Open Editorial
The debate over Europe's monetary future has, with remarkable consistency, collapsed into a single false dichotomy: the digital euro versus private stablecoins. According to this view, if the European Central Bank succeeds in issuing a digital euro, Europe will have its answer to USD-stablecoin dominance. A sovereign
Open Editorial
Digital Asset Treasury Companies (DATs), listed companies whose sole purpose is to build and manage cash in digital assets such as Bitcoin or Ethereum, are now more than just an atypical model: they embody a financial revolution. Picked up by MicroStrategy in 2020, they are now multiplying on a global
Open Editorial
The stablecoin market has reached a tipping point. What began as a crypto experiment now processes over $15.6 trillion annually, matching Visa's entire global network volume. This digital infrastructure operates around the clock, yet 95% of stablecoin volume runs on US dollars whilst Europe's currency,
Open Editorial
On 20 May 2025, the Créteil judicial court handed down an unprecedented decision that illustrates one of the first encounters between the law and the world of distributed networks. While this was not, strictly speaking, a dispute relating to a DAO (decentralised autonomous organisation), it concerned a project backed by
Open Editorial
On both sides of the Atlantic, regulators are grappling with the complex task of integrating digital finance into a legal framework. As the digital asset ecosystem grows, governments must strike a delicate balance between innovation, market integrity and economic and geopolitical sovereignty. This harmonisation has become crucial to avoid market
Open Editorial
The Cboe BZX Exchange recently proposed allowing the 21Shares Core Ethereum ETF to implement staking capabilities for its ETH holdings. If the proposal is approved, this would be the first yield-generating cryptocurrency ETF in the United States, transforming ETFs from passive exposure vehicles into active, income-producing instruments. The
Open Editorial
For several weeks now, the United States has been laying the groundwork for a strategy that is clearly favourable to stablecoins. The "GENIUS Act 2025" (Guiding and Establishing National Innovation for U.S. Stablecoins Act), a bipartisan effort, illustrates this desire by creating a legislative framework to ensure
Open Editorial
"Let's not let extremists take over the future of cryptos"
Open Editorial
Two rooms, two atmospheres. Registering in France is the easiest and certainly the most logical solution for a French player: the regulators are competent and very familiar with crypto regulations. However, while France is multiplying its regulatory requirements - PASSI cybersecurity audits, lengthy delays and prohibitive costs overall - Malta is moving
Open Editorial
After long being a pioneer on blockchain-related topics, Switzerland could very quickly lose its lead. In recent months, several companies have had their bank accounts closed, and a new concern is emerging: stablecoins could become increasingly difficult to use in the country. A few months ago, the Swiss Financial
Open Editorial
The question today is no longer whether Bitcoin should be taken into account in our economic and geopolitical strategies, but how to use it to serve our country's strategic interests. Since its creation, Bitcoin has evolved from a mere technological curiosity to a genuine economic lever, as we
Open Editorial
At a time of risk aversion and uncertainty about the contours of this heralded new version of the Internet, Web3 players are faced with a dual challenge: to demonstrate their economic utility and to fit in with the legislative and regulatory developments sweeping through the digital economy. To meet this