Category archive

Institutional

Regulation, custody, compliance, and topics. How institutions engage with and shape the crypto ecosystem.

Articles

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Investment Vehicles

Mar 30, 2026

What Is an Authorized Participant?

Learn what an authorized participant is, how APs create and redeem ETF shares, and why they are central to ETF pricing, liquidity, and market structure.

21 min read

Market Infrastructure

Mar 26, 2026

What is Reserve Income Monetization?

Learn what reserve income monetization is, how stablecoin issuers earn on reserve assets, and why redemption, risk, and regulation shape the model.

22 min read

Stablecoin Legislation

Mar 26, 2026

What is the Clarity Act?

Learn what the Clarity for Payment Stablecoins Act is, how it regulates stablecoin issuers, reserves, disclosures, and U.S. oversight.

26 min read

Stablecoin Legislation

Mar 22, 2026

What Is the GENIUS Act?

Learn what the GENIUS Act is, why it exists, and how it regulates U.S. payment stablecoin issuance, reserves, supervision, and compliance.

23 min read

Market Infrastructure

Mar 22, 2026

What Is Stablecoin Regulation?

Learn what stablecoin regulation is, why it exists, how reserve, redemption, custody, and systemic-risk rules work, and where the model breaks down.

22 min read

Market Infrastructure

Mar 22, 2026

What Is a Transfer Agent?

Learn what a transfer agent is, why securities markets need one, how it maintains issuer ownership records, and how the role is evolving with DRS and tokenization.

23 min read

Market Infrastructure

Mar 22, 2026

What Is a Futures Commission Merchant (FCM)?

Learn what a Futures Commission Merchant (FCM) is, why it exists, how it holds customer margin, and how it fits into clearing and market risk control.

22 min read

Investment Vehicles

Mar 22, 2026

What Is a Tokenized Money Market Fund?

Learn what tokenized money market funds are, how they work, why they matter for on-chain collateral, and the risks of this hybrid fund structure.

25 min read

Market Infrastructure

Mar 22, 2026

What is a Derivatives Clearing Organization (DCO)?

Learn what a Derivatives Clearing Organization (DCO) is, why it exists, and how margin, default waterfalls, and regulation make cleared derivatives work.

24 min read

Investment Vehicles

Mar 22, 2026

What is Real-World Assets (RWA)?

Learn what real-world assets (RWAs) are, how tokenized claims on off-chain assets work, why institutions use them, and where the model breaks down.

25 min read

Investment Vehicles

Mar 22, 2026

What Is a Spot Bitcoin ETF?

Learn what a spot Bitcoin ETF is, how it holds bitcoin, how creations and redemptions work, why it exists, and where it differs from owning BTC.

20 min read

Investment Vehicles

Mar 22, 2026

What is a Spot Ether ETF?

Learn what a spot Ether ETF is, how it holds ETH, how share creation and NAV work, why it exists, and the main tradeoffs versus owning ether directly.

28 min read