Long-form regulatory deep-dives, operating-model breakdowns and proprietary tools — reserved for Pro subscribers.
7 results
Regulatory briefing
Regulatory
MiCA EMT vs ART: choosing the right EU issuance vehicle
Reserve composition, redemption SLAs, capital requirements and the practical trade-offs between an EMI licence and a CASP route under MiCA.
Full briefing covers: (1) EMT vs ART qualification tree with examples from EURC, EURI and EURØP; (2) capital and own-funds calculations across €5m/€350k thresholds; (3) the redemption-at-par SLA and the 60% sight-deposit constraint on significant EMTs; (4) interaction with PSD2/PSD3 and the DLT Pilot Regime; (5) passporting playbook for non-EU issuers via Ireland, Luxembourg and the Netherlands; (6) cost model with concrete numbers from three live applications we reviewed.
22 min read
Switzerland deep-dive
Switzerland
The Swiss stablecoin stack: FINMA, FinIA and FinSA in practice
When a deposit token is a banking activity, when it isn't, and the DLT-Trading-Facility carve-out most issuers miss.
Full briefing covers: (1) FINMA's 2024 guidance on stablecoin bank-guarantee structures and why most fail the public-deposits test; (2) FinIA fund-management licence path for tokenised MMFs; (3) FinSA prospectus duty and the qualified-investor carve-out; (4) AMLA/GwG sub-relationship rules for self-custody wallets; (5) tax treatment (stamp duty, VAT, withholding) on issuance, redemption and on-chain transfer.
18 min read
US briefing
US
GENIUS Act + CLARITY Act: the new US payment-stablecoin regime
Federal vs state pathways, the OCC trust charter playbook, and what changes for USDC, USDT, PYUSD and bank-issued tokens.
Full briefing covers: (1) federal payment-stablecoin issuer (PSI) licence requirements; (2) state-pathway thresholds and which states pre-empt; (3) reserve eligibility (T-bills <93d, overnight repo, FRB deposits) and the prohibition on rehypothecation; (4) the CLARITY Act jurisdictional split between SEC and CFTC for ancillary tokens; (5) bank-issued deposit tokens vs PSI tokens — accounting, capital and FDIC implications.
26 min read
Operating model
Operating model
Reserve yield models compared: who keeps the float?
How Circle, Tether, Ondo, Mountain, Agora and Ethena split reserve yield with distributors, holders and the issuer.
Full briefing covers: (1) the four canonical yield-sharing structures (issuer-keeps-all, distributor rev-share, holder pass-through, tokenised-MMF); (2) tax characterisation in US/EU/CH for each model; (3) regulatory limits (MiCA prohibits interest on EMTs; GENIUS prohibits interest on PSI tokens); (4) commercial spreadsheet with rev-share economics at $1bn, $10bn, $100bn AUM.
15 min read
Interactive tool
Tool
Regime picker
Answer 8 questions about your product, distribution and reserves — get a shortlist of viable jurisdictions and licence routes with capital estimates.
Wizard walks through token type, target users, reserve assets, distribution model, redemption SLA, AML scope and capital availability — outputs a ranked list of MiCA EMT/ART, US PSI, Swiss FINMA, Singapore MAS, UAE VARA and Hong Kong HKMA routes with an estimated capital floor and time-to-licence for each.
Interactive tool
Tool
Reserve yield modeler
Project net issuer revenue across rate scenarios, reserve mixes (T-bills / repo / MMF) and distributor rev-share splits.
Spreadsheet-grade model with sliders for AUM, Fed funds rate path, T-bill/repo/MMF allocation, custody and audit cost, distributor rev-share and holder pass-through. Exports CSV.
Interactive tool
Tool
Due-diligence pack generator
Generate a counterparty DD pack on any tracked issuer: licences, reserves, attestations, redemption SLAs and on-chain footprint.
Select any issuer in the atlas and generate a 12-page PDF DD pack covering licence status, reserve composition and latest attestation, redemption SLA history, on-chain supply by chain, top holders and known incidents.
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