3AC, DCG & Amazing Coincidences

This is a long-form version of two twitter threads. This is not an ELI5 — this relies on primary sources and analysis thereof. Sorry if that makes it a bit more complex but given the nature of the problem and reliance on a lot of original research it’s important to get a…

Binance’s Billions are Backed, but You’re Probably Asking the Wrong Question

The crypto industry is…

Stablecoin Mechanics 2: Tether-Celsius

Canonically a stablecoin is only issued in return for fiat currency. Everyone knows that…

USDT, US Banks & More Coincidences

Perhaps the greatest mystery in the financial markets today is “what is going on with Tether?”…

The Consequences of Scalable Blockchains

(with apologies to Paolo Sorrentino)

USDT-on-TRON, FTX & WTF Is Really Happening

tl;dr FTX/Alameda minted nearly all the USDT-on-TRON and operate as something like a…

Minor Stablecoins & USDT Issuance: Even More Coincidences

Intro to Stablecoin Mechanics

Let’s go through how a stablecoin works. Not the whole “what backs this thing?” question. The “boring”…