Gold is considered a tactical long-term asset, but Bitcoin is currently undervalued. ReSolve Asset Management's portfolio manager, Richard Latimer, notes that gold's current price consolidation is expected after its early-year surge. Despite strategically remaining bullish on gold for its structural bull market, ReSolve has become tactically neutral in the short term, having taken profits and…
Cryptos
Toute l'actualité du monde des cryptos en France et (plateformes, cryptos, rachat, IA, acteurs, fondateurs). Vidéos, analyses, commentaires et interviews.
Hedge funds are increasingly adopting new digital currencies, primarily stablecoins, due to enhanced capital efficiency, regulatory clarity, and new yield-generating strategies. 1| Capital Efficiency Unlike traditional prime brokerage where collateral is largely immobilized, stablecoins acting as collateral can simultaneously secure derivative positions (perpetuals, options, futures) and generate yield from underlying assets like T-bills. This "working…
The GENIUS Act mandates stablecoin issuers to hold 100% reserves in cash or T-bills with maturity ≤ 93 days. This creates a mechanical demand for T-bills, making them the collateral commodity for the new system.
By mid-2025, Tether and Circle held $160 billion in T-bills, exceeding most sovereign nations' holdings, which mechanically compresses short-term…
The original Triffin Dilemma (Bretton Woods I) pitted the issuance of international liquidity (USD) against the necessary convertibility into gold, creating a tension between domestic objectives (avoiding inflation) and international objectives (providing reserves). In the Bretton Woods 2.0 framework, the form of this dilemma is rewritten based on strict collateral rules imposed by the GENIUS…
We are not in a classic crypto cycle; we are witnessing the commoditization of the settlement layer. Bretton Woods I (1944) used a gold-pegged dollar settled via correspondent banks (SWIFT/CHIPS). The current regime (post-1971) relies on the petrodollar and sovereign debt. Bretton Woods 2.0 is based on a Dual Pillar Regime:
1. Physical Pillar…
ETH/BTC est le prix relatif de deux systèmes distribués en concurrence. Ses déterminants principaux sont :
Prime de contrat intelligent : capitalisation sur l’écosystème DeFi et les dApps.
Concurrence des "ETH Killers" : Solana, Avalanche, Sui, Aptos, etc., qui érodent la part de marché d’Ethereum.
Mécanisme de destruction EIP‑1559 et frais de gaz : l’activité réseau alimente l’accumulation…
1.1 Adaptation of the Merton Model: Adjustment of the Probability of Default (PD) using the CCQI Index
The integration of the CCQI Index into credit risk models relies on adapting the structural framework of Merton (1974), where a borrower's Probability of Default (PD) is determined by the distance between the value of their assets and…
CCQI index and characterization of TCMs: Tracking Tokenization of RWAs and Carbon Credits
1.1 Methodology for the STEELLDY CCQI (Climate Credit Quality Index)
1.1.1 Definition and Objectives of the Index: Carbon Credit Quality Benchmark for the Voluntary Market
The Climate Credit Quality Index (CCQI), developed by STEELLDY, is a proprietary benchmark for the quality of…
(1) XRP — Settlement Layer and Liquidity Bridge
XRP serves as a neutral liquidity bridge between different fiat currencies and tokenized assets. The arrival of seven US spot XRP ETFs (approximately $1 billion in AUM) signals progressive institutionalization. Demand for XRP structurally stems from the volume of transactional flows, which creates continuous buying pressure…
The gradual shift of the XRP Ledger (XRPL) from a simple payment network to a true institutional settlement layer (RWA, tokenization, interbank cross-border settlements) is empirically observable.
J.P Morgan recently revealed its utilization of the XRPL.✅ Up next? 🙇♂️ Goldman Sachs and Citi.😏💨 https://t.co/nCu062uXxz — SMQKE (@SMQKEDQG) May 9, 2026
Quantitative Validation Elements …