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Bitcoin coin placed over US dollar note symbolizes digital vs traditional currency.
Cryptos
Dollar-backed stablecoins, neo-mercantilist regime, and energy constraints. Implications for digital assets and investment strategies
Dollar-backed stablecoins have become a dual-use instrument of U.S. economic power, extending the dollar's reach into markets where correspondent banking is weak or blocked while giving Washington new control points over issuers, reserves, and token freezes. Key data shows 90-98% of the stablecoin market is dollar-denominated, with Tether holding ~$141 billion in U.S. Treasury exposure,…
2 hours ago0Comments
lntélligence artificielle
Crypto’s Fragile Rally at $77K. The High-Stakes Link Between AI Systemic Risk and Token Speculation
Contagion in AI financing cannot be understood through valuation levels or even growth rates. It must be understood through the dependency structure of counterparties and the second derivative of infrastructure spending. Our cross-analysis shows: ¤ The central risk is not the disappearance of AI demand, but the existence of a correlation of one…
08/23/20260Comments
Detailed view of fiber optic patch cables connecting to a blue patch panel in a data center.
lntélligence artificielle
Private credit funds face elevated risks in 2026 from two distinct but overlapping AI-related channels
Private credit funds face significant 2026 risks from two AI-related channels: disruption to software borrowers and demand shortfalls in AI infrastructure. These are compounded by liquidity mismatches, sector concentration, and ties to insurers and pensions. Non-bank direct lending, via vehicles like BDCs, has heavily expanded into both areas, heightening vulnerability. Two Primary AI-Related Risk…
08/22/20260Comments
Steel framework cabinets housing servers networking devices and cables in contemporary equipped data center
lntélligence artificielle
SPV (special purpose vehicle) off-balance-sheet structures are a core financing tool in the AI data-center buildout
They allow hyperscalers to expand capacity rapidly while keeping the bulk of associated debt off their consolidated balance sheets, converting what would be large capital expenditures into multi-year operating leases or offtake commitments. This creates meaningful “shadow” leverage and interconnected risks. How the Structures Typically Work A dedicated vehicle (SPV, joint venture, or variable…
08/22/20260Comments
Cryptos
SSSI. The quantitative and microstructural architecture of stablecoin risk
Executive Summary With over $315 billion in daily trading volume, stablecoins have become the systemic plumbing of programmable finance. Yet, the Basel Committee (BIS) and the World Economic Forum (WEF) highlight a critical flaw: the lack of quantitative tools capable of measuring counterparty risk in real time. Traditional approaches rely on static snapshots (monthly attestations)…
08/22/20260Comments
A vibrant abstract image featuring dynamic colors and intricate patterns, perfect for modern art enthusiasts.
lntélligence artificielle
How Circular Financing in AI Creates Hidden Risks Beneath a Boom
Circular financing in the AI sector refers to a tightly interlinked system of equity investments, compute commitments, guarantees, and off-balance-sheet structures among chipmakers, hyperscalers, AI labs, and data-center operators. Money and obligations circulate among a small group of counterparties, accelerating infrastructure buildout while amplifying downside risks if end-user monetization falls short. How It Works.…
08/21/20260Comments