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SpaceX (SPCX). Probable Correction vs. Long-Term Trajectory
SpaceX (SPCX) faces a probable short-term correction of ≥30% (62-78% probability) from current levels (~$141-146), driven by negative convexity, retail unwind, and liquidity spirals, while long-term (3-10 years) appreciation remains significant. The company is transitioning from a launch and constellation firm to a multi-planetary spatial infrastructure, data, and AI platform with increasing returns and…
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Le risque systémique de l’arbitrage à “cours connu” (cas Abeille Assurances)
1. Introduction et Diagnostic Structurel La faille des contrats à "cours connu" (notamment le contrat Arbitrage) émis par l'Abeille Vie à la fin des années 1980 représente l'un des cas les plus fascinants de défaillance d'architecture financière face à la commoditisation technologique. À l'origine, la latence de l'information (cotation hebdomadaire des SICAV) agissait comme une…
The $16 Trillion Question: Who Measures Tokenization?
The numbers, first. Tokenized real-world assets crossed $30 billion in early 2026, a 300% year-on-year increase : US Treasury debt ($10.7bn), commodities ($5.1bn), private credit ($2.9bn), institutional alternative funds ($2.2bn) leading the mix. Measured against what is coming, $30bn is a rounding error. The 2030 forecasts, by institution: Source2030+ forecastScope noteMcKinsey~$2tnExcludes crypto, stablecoins, deposits,…
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Tokenized Municipal Micro-Bonds
Tokenized Municipal Micro-Bonds. We use the XRPL infrastructure to issue tokenized bonds funded by urban tolls… and local property taxes from specific neighborhoods. Steelldy provides the Risk Engine to rate these micro-bonds in real time via local OSINT. The shift from appreciation tokens to yield structures represents the true institutional inflection point for RWAs. It…
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RWA Treasuries: The High-Stability, High-Yield Foundation for Modern Crypto Strategies
RWA Treasuries (Sharpe 1.0-1.3 | Volatility 2-3%). Asset representing the tokenization of U.S. Treasury bills (e.g., BUIDL, OUSG). The high Sharpe ratio (1.0-1.3) with negligible volatility (2-3%) makes it the ideal foundation for "Cash-and-Carry" strategies and collateral for HFT strategies. On-Chain Infrastructure and Regulation: The integration of the BIS (tokenization on a unified ledger)…