Vlad Shurupov

Particula has upgraded the rating* of the Delta Wellington Ultra Short Treasury On-Chain Fund ($ULTRA) token from AA+ to AAA as of September 14, 2025. 📊 The $ULTRA token represents interests in the Delta Wellington Ultra Short Treasury On-Chain Fund, a sub-fund established under Singapore law and structured to be bankruptcy‑remote within the Delta Master Trust. The upgrade reflects scaled institutional adoption and improved secondary-market access, enhanced distribution and execution infrastructure, as well as governance measures that collectively strengthen liquidity, transparency, and operational resilience. In parallel, the recent multi-chain deployment enhances the token’s accessibility and interoperability across the broader Decentralized Finance (DeFi) ecosystem. -- Personally said, it is interesting to observe how different product structures as well as the distribution channels are evolving and opening up in the digital asset market. If you want to read the whole rating action then follow the link in the comment section. 🔎 _______________________ *𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘢𝘯𝘢𝘭𝘺𝘴𝘦𝘴 𝘳𝘦𝘭𝘢𝘵𝘦𝘥 𝘵𝘰 𝘤𝘳𝘺𝘱𝘵𝘰 𝘷𝘢𝘭𝘶𝘦𝘴, 𝘤𝘳𝘺𝘱𝘵𝘰 𝘵𝘰𝘬𝘦𝘯𝘴, 𝘢𝘯𝘥 𝘰𝘵𝘩𝘦𝘳 𝘥𝘪𝘨𝘪𝘵𝘢𝘭 𝘢𝘴𝘴𝘦𝘵𝘴 (“𝘋𝘪𝘨𝘪𝘵𝘢𝘭 𝘈𝘴𝘴𝘦𝘵𝘴“) 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘣𝘺 𝘗𝘢𝘳𝘵𝘪𝘤𝘶𝘭𝘢 𝘎𝘮𝘣𝘏 (“𝘗𝘢𝘳𝘵𝘪𝘤𝘶𝘭𝘢“) 𝘢𝘳𝘦 𝘦𝘹𝘤𝘭𝘶𝘴𝘪𝘷𝘦𝘭𝘺 𝘮𝘢𝘥𝘦 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘵𝘰 𝘦𝘯𝘵𝘳𝘦𝘱𝘳𝘦𝘯𝘦𝘶𝘳𝘴 𝘸𝘪𝘵𝘩𝘪𝘯 𝘵𝘩𝘦 𝘮𝘦𝘢𝘯𝘪𝘯𝘨 𝘰𝘧 § 14 𝘉𝘎𝘉 𝘢𝘯𝘥 𝘢𝘳𝘦 𝘪𝘯𝘵𝘦𝘯𝘥𝘦𝘥 𝘴𝘰𝘭𝘦𝘭𝘺 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴. 𝘛𝘩𝘦 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘢𝘯𝘢𝘭𝘺𝘴𝘦𝘴 𝘥𝘰 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘢 𝘳𝘢𝘵𝘪𝘯𝘨 𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘈𝘳𝘵. 3 𝘱𝘢𝘳𝘢. 1 𝘭𝘪𝘵. 𝘢) 𝘰𝘧 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯 𝘌𝘎/1060/2009 (“𝘙𝘢𝘵𝘪𝘯𝘨 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯“). 𝘈 𝘤𝘳𝘦𝘥𝘪𝘵𝘸𝘰𝘳𝘵𝘩𝘪𝘯𝘦𝘴𝘴 𝘢𝘴𝘴𝘦𝘴𝘴𝘮𝘦𝘯𝘵 𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘈𝘳𝘵. 3 𝘱𝘢𝘳𝘢. 1 𝘭𝘪𝘵. 𝘢) 𝘰𝘧 𝘵𝘩𝘦 𝘙𝘢𝘵𝘪𝘯𝘨 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯, 𝘦𝘷𝘢𝘭𝘶𝘢𝘵𝘪𝘯𝘨 𝘵𝘩𝘦 𝘪𝘴𝘴𝘶𝘦𝘳’𝘴 𝘤𝘳𝘦𝘥𝘪𝘵𝘸𝘰𝘳𝘵𝘩𝘪𝘯𝘦𝘴𝘴, 𝘪𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘭𝘺 𝘯𝘰𝘵 𝘱𝘢𝘳𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘢𝘯𝘢𝘭𝘺𝘴𝘪𝘴.

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A clear leader is emerging. Ethereum has shifted from speculation to a powerhouse in institutional finance thanks to its dominance in stablecoins and tokenized real-world assets (RWAs). Stablecoins built on Ethereum now make up over half of the market and the RWA space has grown 413% since early 2023 (~$5.2B → ~$26.7B), driven by big names like BlackRock, Franklin Templeton and others.

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This isn’t just another stablecoin initiative. Ant International wants to rewrite the rules by embedding stablecoins into the global financial infrastructure instead of just floating them on crypto markets. 𝗪𝗵𝗮𝘁 𝘄𝗮𝘀 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗱? At Reuters NEXT APAC 2025, Ant International said it’s exploring stablecoin licenses - but not to list tokens on exchanges. Ant is introducing a new paradigm that treats stablecoins as programmable infrastructure for payments and treasury, meaning that they can execute logic: trigger payments, convert currencies, or enforce rules automatically. Examples: - Instant FX: Stablecoins can convert currencies during transactions, cutting out intermediaries and reducing costs. - Conditional payments: Smart contracts release funds only when terms are met (e.g. on delivery). - Real-time liquidity: Stablecoin balances can move instantly across markets to optimize capital. - Embedded compliance: KYC and transaction rules are coded into the token - reducing manual steps and risk. 𝗛𝗼𝘄 𝗶𝘀 𝘁𝗵𝗶𝘀 𝗰𝗵𝗮𝗻𝗴𝗶𝗻𝗴 𝘁𝗵𝗲 𝗴𝗮𝗺𝗲? Most stablecoins today are crypto-native: - Built for trading and DeFi - Monetized through interest on reserves - Often operate in lightly regulated environments Ant’s approach flips that: - Built for regulated global commerce - Focused on payments, liquidity, and treasury - Monetized through real transaction flows, not passive float - Integrated into enterprise-scale financial infrastructure   𝗪𝗵𝘆 𝗱𝗼𝗲𝘀 𝗶𝘁 𝗺𝗮𝗸𝗲 𝘀𝗲𝗻𝘀𝗲? - Ant processes over $1 trillion in global payments annually, with a third already moving on blockchain via tokenized bank deposits. - It’s taking a licensing-first approach, working with regulators to align with financial frameworks. - Through existing payment corridors, Ant connects with hundreds of banks, wallets, and providers across Asia and beyond - enabling immediate reach for stablecoin services. - Ant owns the payment stack, so it can embed stablecoins natively into how money moves - not just layer them on top. - Ant sees stablecoins as infrastructure for automating how money moves globally - cutting out batch processes, unlocking 24/7 liquidity, and reducing reliance on legacy rails. 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗶𝗺𝗽𝗮𝗰𝘁: - From passive store-of-value instruments to active tools for automating payments, FX, and liquidity - From interest-based models to revenue from real transaction activity - From isolated pilots to full integration in enterprise infrastructure Ant’s model is a blueprint for how large fintechs can enter the space - not by replicating crypto strategies, but by integrating stablecoins into high-scale financial operations. Opinions: my own 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐭𝐨 𝐦𝐲 𝐧𝐞𝐰𝐬𝐥𝐞𝐭𝐭𝐞𝐫: https://lnkd.in/dkqhnxdg

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The #Genius Act: Financial Innovation or Strategic Power Play? With the recent signing of the Genius Act, the U.S. has entered a new phase in the evolution of digital finance. For the first time, USD #stablecoins are subject to a clear federal framework, a long-awaited milestone for crypto legitimacy. But while the headlines speak of “clarity” and “innovation,” a much deeper and more strategic shift is underway. Stablecoins, once seen as a niche crypto tool, have become essential #infrastructure for global #payments, #DeFi applications, and financial access in developing markets. They offer digital dollar liquidity where traditional #banking fails, enabling fast, cheap, and stable cross-border transactions. But the Genius Act changes the game: ✅ Stablecoins must now be fully backed by cash or short-term U.S. Treasuries ⛔ Interest payments to end users are explicitly forbidden The result? Yield-bearing stablecoins, a key DeFi innovation, lose their main attraction. Instead of competing with banks, stablecoins now become extensions of U.S. debt management. Welcome to what observers are calling the “Mar-a-Lago Accord”: an implicit pact that channels global demand for digital dollars into zero-yield capital flows into the U.S. Treasury. In this model, international users fund U.S. debt, not through bond markets paying interest abroad, but through stablecoin reserves held domestically. A brilliant twist: the U.S. still pays interest, but it stays within U.S. institutions rather than flowing out. This is not just clever monetary design, it’s monetary geopolitics. If USD stablecoins continue to gain traction in the Global South, they could cement the dollar’s dominance for decades to come, without the traditional costs of global reserve currency status. What’s particularly striking: responsibility for stablecoin oversight has shifted away from the Federal Reserve toward the U.S. Treasury, the very institution that stands to benefit most from increased demand for short-term government debt. This creates a clear conflict of interest: the regulator is now also the main financial beneficiary. Risks: Systemic fragility, if confidence in one major stablecoin fails, the shock could hit both crypto and traditional bond markets alike. The big picture: The Genius Act doesn’t liberate digital finance, it subtly turns stablecoins into a geopolitical tool and a domestic refinancing engine. Whether it’s financial genius or monetary overreach remains to be seen. But one thing is clear: America is once again rewriting the rules of global finance. Europe should take note. The full article (in German) can be found in my newest column at Payment & Banking - PBA Experts GmbH. Link in the comments.

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🚨 Breaking Australian digital asset regulatory news...again The stablecoins are coming! Australia’s proposed Payment Systems Modernisation Bill has been released. It takes another major step toward recognising stablecoins as part of the mainstream financial system. The draft law introduces a new concept called a “tokenised stored value facility” effectively, a framework for fiat-backed stablecoins. It puts them under ASIC’s licensing regime and brings large issuers into APRA’s prudential perimeter once they pass a key financial threshold. In plain terms, this moves stablecoins from the grey zone into the regulated payments ecosystem. This is a significant evolution. Cue the TradFi stampede 🐘 🐘 🐘 🐘 🐘 🐘 🐘 🐘 More information can be found here -> https://lnkd.in/gbsr796N Explanatory Memorandum below. Submissions close on 6th November.

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Stablecoins deliver near instant settlement and offer obvious utility across three verticals: payments, trading and collateral. The collateral use case is under discussed--especially for derivatives. Variation margin (VM) is "cash" collateral that moves throughout the system daily to reflect mark to market and balance risk. Losers pay the winners. The size of these cashflows can be humungous--depending on market conditions. But, traditional collateral calls and batches are slow and clunky--exposing intermediaries to unsecured risk. Sometimes, it takes days to settle VM. Weekend stresses are particularly scary--as crypto markets rebalance, traditional markets wait. If not immediately addressed, this basis will likely cause the next systemic stress. So today, more collateral must be locked up as initial margin. This reduces capital efficiency. Now that we have regulated stablecoins coming into the system, it's time for the U.S. Commodity Futures Trading Commission to start thinking about allowing fully backed stablecoins to serve as variation margin. This is an important step in closing the gap. Done right, swifter VM settlement/risk rebalancing will reduce systemic risk and enhance capital efficiency. Critics will worry about "depeg" risk. GENIUS should mitigate some of this risk. But as long as we have fractional banking, and uninsured deposits sit at banks-- this risk remains. So, what's the solution? Create a special class of stablecoins that are not exposed to bank counterparty risk? Further regulate banks to mitigate bank counterparty risk for stablecoin reserves? I'm eager for thoughts here.

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Two weeks ago, Monero, the privacy-focused blockchain, supposedly faced a 51% attack. A company called Qubic incentivized miners to join their pool, calling it a Monero "stress test." With over half of the hashrate allegedly under their control, Monero experienced several chain reorganizations, including a 6-block rollback, which basically means that confirmed transactions were invalidated and replaced, undermining the trust that the network’s finality is built on. A 51% attack is not a theoretical risk. It strikes at the core of blockchain security. It enables double-spending, censorship of transactions, and full reordering of blocks. For any blockchain aiming at institutional use cases, mining pool concentration is the ultimate red flag. This is why governance matters. Without clear rules of play and enforceable mechanisms, blockchain networks remain vulnerable to both hostile and "experimenting" actors. Serious adoption requires more than technology; it requires structured governance that binds ecosystem participants to rules and prevents existential threats and marketing stunts. Monero has a market capitalization of ~5B USD. Other popular networks like Polygon even less (~2,5B USD). This is important because market cap relates to resilience. I hope you can now see why Basel III stresses risk assessment of the underlying infrastructure. Blockchain is infrastructure too. Regulated financial institutions cannot ignore this homework if they want to scale beyond pilots. (Sources: CoinDesk, Cointelegraph)

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The global rise of dollar-backed stablecoins has become more than a technological trend - with over $250Bn now in circulation, and projections soaring to $3.7Trn by 2030, this is no longer a fringe experiment. It’s the remapping of monetary infrastructure in real-time. But behind the headline legislative tussles and regulatory recalibrations is a more nuanced conversation; one about sovereignty, trust, and systems’ design. The dilemma central banks face today is not simply #ToEmbrace x #ToBlock. It’s about architecting a future that doesn't just digitise value, but also protects the social contract embedded in money itself. Here’s where Dubai’s (and the UAE’s) approach become especially compelling. While global powers debate frameworks, the Emirates have invested in building them thoughtfully, iteratively, and with a future-focused lens. The first-of-its-kind enablement of Real World Asset tokenisation through VARA, the Central Bank of the UAE’s Financial Infrastructure Transformation (FIT) programme with the upcoming CBDC pilot are proof points of a State that is committed to ‘democratisation of finance’ -  ensuring that public money, private innovation, and regulatory clarity evolve in sync. We’re at an inflection point - witnessing the emergence of stablecoins not simply as financial instruments, but as programmable economic units… not simply a fringe experiment but as one capable of unlocking new cross-border efficiencies, reducing remittance costs, and expanding financial inclusion. The next step - ensuring frameworks keep pace with exponential innovation, where we don’t just regulate risk; we enable trust at scale. #DigitalAssets #Stablecoins #FinancialInfrastructure #UAEVision #VARA #ProgrammableFinance #RegulatoryInnovation #DigitalDirham #PublicPrivatePartnership #GlobalFinance #Web3Policy #TrustByDesign https://lnkd.in/dCqBaqpf

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DB & Nethermind - From Wallet to Chain This joint whitepaper by Nethermind and Deutsche Bank bridges blockchain’s decentralization ethos with the regulated industry’s need for clarity in addressing shared challenges including fraud, inefficiencies, and mistrust. Using Ethereum as a reference public chain, it examines how blockchain attributes can align with compliance, governance, and operational resilience standards expected in regulated financial markets. Ethereum’s core principles include decentralization and resistance to censorship, collusion, and dominance which are essential elements of its operational resilience in a trustless public environment. These approaches should be viewed as complementary to, rather than opposing, traditional regulatory goals like market integrity and governance. Both worlds ultimately aim to create healthy, vibrant markets that serve users effectively. While their methods differ, they share similar objectives and visions of fairness.

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