Negative Rates, Nexon Buys Bitcoin and ETH

Get your weekend macro fix with Blockworks’ own Mike Ippolito and Tyler Neville.

May 3, 2021 09:50 am

In the weekly roundup episode of Blockworks’ podcast “On the Margin,” Michael Ippolito, co-founder, sits down with Senior Editor Tyler Neville to talk about the news in macro, including: rates on one-month issued US treasuries turning negative, Japanese gaming company Nexon buying $100 million in Bitcoin, ETH‘s run, and Germany embracing crypto.

“On the Margin” is a two-part show. Once a week, Mike interviews industry experts, and then at the end of the week he is joined by co-host Tyler Neville where they break down the top crypto and macro stories. Episodes go live every Wednesday and Saturday morning.

Subscribe to “On the Margin” today on Apple or Spotify, or watch the episode on YouTube.

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Putting a Premium on Stability

Under current market conditions, stablecoins are paying compelling risk premiums multiples higher than the risk-free rate. Elevated premiums present a highly positive context for continued growth in the aggregate stablecoin supply and new inflows coming into the market to capture this elevated carry. Onchain money markets stand as primary beneficiaries of these market conditions and a forward outlook of a growing stablecoin supply. Similarly, Pendle’s PTs across a number of assets can provide attractive instruments to hedge variance and lock in a compelling fixed yield.

by Luke Leasure