Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Crypto

<ul><li>Recently, we have discussed the significant positive shift in the U.S. regulatory environment for crypto.</li><li>You might be weary of regulatory discussions, but we need to address the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework.</li><li>This framework is set to take full effect on December 30, 2024.</li></ul>

Recently, we have discussed the significant positive shift in the U.S. regulatory environment for crypto.You might be weary of regulatory discussions, but we need to address the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework.This framework is set to take full effect on December 30, 2024.

Crypto Moves #30 – The European Union’s MiCA Removes Tether from the Market

Credit/Macro/Crypto Analyst, Former Credit/MA PM

Rose Choy

<ul>
<li>USDT or Tether, the largest stablecoin, has been experiencing small discounts to peg at times (larger discount during market stress) but those looking for a blow up will be disappointed.</li>
<li>Tether's redemption dynamics are the main cause of the discount. Recent withdrawals in Tether and drop in market capitalization are the result of liquidations in the crypto space.</li>
<li>While Tether's reserves are not transparent, the Company is not regulated and is under no obligation to disclose their balance sheet/ reserves in full. </li>
</ul>


USDT or Tether, the largest stablecoin, has been experiencing small discounts to peg at times (larger discount during market stress) but those looking for a blow up will be disappointed.
Tether's redemption dynamics are the main cause of the discount. Recent withdrawals in Tether and drop in market capitalization are the result of liquidations in the crypto space.
While Tether's reserves are not transparent, the Company is not regulated and is under no obligation to disclose their balance sheet/ reserves in full. 


<ul><li>It should come as no surprise that 2022 was rife with contagion in the crypto industry.</li><li>Numerous crypto companies went bankrupt, many due to fraud.</li><li>Now, the majority of these bankruptcy cases are nearing their conclusion, and some have already been completed, allowing creditors – primarily clients with assets stuck in these firms – to receive the remaining assets.</li></ul>

It should come as no surprise that 2022 was rife with contagion in the crypto industry.Numerous crypto companies went bankrupt, many due to fraud.Now, the majority of these bankruptcy cases are nearing their conclusion, and some have already been completed, allowing creditors – primarily clients with assets stuck in these firms – to receive the remaining assets.

Crypto Moves #31 – Do Not Fear Mt. Gox Repayments

<ul><li>It comes as no surprise that we have been bearish on the crypto market in recent weeks.</li><li>However, the market seems indifferent to our stance.</li><li>The softer-than-expected US Consumer Price Index (CPI) report last Wednesday boosted risk-on assets, particularly cryptocurrencies, while the prospect of improved liquidity conditions in the economy is also set to benefit the crypto market.</li></ul>

It comes as no surprise that we have been bearish on the crypto market in recent weeks.However, the market seems indifferent to our stance.The softer-than-expected US Consumer Price Index (CPI) report last Wednesday boosted risk-on assets, particularly cryptocurrencies, while the prospect of improved liquidity conditions in the economy is also set to benefit the crypto market.

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

<ul>
<li>We have been of the opinion that tokenized real world assets (RWAs), especially tokenized debt will represent a more understandable underlying value of tokens or cryptocurrencies than Bitcoin.</li>
<li>We are positive on tokens backed by risk-free assets such as US Treasuries or even investment-grade bonds as rates products for crypto funds and fractional investments for retail investors.</li>
<li>Private debt could be the next in line to enjoy mass adoption if the legal elements and credit protection have been put in place to gain trust of institutional investors.</li>
</ul>


We have been of the opinion that tokenized real world assets (RWAs), especially tokenized debt will represent a more understandable underlying value of tokens or cryptocurrencies than Bitcoin.
We are positive on tokens backed by risk-free assets such as US Treasuries or even investment-grade bonds as rates products for crypto funds and fractional investments for retail investors.
Private debt could be the next in line to enjoy mass adoption if the legal elements and credit protection have been put in place to gain trust of institutional investors.


Security Token Journal: Private Debt Tokens

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Tether (USDT CURNCY)

Crypto Moves #30 – The European Union’s MiCA Removes Tether from the Market

Recently, we have discussed the significant positive shift in the U.S. regulatory environment for crypto. You might be weary of regulatory...

Steno Research

Tether (USDT) - Not the Next Domino

This insight explains why USDT is not the next blow up in crypto and why there could be a small persistent discount to peg, due to redemption...

Rose Choy

Crypto Moves #31 – Do Not Fear Mt. Gox Repayments

It should come as no surprise that 2022 was rife with contagion in the crypto industry. Numerous crypto companies went bankrupt, many due to...

Steno Research

Crypto Crisp: Crypto vs. Macro

It comes as no surprise that we have been bearish on the crypto market in recent weeks. However, the market seems indifferent to our stance. The...

Steno Research

Security Token Journal: Private Debt Tokens

Here we examine private debt as underlying assets to be tokenized for the masses. This is the first small step in a very widening road ahead and...

Bondcritic

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52-week Range

Market Cap (USDm)

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