11 articles · newest first
A 2024 soundbite — that the SEC chair could 'cost Biden the election' over crypto — hid a genuinely important, non-partisan question: rules vs regulation-by-lawsuit. The substance behind the drama, and how it actually resolved.
Cipher · Sep 22 · 8 min
Ethena's USDe looks like a stablecoin but works nothing like one — it's a synthetic dollar held to its peg by hedging, not cash. How it works, why it's riskier, and what ENA's vesting drama is about.
Cipher · Sep 22 · 8 min
Arthur Hayes argues you should buy Bitcoin dips and hold to protect against currency debasement. A neutral, no-hype explainer of what he actually argues — and why to treat it as one strong opinion, not a green light.
Cipher · Sep 22 · 8 min
Runes ate 90% of Bitcoin's fees at launch, then crashed. Could Asian institutional money revive it? What Runes are, the boom-bust, and the honest scorecard on the revival thesis.
Cipher · Sep 22 · 8 min
'The dollar is finished' makes a great headline and a shaky fact. What's actually being built — China's mBridge and SWIFT's own blockchain ledger — and why the de-dollarization story is real as tech, overstated as prophecy.
Cipher · Sep 22 · 8 min
US government debt as blockchain tokens went from curiosity to a ~$15B market led by BlackRock, Franklin Templeton and Ondo. What tokenized Treasuries are, why institutions want them, and the honest caveats.
Cipher · Sep 22 · 8 min
Stablecoins are the boring, useful backbone of crypto — a ~$300B market of private digital dollars, now regulated by the GENIUS Act. What they are, USDT vs USDC, the new rules, and how they differ from a CBDC.
Cipher · Sep 22 · 8 min
Money and assets are going on-chain in four lanes at once — private stablecoins, state CBDCs, tokenized Treasuries, and rebuilt settlement rails. The honest umbrella guide, minus the moon-talk.
Cipher · Sep 22 · 9 min
China built the world's most advanced central bank digital currency and a cross-border rail that could route around the dollar. A hype-free explainer on the e-CNY, mBridge, and why the 'BRICS beats SWIFT' headline needs an asterisk.
Cipher · Sep 22 · 8 min
Putting bonds, property and funds on a blockchain stopped being a pitch and became infrastructure. A plain-English map of what RWA tokenization is, why Congress is studying it, and the legal risks that actually matter.
Cipher · Sep 22 · 8 min
HSBC, UBS, Citi and 14 others are now moving 'tokenized deposits' on a Swift-built ledger. it's not a coin, it's not public, and it might quietly matter more than any crypto headline this year.
Cipher · Jul 16 · 6 min