Digital Assets Correspondent
Naomi Feld covers digital assets as a market rather than a movement, tracking custody, settlement, stablecoin reserves and where institutional money actually sits. She spent five years in post-trade operations at a clearing firm and two more at a digital asset custody startup before turning to reporting. She treats on-chain data as a source to be verified, not a source of truth.
Adjusted monthly settlement volume has close to doubled in a year, concentrated in a handful of payment corridors where correspondent banking is slow and expensive. The incumbent response has stopped being dismissal.
Reserve pools backing dollar stablecoins hold an estimated $214bn of bills and overnight repo, concentrated inside three months. That is now large enough to be visible at the front end of the curve.
Accepting a tokenised fund share as initial margin forces a clearing house to answer questions about finality and custody that nobody ever had to ask of a Treasury bill. Three venues have now answered them.
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