Institutional credit, structured for on-chain markets.
Twenty years from Credit Suisse to Fidelity, where I built the digital-assets business. I write about how institutional credit moves on-chain - and where the gains are real.
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On-chain credit is quietly rebuilding the fixed-income stack - starting with cash-like products
On-chain credit is quietly rebuilding parts of the fixed-income stack, starting with cash-like, short-duration products. This note explores why tokenization is moving from infrastructure experiments to institutional balance sheets—and why private credit and payments-linked assets may benefit most.
Loan-Based Credit vs Claim-Based Finance: Are You Funding Borrowers or Funding Flows?
Private credit is often treated as one monolithic asset class — but not all “credit” is the same. This article draws the line between loan-based credit and claim-based finance, and shows why distinguishing borrowers from flows changes how you underwrite risk, liquidity, and return.
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Loan-Based Credit vs Claim-Based Finance: Are You Funding Borrowers or Funding Flows?
Private credit is often treated as one monolithic asset class — but not all “credit” is the same. This article draws the line between loan-based credit and claim-based finance, and shows why distinguishing borrowers from flows changes how you underwrite risk, liquidity, and return.
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From “Limited Benefits” to Holy Grail of Cross-Border Payment? Stablecoins in 2025
Stablecoins grew from $20 B to $312 B, moving $27 T a year—but their real test isn’t speed, it’s settlement. Luc Froehlich explains why liquidity, FX, and payout coordination are now the true frontiers of cross-border payments.
Private Credit: From Corned Beef to Tenderloin - Rethinking the Industry Beyond the Headlines
Private credit has become an easy target. Days after Jared Kushner brokered the USD 55 billion take-private of Electronic Arts (Reuters), the headlines drew their parallels. The Financial Times framed the First Brands collapse as an 'Enron moment.' The Economist warned of echoes of 2007. Both aimed
Tokenised securities vs security tokens: What’s the difference and why it matters
Few concepts have captivated both institutions and innovators quite like ‘tokenisation.’ Yet as adoption spreads and use cases mature, a key distinction is often lost in translation — the difference between tokenised securities and security tokens. While the wording may seem interchangeable, the underlying reality is not. One represents the digitisation
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