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Project Agorá: The Largest BIS Experiment Merging Tokenized Deposits and Wholesale CBDC
Project Agorá, launched in April 2024 by the BIS Innovation Hub, is its largest public-private collaboration, testing a multi-currency unified ledger for wholesale cross-border payments. It builds on the BIS's "unified ledger" concept, exploring how tokenization and programmability can modernize correspondent banking without replacing the two-tier monetary system (commercial banks and central banks). This…
Systemic Evaluation of the « Selective Credit Crunch » and Modeling of Bank Non-Contagion
Private Credit will not trigger a systemic global banking crisis like 2008, but acts as an extreme amplifier of sector volatility, generating a "sawtooth recession" in corporate credit with a structural rotation towards AI-Native. The analysis conducted by integrating the 7 quantitative layers (semantic NLP, macro DSGE, factor decomposition, Markov-switching regimes, quantum-classical portfolio optimization,…
Family offices are shifting from PE funds to direct deals
Direct investing, or direct deals, is the practice where investors like family offices or high-net-worth individuals commit capital directly into private companies or assets, bypassing traditional private equity (PE) funds where a General Partner (GP) manages the portfolio. This trend is accelerating, evidenced by family offices significantly shifting allocations away from funds toward direct deals,…
35 DeFi protocols hacked in 2026 already
Thirty-five DeFi protocol hacks in early 2026 caused over $453 million in losses, according to several analysts. January (12 incidents, $103M), February (8, $24M), March (14, $41M), and April (one major event, $285M) make up this breakdown. Notable exploits cited include Step Finance (private key) and Drift Protocol on Solana (admin keys). Common attack vectors…
Inférence stagflationnaire tirée des déclarations de Fabio Panetta et du contexte macro-énergétique
Notre article développe le "Théorème de l'inférence stagflationnaire" en appliquant une analyse multi-méthodes aux données macroéconomiques et aux déclarations de la Banque Centrale Européenne (BCE), se concentrant sur l'état de l'économie de la zone euro en mars 2026. La stagflation est définie par une convergence simultanée d'inflation supérieure à la cible (πt ​> π∗…