Mar 2023
The Crypto Conspiracy
BlackRock has filed a Bitcoin ETF, Chairman of The Federal Reserve Jerome Powell has said “we see stablecoins...Yesterday, Jerome Powell of the Federal Reserve stated both that crypto was an investable asset class...
7 Min
Asset Management
Jun 2023
A Fragile Absorption: The 2025 TGA Refill and the New Liquidity Regime
Treasury General Account (TGA) is the U.S. government’s primary operating cash balance held at the Federal...Reserve....You can think of it as a centralized account for federal receipts and disbursements (from tax inflows...If the Federal Reserve maintains its tightening stance or delays a pivot, the resulting mismatch between...
26 Min
Macro & Markets
Aug 2025
USDC De-Pegs & Bitcoin Rallies
The Federal Deposit Insurance Corporation (FDIC) took over the bank....The Federal Reserve also created a program to provide $25B in one-year loans to any banks that need it...Circle, the issuer of the second-largest stablecoin USDC, held $3.3B of reserves at Silicon Valley Bank...
8 Min
Cash-Backed (Custodian) Stablecoins
Mar 2023
The Great Bond Migration
...dollar fiscal spending packages – which has started to put pressure on U.S. bond yields, pinning the Federal...Reserve in yet another corner....Households in the U.S. are the wealthiest they’ve ever been, according to the latest data from the Federal...Reserve; total net worth of U.S. households and non-profits surpassed $130 trillion in Q4 2020, up 10%...
8 Min
Macro & Markets
Mar 2021
Summer Doldrums Not So Dull - Macro & Markets June 2025
If anyone had reservations around what Wall Street & institutional appetite would be for this type...Stablecoin Clarity The GENIUS Act is the most comprehensive federal proposal for stablecoin regulation...The bill requires stablecoins to hold 1:1 reserves in cash or Treasuries, bans algorithmic stablecoins...
14 Min
Macro & Markets
Jul 2025
Monthly Chartbook - Wishful Thinking
...lends credence to the idea that inflation will remain sticky and a strong U.S. consumer will force the Federal...Reserve to keep rates “higher for longer.”...Reserve’s quantitative tightening (QT) program marched on....On March 12th, it was announced that the Federal Reserve Board will make additional funding available...
19 Min
NFTs
Mar 2023
Optimism Adoption And Stickiness On The Rise
The US Treasury is pushing for crypto regulation and a federal court has ruled that the CFTC can legally...A federal court rules that the CFTC can legally sue Ooki DAO members by posting the complaint on its...The US Treasury is pushing for crypto regulation and a federal court has ruled that the CFTC can […]...
5 Min
null
Oct 2022
Has Inflation Peaked?
“The deceleration in the Consumer Price Index for July is likely a big relief for the Federal Reserve...inflation was transitory, which was incorrect…If we continue to see declining inflation prints, the Federal...Reserve may start to slow the pace of monetary tightening.” – Nancy Davis, Founder of Quadratic Capital...
10 Min
Macro & Markets
Aug 2022
Monthly Chartbook - AI Narrative Takes the Wheel
A declining Dec 2023 SOFR yield suggests market participants expect the Federal Reserve to lower interest...That left non-defense discretionary spending — less than 15% of federal spending — still in congressional...In FinTwit speak, it’s a massive blow to bank reserves....@TheShortBear And for that matter, neither is the Federal Reserve.
30 Min
Global Macro Themes
Jun 2023
U.S. Dollar Faces Major Test
...policymakers are trying to run the same playbook as the Fed but without the demand backing a global reserve...Source: Bloomberg, Federal Reserve   Several major currency pairs highlight the latest dollar weakness...
6 Min
DeFi
Jul 2020