DeFi
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Structured Credit Onchain: Ethena's $250M CLO Bet
Ethena's $250M allocation to Securitize's tokenized AAA CLO fund pushes DeFi reserves beyond T-bills into structured credit. We examine the mechanics and the risks.
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Ethena's $250M CLO Bet: Reserves Beyond Treasuries
Ethena is moving USDe reserves into tokenized AAA CLOs via Securitize's STAC. We analyze the structural credit risk this introduces and what it signals.
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Beyond Debt: Options as DeFi's Stability Primitive
A mechanism-level analysis of Vitalik's proposal to build index-tracking assets from options rather than debt, and what it implies for liquidation risk.
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Payments Layer, Attack Surface: The Gnosis Pay Exploit
A structural post-mortem of the Gnosis Pay incident — how card rails create novel attack surfaces and what full user reimbursement signals about issuer risk.