The front end is where these funds live, and the distinction matters more than it sounds. A tokenised money market fund holds Treasury bills and collateralised repo. Its income follows the policy rate, not the term premium. Thirty-year yields have dominated the summer headlines, and Japan's 30-
A regulated payment-stablecoin issuer is a narrow bank that cannot pay for its liabilities. GENIUS and MiCA require one-for-one cash and short government paper, and bar the issuer from rebating that coupon to holders. The P&L is the spread between the front-end rate and
Revolut rolled out EURR yesterday, its first euro stablecoin, in phased testing across Denmark, Poland and Portugal, initially on Ethereum with Polygon live and more chains to follow. The detail that reframes it: Revolut is the brand and distributor, not the issuer. EURR is an e-money token issued by
Central banks have turned hawkish again. The Bank of Japan raised its policy rate to 1% in June, and the ECB lifted its deposit rate to 2.25% before pausing in July. The Federal Reserve is holding between 3.50% and 3.75%, with markets debating another move into year-
Bitcoin enters the week heavy and range-bound. It opened last week near $65,100, was driven to a $62,470 low by a wave of liquidations, and now trades around $63,000, roughly 50% below its all-time high. The $62,000–$66,000 band has held for five
Both firms reported this week, and both watched crypto revenue fall in the same market. What separates them is the shape of the business around that decline. One built downward, into the plumbing. The other built sideways, across products. Two shapes, one market Coinbase is a vertical business. It goes
BitGo started as a multi-sig wallet pioneer. When did you realize that custody on its own wasn't enough as a standalone product? There wasn't a specific moment. It was an evolution. Mike Belshe built the company from the ground up as a wallet infrastructure play,
Bitcoin and the broader digital asset market corrected into the end of last week before recovering through the weekend. BTC went down 3.8% while TOTAL2ES mimicked the move with 3.5% correction, only to erase all losses during the weekend. The move down had two drivers. A fresh spike
On 22 July, SEC Commissioner Hester Peirce published “Headstands and Summervaults,” her clearest signal yet that DeFi vaults and onchain lending strategies do not sit outside US securities law simply because they run on smart contracts. The statement names no firm. It targets a function. Where a curator selects yield-
Custody was Fireblocks' original wedge. When did you realize it wasn't defensible on its own? From day one, actually. Custody was always a means to an end. Our mission is to enable every enterprise to support digital assets, and when we started, custody was simply the biggest
Macro Thesis Two exogenous forces dominated the weekend: energy and rates. The Iran ceasefire collapsed again. US strikes and Hormuz risk pushed Brent above $80 (up roughly 30% in two weeks), amplified by a new 20% maritime security tariff. Fed Chair Warsh’s testimony dismissed recent CPI softening, and Polymarket
$53 billion. That is what Stripe and private equity firm Advent International have put on the table to acquire PayPal in an unsolicited bid. Should it go through, two of the biggest crypto bets ever made by traditional payment players would end up under the same roof: Bridge's