4 articles · newest first
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
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
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