Welcome to our institutional newsletter, Crypto Long & Short. This week:

• Alec Beckman on why BTC-backed lending is not a crypto story, but a capital efficiency story.
• Serena Sebastiani on how stablecoins aren’t a crypto product; they’re becoming the settlement infrastructure global finance forgot.
• Top headlines institutions should pay attention to by Francisco Rodrigues.
• “Ethena’s Solana lending markets cross $1B in 4 days” in Chart of the Week.

Thanks for joining us!

-Alexandra Levis

Expert Insights

Bitcoin-backed loans belong in the cost-of-capital conversation

By Alec Beckman, VP of the Americas, Psalion

The argument is not about whether to buy bitcoin or not. It is for advisors, real estate investors, small business owners and…