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…
Accord UE sur l'euro numérique - 19 septembre 2025 Les ministres des finances de l'UE ont effectivement trouvé un "compromis" vendredi 19 septembre 2025 sur la feuille de route de l'euro numérique, visant à créer une alternative aux systèmes Visa et Mastercard. Stablecoin euro sur XRP Ledger - confirmé Cassie Craddock, directrice générale de…
Economie