Most of the DCG analysis you’ve read and heard looks to be unaware of basic facts from the filings. We’ve read the filings. The key points are: A DCG portfolio company appears to manage Barry Silbert’s personal assets. Genesis collapsed as people called loans and a massive balance sheet hole…

MakerDAO has a “real world assets” program that seeks to earn income by funding traditional bonds, loans and the like. As this activity seeks to connect anonymous on-chain token holdings with very-much-off-chain assets it raises a number of interesting questions. Rather than philosophizing…

Here we are going to dig in to some early — 2018 and 2019 — flows of TUSD and HUSD. The goal here is to show, using public data, three things: They were used used largely by the same parties A lot of this use was USD for Chinese entities …

We’ve written a lot about the TrueUSD. Now we are going to look at the early days. In Jan 2019 they changed contracts. The legacy TUSD contract is here. There are still about $200 million of these sitting around. …

We’ve written about the TrueUSD before. About how their highly-organized redemption process makes it easier to de-anonymize addresses and confirm the product has a small number of large users. Also how it has, um, laundry-machine-esque characteristics. Now it’s time to dig in to some of the corporate insanity. …

Circle just released their first Deloitte-produced attestation here. This document, oddly, covers both the 17th and 31st Jan 2023. We can learn quite a bit from a close reading. This extends work done here with respect to wording in the document and here with respect to Circle’s internal mechanics. …

USDD was announced 21 April 2022 as a Justin Sun project that intended to offer a decentralized USD-pegged stablecoin. A fair amount of news coverage resulted with some details. The original blog post has been deleted but is still visible via the wayback machine. That original blog post clearly stated: …

Paxos and Circle publish similar attestation reports for stablecoin reserves. And in both cases a lot of folks seem confused by what the numbers mean. Terminology in finance is often needlessly jargon-laden or unclear. …

Some of our earlier work on the Binance-Peg pseudo-token-bridge led to regulatory action basically shutting down the 3rd largest stablecoin. We were just trying to understand how that coin worked. But, with stablecoin token bridges in the headlines, there is more to say in this area. Binance should have done…