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Joined June 2024
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Stablecoins made dollars programmable.
DeFi made liquidity programmable.
Perena Vaults make risk programmable.
Read the full V2 whitepaper 👇
perena.gitbook.io/perena/pro…
Last week in macro👀
What moved in rates and stablecoin regulation.
1️⃣ 94 of 100 economists in a Reuters poll expect the Fed to hold rates at 3.75%–4.00% on Wednesday. Almost all of them see a hike in December.
2️⃣ Long rates eased. The 10-year went from 5.15% on Monday to 5.00% on Friday. 2-year: 4.69%. 3-month: 4.22%.
3️⃣ The OCC published the first final US stablecoin rule under the GENIUS Act on October 21. It takes effect on January 18, 2027, for domestic and foreign issuers and for banks that hold stablecoin reserves.
4️⃣ JPM Coin is now live on Ethereum mainnet, next to Base. Institutional clients only.
5️⃣ HSBC's RedCoin, a Hong Kong dollar stablecoin, started rolling out to more than 3.3 million PayMe users on Friday. HK$80.58 million was in circulation on day one.
Anything we missed this week?
An opportunistic investment firm and early lender in media, renewables and digital assets is bringing its credit experience to Solana.
@forestroadvault has chosen Perena to launch sUSD-FR, its first Solana vault.
Private-market investments can tie up capital for years. A Solana vault turns the investment position into a token that can be transferred and, where supported, traded or pledged as collateral to borrow against it. Investors can put an income-generating position to further use without waiting for the underlying loans to mature. Trading liquidity and borrowing depend on available markets and integrations. Transfers are limited to eligible non-U.S. persons.
For Solana, this brings an established specialty lender and new sources of credit exposure into the ecosystem. For Forest Road, it opens a distribution channel to stablecoin investors.
Perena connects the two.
Explore sUSD-FR, powered by Perena’s Vault as a Service.
app.perena.org/vault/JBmJMnn…
forestroadvault.com
“Forest Road” refers to The Forest Road Company, LLC and its affiliates. For informational purposes only; not investment, legal, tax or financial advice. Available only to eligible non-U.S. investors in permitted non-U.S. jurisdictions, subject to onboarding and applicable offering terms. Not an offer in the U.S. or to U.S. persons. sUSD-FR is not registered under U.S. securities laws and may not be offered, sold or transferred to U.S. persons, except, in each case, where duly approved and pursuant to an applicable exemption. This communication is not directed at, and should not be relied on by, persons in the United States or any other jurisdiction where its distribution would be unlawful. Sylva Advisors, LLC, an affiliate of The Forest Road Company, LLC and Forest Road Asset Management, LLC, serves as investment manager of the vault. Principal is at risk; yield and returns are not guaranteed. Past performance is not indicative of future results. Credit, liquidity, operational and smart-contract risks apply; redemptions may be delayed, gated or suspended. Trading and collateral use depend on applicable legal restrictions, market liquidity and supported integrations. Transfers are limited to eligible non-U.S. persons. Borrowing involves leverage and liquidation risk, which can occur rapidly and at unfavorable prices. Regulatory and tax treatment may vary by jurisdiction and is subject to change. Review the offering documents and risk disclosures before investing: forestroadvault.com/risk
A tokenized stock can track the right price and still give you very different rights from the underlying share.
We sat down with @ZKZeroKnowledge and @austincampbell to discuss a simple question: what do you actually own, and how do you get it out?
A token might represent a company share recorded on a blockchain, an interest in securities held by a custodian, or a derivative linked to the stock price. Similar exposure can come with different voting rights, counterparties and recovery arrangements.
Take PAXG, the gold token discussed in the podcast.
The token moves; the bar stays in a London vault. Each token traces back to the serial number of a specific bar. The investment depends on the legal claim connecting the two, the custodian holding the metal and the conditions for redemption.
Self-custody changes part of this. Holding the token in your own wallet can give you greater control over transfers. Access to the underlying asset still depends on its legal and operational arrangements.
For an investor, those details affect valuation. A token that can be converted into the underlying asset has a different exit mechanism from one whose holder depends entirely on finding another buyer.
Consider a hypothetical $100,000 position. A 2% discount when selling costs $2,000, equivalent to six months of simple income at 4% annually. Redemption has its own fees, but it gives the holder an exit that does not depend on finding a buyer.
Watch the full episode here - But Why? Tokens | Ep. 3
youtube.com/watch?v=3tmfggH-…
Last week in macro 👀
What moved in rates and stablecoin regulation last week.
1️⃣ The Fed isn't done tightening. Minutes from the September meeting, released last week, show most participants still expect another rate hike before year-end, if the data allows.
2️⃣ Inflation risks still lean up. Energy prices, geopolitical disruption and heavy AI investment are all keeping pressure on prices.
3️⃣ Short-term yields ticked up. The three-month Treasury went from 4.23% to 4.26% between Thursday and Tuesday. The ten-year barely moved, from 5.22% to 5.21%.
4️⃣ The stablecoin market is a dollar market. The FSB puts it at about $300 billion as of mid-2026, and 99% of it is pegged to the dollar.
5️⃣ Regulators are watching redemptions. In the FSB's view, large withdrawals could spread stress through reserve sales, bank funding and cross-border links.
6️⃣ ESMA is closing the door on non-MiCA stablecoins. Authorised EU providers should stop offering access to them, clear legacy exposure within three months, and keep only limited wind-down services.
An intense week on both sides of the Atlantic.
Don't open the charts, take a one way flight while compounding.
ALT painting of a mediterranean coastline at sunset framed by pink flowers
Perena retweeted
If you’re tokenizing stock:
Are you buying Nvidia?
Are you buying an Nvidia receipt?
Rates stay high, hidden stress builds in private credit, and Solana liquidity thins. Here is how we are repositioning the USD* book.
HYPE has been one of the best performing assets in crypto over the past few years.
It’s the token behind Hyperliquid, the largest onchain perp exchange, and nearly all of the exchange’s fees go into buying it back.
So today, in partnership with @kestrelfi, we’re introducing HYPE*.
A yield-bearing asset that keeps your exposure to the token, with returns accruing into the redemption rate.
New one in the garden, already reaching for the sun.
HYPERLIQUIDDDDD
Perena retweeted
Enter the garden with @perena 🌸
A 3-month, 10% fixed APY is now live on USD*, Perena's yield-bearing dollar on @solana.
Start growing: app.liquidity.land/project/P…
You can now enter the garden on @Liquidity_Land 🌸
10% fixed APY on USD* for 3 months
No guessing what next week’s APY looks like
Enter the garden with @perena 🌸
A 3-month, 10% fixed APY is now live on USD*, Perena's yield-bearing dollar on @solana.
Start growing: app.liquidity.land/project/P…