The Managed Stablecoin Era
Last week's rotation out of pooled DeFi lending was not a retreat from stablecoin yield. It was the clearest signal to date that the...
7 minArkenYield
Read featured noteInstitutional DeFi Research
Stablecoin yield, market structure, and regulation.
Stablecoin yield, liquidity, and market structure analysis designed for allocators, treasury teams, and institutional investors.
Latest issue
April 2026
Strategy
Archive
24 published notes
10 min typical read since Jan 13, 2026
Focus areas
Stablecoin Report, Market Structure, Strategy, Research
From the Desk
Recent issues
Weekly BriefingStablecoin Report
Jun 14, 202613 min
Stablecoin Weekly: TradFi Underwrites the Stack
By ArkenYield
Institutional and TradFi money committed to the credit-backed layer this week: Morpho closed DeFi's largest raise with Apollo and VanEck, a $480B manager put tokenized AAA credit behind Ethena's dollar, and the sponsor-backed preferred complex convalesced but drew no new capital.
The serious money this week went to on-chain credit and fully-reserved dollars, not to dollars built on a single company's stock.
Open article
Weekly BriefingStablecoin Report
Jun 7, 202614 min
Stablecoin Weekly: What Backs the Dollar
By ArkenYield
As markets gave up on June rate cuts and crypto sold off, the on-chain dollar market split by what backs it: tokens built on volatile assets broke their pegs while cash-backed dollars held, and the payment rails kept advancing as Mastercard moved to settle six stablecoins across eight chains.
Rising rates and a crypto selloff split the on-chain dollar market by what backs it. The dollars built on volatile, sponsor-linked assets broke their pegs; the dollars backed by cash and Treasuries held their pegs and their yields, and the payment rails kept building through it. When cash out-yields the chain, what a dollar holds in reserve is what decides whether its yield survives.
Open article
Weekly BriefingStablecoin Report
May 31, 202613 min
Stablecoin Weekly: Distribution Doesn't Wait
By ArkenYield
With Washington on Memorial Day recess and the SEC retreating on tokenized stocks, the distribution layer shipped at scale: a national-bank stablecoin, Cash App's 60M users, and Circle's 190-country payout network, even as supply rolled over off its record and yield fell below T-bills.
Last week the federal plumbing that connects issuers to the dollar got renegotiated. This week Washington went on recess, and the distribution layer did not wait for it: banks, fintechs, and payment networks pushed regulated dollars to tens of millions of users while aggregate supply quietly rolled over off its record.
Open article
Weekly BriefingStablecoin Report
May 24, 202615 min
Stablecoin Weekly: The Rails Get Renegotiated
By ArkenYield
A Trump executive order, a Federal Reserve Payment Account proposal, and Kevin Warsh's swearing-in landed inside three days and together rewrote how stablecoin issuers connect to the dollar payment system, while CLARITY stalled in the Senate, the SEC moved toward a tokenized-stock innovation exemption, Aave deepened on Ethena and broke the savings-rate floor with sGHO, and a mint-multisig compromise produced the year's first material euro-stable depeg.
Last week the float moved to the venue. This week the federal plumbing that connects issuers to the dollar moved, too: an executive order, a Federal Reserve proposal, and a new Fed chair, all inside three days.
Open article