Les trois banques russes Gazprombank, Alef Bank et Interprombank (Алеф-Банк, АКБ «ИНТЕРПРОМБАНК» и Газпромбанк) n’ont pas "volé" le milliard moldave, mais elles ont facilité techniquement le mécanisme de fraude en fournissant des dépôts overnight (dépôts à vue d’un jour, sans intérêt) aux trois banques moldaves impliquées (Banca de Economii, Unibank, Banca Socială), ce qui a…
Blockchains, consolidation toward regulated infrastructure. The event of 2026 is not a new L1 but the migration of value toward layers serving regulated assets: on-chain registered transfer agents (Securitize, first registered digital agent on the NYSE tokenized securities platform¹⁴), neutral token standards (ERC-7943⁸), banking rails (BNY Mellon custodizing stablecoin reserves and tokenized treasuries¹⁴), and central…
The defining shift in digital assets this decade is not a price level. It is a change in structure: from instruments whose value rests on uncertain future appreciation to instruments whose value is delivered through continuous, automated cash flows, rent, interest, coupons, distributed by code. The RWA market has quietly completed this migration in 2026,…
Thesis. The European Omnibus did not kill ESG: it transformed it from a mass legal obligation into a competitive market advantage. Demand for reliable ESG data is shifting from the regulator to the investor, the bank, and the buyer and ESG ratings themselves are now under supervision.
The new regime (Directive (EU) 2026/470, in…
The macro regime as of September 2, 2026, shows a strong U.S. dollar (DXY at ~99.73-99.80) and rising 10-year U.S. Treasury yields (4.78-4.81%), pressuring risk assets. An oil supply shock (Brent ~$95.3, WTI ($4,290-4,325/oz) is declining due to real yields and dollar strength. A Hidden Markov Model (HMM) identifies the current regime as "Transition"…
Thesis. 2026 is the year of monetary bifurcation: the United States has chosen regulated private stablecoins (GENIUS Act, explicit ban on a Fed retail CBDC), while Europe is building the public digital euro (Parliament vote in February 2026, ECB Governing Council decision on October 30, 2025, pilot possible mid-2027, first issuance envisaged in 2029, construction…
Thesis. Tokenization of real-world assets has fundamentally changed by 2026: it is no longer a speculative resale market but a market of automated cash flows. The value of a RWA is now reflected in its distributions (interest, rents) mechanically analogous to private credit and traditional fixed income, with an added layer of programmability.
Key…
Lead: The tokenization of real-world assets has quadrupled since the start of 2025, reaching approximately $33.5 billion. But the figure isn't the main point, it's the nature of the product that has changed. Gone are speculative tokens; on-chain finance now produces bonds without bondholders, rents without landlords, yield without teller windows. Welcome to the programmable…
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