All of these curators, yield aggregators, and lending protocols and there’s nowhere I can just deposit my stablecoins for 3-6 months for a reasonable fixed rate yield? I don’t need instant liquidity, and don’t want to go further out on the risk curve. Is there nowhere to get duration other than Pendle tokens? Bonus points if I then get a bond token I could sell or use as collateral while I wait. Is anyone doing this today?

So this is interesting, and I’ll definitely be watching this space. The friction is that 1 USDC ≠ 1 USDT Why? Because 1 Unit (100% Blackrock MMF + US bank deposits) ≠ 1 Unit (74% MMF + 26% gold, BTC, equities, bonds, and direct lending) This seems nitpicky, but anyone who has attempted to use both USDC and USDT as a stablecoin peg stabilizer will know they create a free arbitrage unless the overall costs of the swaps are as high as the price difference. So this has to either be a cost to the provider, which then needs to be recouped via other services, or the friction high enough it’s less useful than it sounds. Good experiment to watch, so will try to see how it goes.

Everyone is watching public credit spreads sit near their tightest since 2007 and calling the all clear. They are watching the wrong market. Myth: Credit is calm because spreads are at multi decade lows. Reality: The default wave already started. It is just happening in private credit, where there is no public spread to flash the warning. ❗️ The details: · Fitch put the US private credit default rate at a record 6 percent for the twelve months through April, the highest ever recorded for the asset class · Public high yield spreads sit below 3 percent, near the tightest since 2007, pricing in almost no stress at all. That is the gap · It is broad and real, not a one off. 99 defaults, 81 of them first time, the most since Fitch started tracking. First Brands and Tricolor were the opening cracks · More than half could not pay cash interest, so they borrowed more to cover it. The stress is being papered over, not priced · Private credit is a market of nearly 2 trillion dollars that does not trade on a screen. Floating rate, so the jump in long term yields squeezes the weakest borrowers first. No daily price, no public spread, no early warning 🏆 Why it matters: · Credit stress never stays in its lane. It leaks into stocks and crypto, and by the time the public spread finally moves, the move is already late · The calm everyone is citing is partly just an illusion of where the risk is hiding A market with no price never flashes red. Follow if you want the warning before the spread does.

COINBASE BUILDS 8-FIGURE POLITICAL WAR CHEST Coinbase and CEO Brian Armstrong are helping build a massive pro-crypto political war chest ahead of what the exchange calls the industry’s “most consequential” US election yet. According to Bloomberg, Armstrong personally donated $1 million to Fairshake, the crypto-focused super PAC backing pro-digital asset candidates, while Coinbase contributed another $24.5 million. Fairshake has now reportedly raised $85 million in total, with Coinbase and Armstrong alone accounting for roughly one-third of the funding. The PAC supports crypto-friendly candidates from both political parties and is focused on pushing Washington toward clearer digital asset regulation. Other major backers include Andreessen Horowitz, which contributed $20 million, and Electric Capital, which contributed $500,000. The scale of the fundraising effort shows how aggressively the crypto industry is moving to influence US politics as regulation, stablecoins, Bitcoin reserves, and digital asset policy become central election issues.

🇺🇸 Senator Cynthia Lummis just told US banks: adapt or die. "Digital assets are the future of finance. Banks can join or get left behind." This isn't a prediction. It's a warning from inside the Senate Banking Committee. This month: $164,000,000,000,000 in US bank assets prepared for on-chain settlement. Real-world assets at $33,990,000,000 on-chain. BlackRock filing $7,000,000,000 BSTBL fund on Ethereum. While the ECB hesitates, the US is forcing the migration. The CLARITY Act is the gun. Lummis just pulled the safety off.