Binance USD

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REGULATORY THREATS MORE BARK THAN BITE (TO ASSET PRICES) Last week we discussed that more regulatory actions would be coming – and they certainly were. On Monday morning, Paxos was ordered to shut down its services surrounding Binance’s BUSD stablecoin on the grounds that it might be deemed a security. There were worries that there would be additional regulatory action against other centralized stablecoin issuers, but as the week progressed, it...

Today we are covering both this week and last week due to Thanksgiving last Thursday. Not surprisingly, funding was low last week during the holiday and amid the FTX insolvency. Funding decreased from $280M the week of 11/18 to just $41M last week. However, we’re seeing funding starting to bounce back this week – increasing from $41M to $196M. Like we’ve seen most of the year, much of this funding...

FIGURE: PEPE TRYING TO GET AN UNCOLLATERALIZED LOAN ZERO-TO-ONE (Z2O) SERIES Given the decentralization and transparency benefits of blockchains, many have pointed to DeFi as crypto’s ‘killer use case.’ After all, finance today is built along opaque and slower traditional finance rails ripe for disruption by distributed ledger technology. Sobering up from the highs of the bull market of ‘21, however, DeFi advocates are now left wondering: ‘How much of...

DESPITE MARKET PULLBACK, JACKSON HOLE WAS NOTHING OF SUBSTANCE Fed Chair Jerome Powell took to the microphone on Friday afternoon for the first time since he announced the Fed’s prior 75 bps rate increase. Powell has mastered the art of tactful political speech, as he used 10 minutes of words to say nothing of substance. While there was a small corner of the market that thought Powell would cavalierly announce...