On 2021 October 1st, Forge, the subsidiary of the French banking group Société Générale, issued a MIP (MIP6 or MakerDAO Improvement Proposal 6) to the MakerDAO protocol to refinance tokenized marketable securities by pledging them. This subtype of PoC (Proof of Concept) represents the first interaction between the traditional financial…


How far is prudential regulation from cryptoassets industry?

MakerDAO published last August 2021 [1] its non-binding report regarding its protocol financial statements for August. While MakerDAO has been performing this exercise on a recurring basis, the purpose of this article is to deepen the understanding of the figures it provides.

As introduction, the MakerDAO protocol is an ecosystem…


The recent decision of the Maker DAO protocol to move forward with its full decentralization process, so that the governance of the protocol rests entirely with the holders of the tokens themselves, opens a debate regarding the viability of structures without legal ownership.

The Maker Foundation fulfills its promise, moving…


Grayscale operates the largest cryptocurrency investment vehicle in the world. However, the drop in that vehicle’s share price is staggering, having gone from trading above 100% of its fair value (132% in 2017) to dropping below 20% last month. How do you explain this?

What is Grayscale?

Grayscale is an…


On June 16, 2021, the IRON stablecoin lost its peg, dropping to 0.70 USD/token. Its TITAN governance token plummeted from 64 USD to zero value (0.00000105 USD), and the so-called Total Value Locked or TLV, which is the accumulated value in the protocol, went from 2.4 Bn to 29 million…


What is Ethereum 2.0?

On June 16, 2021, some news was published on Coindesk (https://www.coindesk.com/banks-edge-closer-to-ethereum-2-0-staking) stating that banks or other large companies could participate in Ethereum 2.0 staking. …


Why Basel Committee is so skeptical with cryptoassets?

In June 2021, a consultation paper on the prudential treatment of cryptoasset exposures was published by the Basel Committee on Banking Supervision. In order to meet the objectives of financial stability, consumer protection and market integrity established by the microprudential supervisory authorities…


Origin: what is a stablecoin?

Stablecoins are defined by the ECB[1] as “digital units of value that do not belong to a specific currency, based on a set of stabilization tools that promote the minimization of fluctuations in the price of such currencies”. Without going into an in-depth analysis of…


Tether’s business model:

Tether’s business model rests on two pillars: risk transformation, and the commission system applied. …


Origin: What is a stablecoin?

Before we start analyzing Tether, and all the implications that the most controversial and dominant stablecoin in the market generates, let’s start by the beginning.

Before we start analyzing Tether, and all the implications that the most controversial and dominant stablecoin in the market generates…

Pablo Artiñano

Financial Regulation analyst and Crypto enthusiast.

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