Editorial Hello:
I’m afraid events over the weekend in Poland derailed my ability to attend to my vibe-coding errors.
The big news today is that the CFTC has signalled that registered US venues may be able to list perpetual futures on individual stocks, potentially importing a crypto-native derivatives structure into supervised American markets. The move points to a potentially important shift in market design, leverage and clearing, that The Peg has been predicting for a long time.
Meanwhile, tokenisation activity in Switzerland continues to broaden beyond dollar-linked instruments. Safirum, a Zug-based fintech, has launched CHF-S, a permissioned Swiss franc stablecoin on Solana in which only identified users may hold the token and only institutional investors may issue it. Having spoken with one of Frankencoin’s founders this summer, I am aware of the challenges of operating a Swiss Franc stablecoin. We’ll have more on that shortly.
Another emerging theme is growing recognition in the academic and central banking space that stablecoins do not necessarily generate cost savings in their own right, but rather transfer costs elsewhere. This is arguably the equivalent of sweeping the dirt under the carpet and hoping nobody notices. Moreover, the real-time nature of these systems increases demand for settlement liquidity, something that is usually addressed with prefunding, adding even more expense.
