Morpho Blue carries $10.86bn of TVL against $5.29bn borrowed, a utilisation of roughly 49% across the protocol. DefiLlama's headline TVL for this protocol is supplied liquidity. Adding borrowed amounts produces a deposit-plus-debt stock nearer $16.15bn. That is a different perimeter, not a second
Digital assets finished last week higher and extended the move into Monday. Bitcoin and Ether are both up about 9% week over week. Bitcoin is back above $80,000 and printed through $84,000, last seen in January. The rest of the market, excluding Bitcoin and stablecoins, outran the majors
Three policy events landed inside seventy-two hours this week. The order in which they arrived matters more than any one of them. Tuesday: the legislative route narrows to almost nothing The US Senate failed to advance the Digital Asset Market CLARITY Act, the bill that would have set a
Steakhouse describes itself as the largest independent vault curator. What does a curator actually do, for a reader who comes from traditional finance and has never touched DeFi? Fundamentally, we connect stablecoin savers to stablecoin borrowers, in a non-custodial and risk-transparent way. That's the whole thing.
Circle opens Arc, its own Layer-1, to the public on 16 September. Eleven institutions secure the chain alongside it: BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI, Standard Chartered, Sumitomo and Visa. Not a crypto-native cohort, but settlement and card infrastructure taking a position in a public
AMC's public row with Robinhood last week has been well covered. Less attention has gone to what it exposed. When an issuer finds instruments bearing its name trading without its consent, and has no mechanism to stop it, the question is no longer about blockchain performance or liquidity.
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