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Explainers & Analysis: markets

Diagram showing an issuer, a segregated stablecoin reserve at a custodian, and the holder's redemption claim
stablecoins ·

Stablecoin Reserve Segregation: Protections and Limits

What reserve segregation protects in a stablecoin insolvency, and why it cannot guarantee liquidity or insurance.

Diagram comparing a stablecoin issuer's primary mint-and-redeem market with secondary exchange pricing and arbitrage
stablecoins ·

Stablecoin Primary and Secondary Markets

How minting, redemption and arbitrage link stablecoin primary and secondary markets—and why a depeg can persist.

Cover illustration for CJSOI's explainer on delivery versus payment, the settlement rule that links a securities transfer to its cash payment
delivery versus payment ·

Delivery Versus Payment: How Securities and Cash Settle

Delivery versus payment links securities to cash. Compare DvP models, finality and what can still fail.

Diagram of a stablecoin FX trade: the taker's USDC and the maker's EURC both go into an escrow smart contract on Arc, which releases both legs together, with settlement windows of 30 minutes, one hour or one day depending on the tenor.
Markets ·

Stablecoin FX: How a USDC-to-EURC Trade Settles Onchain

Onchain FX keeps the market price but changes settlement: an escrow contract releases both stablecoins together, or neither.

A price line holding at $1, dipping in a depeg and recovering, beside reserves and redemption boxes.
Markets ·

Can Stablecoins Lose Value? How a Peg Holds and Breaks

The $1 is a redemption promise, not a set price. USDC in 2023 and UST in 2022 show how it bends and breaks.

Monochrome diagram comparing a stable $1 tokenized Treasury fund, where income adds tokens, with a rising-NAV fund, where the token count stays the same and the price per token rises
Markets ·

Tokenized Treasury Funds: What Investors Hold

A token can represent a fund share—not a Treasury bill in your wallet and not a payment stablecoin.

Borrower interest connected to supplier yield
Markets ·

Where DeFi Lending Yields Come From

Borrower interest can fund supplier returns. A quoted rate is neither fixed nor a guarantee of withdrawal.

Stablecoin supply distinguished from payment flows
Markets ·

Stablecoin Supply: What It Says About Crypto Markets

More tokens outstanding can mean more potential liquidity. It does not prove what holders will do next.

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