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USDe pays double-digit yield by going long spot crypto and shorting the same coin's perpetual futures. It works — until funding flips negative.
Ethena's USDe pays yield through ETH perp funding rates, not bank deposits. The mechanism is clever but the trade has real failure modes that can collapse headline APY.
FTX was valued at $32 billion until a CoinDesk article triggered a bank run that destroyed it in days. Here is how the collapse happened and what it taught.
Open USD lands with BlackRock, Visa and Stripe behind it. Circle takes a 16% hit. Behind the launch, USDC mints and burns keep telling the real story.
USDC issuance, a $53B PayPal bid, and cross-border rules all arrived on the same day. The through-line isn’t CPI. It’s the rails.
Sky backs its dollar with crypto collateral; Ethena earns it with perpetual futures; Frax tried a middle path and nearly collapsed. Here is how each model works and where each one breaks.
BTC claws back above $66K on ETF inflows while a rate-hike scare, oil shock, and a stalled CLARITY Act reveal which narratives still have fuel.
Spot BTC ETFs just bled $4B in a month, the 200-week moving average gave way, and stablecoin supply is contracting. Read that as a verdict on the era of speculative yield.
Beyond USDC, a new wave of bank- and consortium-issued stablecoins (USDG, PYUSD, RLUSD, USD1) promises stricter compliance. Here is how they differ on reserves, licensing, and redemption.
Stablecoin issuance, lending flows, and Solana's expanding float point to real market plumbing, even as macro risk keeps speculation on a short leash.
Bitcoin sits near $66K with ETF inflows intact while $2.3B leaves stablecoins and the Fed's hiking odds climb to 62%. The liquidity picture is more split than the price.
BlackRock's Fink frames the selloff as forced selling, but spot ETF outflows and a record Coinbase discount tell a more cautious story.
Retail is capitulating while desks quietly rotate into ETH, Aave, and a Hyperliquid bid the crowd still hasn't priced in.
Circle mints, Tether shuffles, and State Street launches a reserve fund — beneath the ETF noise, the dollar rails are being rebuilt.
Soft CPI pulled BTC off $62K while a revived Hormuz standoff and a $444M ETF bleed pulled it back. The split tape tells you where the regime actually sits.
A $740B equity rout, a fresh hawkish dot plot, and a parade of hacks and taxes — yet the loudest names in the brief are still BTC and ETH. Today's split-screen tells you where attention and action diverge.
RLUSD is a US dollar stablecoin issued by Ripple under a New York trust charter, live on XRP Ledger and Ethereum, and built for cross-border payments and tokenized assets.
Bitcoin's 50% drawdown, a record ETF exodus, and a $3.8B sanctions bombshell collided in 24 hours. The bull case isn't dead, but its supports are gone.
A trillion-dollar stock rout drags BTC toward $62K while Congress moves to ban a Fed CBDC and BlackRock still tells clients to buy the dip.
Iran headlines and Fed repricing knock Bitcoin under $63K, yet the tape treats the shock as priced. The fragility sits underneath.
Marco De Santis
Sofia Almeida
Alex Morgan
Ethan Brooks