Lionel Sancenot

🔐 Hacken, Blockchain Security Auditor 𝗖𝗼𝗺𝗽𝗹𝗲𝘁𝗲𝘀 𝗦𝗺𝗮𝗿𝘁 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗔𝘂𝗱𝗶𝘁 𝗳𝗼𝗿 AllUnity’𝘀 𝗘𝗨𝗥𝗔𝗨 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻 We again proof our institutional approach. As a regulated European fintech advancing the launch of #EURAU, a fully compliant euro-denominated stablecoin, we recognize that robust infrastructure and rigorous audit standards are essential to building trust in the evolving digital finance landscape. 🧾 𝗔𝘂𝗱𝗶𝘁 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: ✔️ 0 critical findings ✔️ 0 high-severity issues ✔️ 0 medium-severity issues ✔️ All low/informational items acknowledged, with remediation underway 💬 Peter Grosskopf, CTO / COO, AllUnity “Partnering with Hacken for our smart contract audit reflects our commitment to the highest standards of on-chain security. Their independent review reinforces confidence in the integrity of our infrastructure.” 💬 Turgay Arda Usman , Smart Contract Auditor, Hacken "The audited AllUnity token leverages proxy patterns for upgradability and incorporates robust administrative controls, including a comprehensive transfer blacklisting mechanism. These features together significantly enhance both operational flexibility and compliance management." This milestone underscores AllUnity’s dedication to secure, transparent, and MiCAR-aligned infrastructure, paving the way for a scalable and trusted digital euro ecosystem. 📄 𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗮𝘂𝗱𝗶𝘁 𝗿𝗲𝗽𝗼𝗿𝘁: https://lnkd.in/eA3j6p7a 🔗 𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗺𝗲𝗻𝘁: https://lnkd.in/eRd3NNFM For marketing purposes only. No regulatory review or approval. EMTs redeemable at par anytime. Full White Paper: https://lnkd.in/ewZPvcA4

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🇫🇷 Societe Generale has chosen Bullish Europe to list its USD stablecoin. Why Europe and not the US? ↓ The USD CoinVertible (USDCV) went live on Ethereum and Solana in July, and although the GENIUS Act has passed Congress, full regulation is not yet in place, so it will be some time before the bank’s stablecoins are available to US residents. Its euro stablecoin, EURCV, was launched in 2023 and trades around €40 million ($47m) a day. If you want to know more about #USDCV and #EURCV, the slides go into more detail ⇣⇣ Ethereum Solana Foundation Societe Generale - FORGE

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🌍 The Stablecoin Revolution: Transforming Global Finance 2025 marks a turning point in the evolution of money. Stablecoins, once seen as niche crypto tools, are now emerging as critical infrastructure for global commerce. Key highlights from the Stablecoin Revolution report: 🔹 Regulatory Breakthrough – The U.S. GENIUS Act provides long-awaited clarity, fueling institutional adoption and sparking global regulatory convergence. 🔹 Market Transformation – With $625B in trading volume (May 2025) and projections of $1.6–3.7T by 2030, stablecoins are reshaping payment systems and cross-border flows. 🔹 The Silent War – USDC vs USDT isn’t just about market share; it’s a clash between compliance-driven trust and accessibility-driven momentum. 🔹 Traditional Finance Response – From JPMorgan’s deposit tokens to the Fiserv-PayPal partnership, established players are building hybrid models that merge stability with innovation. 🔹 Asia Leading Adoption – Singapore’s gold-standard regulation, Hong Kong’s licensing regime, and emerging market use cases (from Nigeria to Venezuela) show how stablecoins are becoming economic lifelines. The future of finance will be: 💠 Digital 💠 Global 💠 Powered by stablecoin and CBDC infrastructure The question isn’t if stablecoins will define tomorrow’s financial system—it’s who will lead their evolution.

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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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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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ETH staking update 🚨 Kiln validators exiting last week following a security incident involving its API has caused the unbonding period to spike to ~45 days (vs just a few days avg). This is the longest delay in ~2 yrs. What this means: • Liquidity risk is real — your staked ETH is stuck longer • Exit queue pressure growing • While this hasn't impacted on-chain liquidity, nor have we seen depegs, this impacts DATs and liquidity sleeves • Partners claiming their credit lines jumped from 50bps to 5%+ drag if you need liquidity Big moment for credit lines, LSTs & liquidity sleeves especially the DATs we've spoken to given their size https://lnkd.in/evQGNxXM

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