Andy

[Report] Digital Asset Treasury: From Premium to Multiple Digital Asset Treasury companies are publicly listed firms that hold digital assets such as Bitcoin as core assets on their balance sheets, while engaging in capital raising and revenue generation. Originating with Strategy, the model has recently expanded to include diverse cases such as Metaplanet and DeFi Development. • The Archetype of Premium: Strategy’s NAV premium stems from its relatively high accessibility and volatility compared to its underlying assets. Through additional capital raising, it established a financial engineering flywheel that actively capitalizes on this premium. • Expansion and Differentiation: Metaplanet has adopted a rapid BTC accumulation strategy driven by reliance on specific external capital. Meanwhile, Sol Strategies and DeFi Development have differentiated themselves as operational DATs by monetizing through Solana staking and DeFi integrations. • Multifaceted Risks: The DAT model contains inherent structural vulnerabilities, including premium collapse (structural risk), dependence on underlying asset prices (market risk), and debt repayment pressure (financial risk). These risks become amplified during bear markets, leading to potential downward spirals. • Challenges for Sustainability: Mere asset accumulation is only the initial step toward securing working capital for business operations. To build sustainable market presence, DATs must engage in active asset management or develop new business strategies utilizing digital assets. On-chain and off-chain monetization models, along with platform-based businesses, are essential for converting temporary premiums into sustainable market multiples. The full report "Digital Asset Treasury: From Premium to Multiple" written by @Earl_Senor and @Touslesjours_70 can be accessed through the links below⤵️ ENG: research.despread.io/digital… KOR: research.despread.io/ko/digi… JPN: research.despread.io/ja/digi…

[Report] A Strategic Framework for the Coexistence of the Three Pillars of Digital Currency This report aims to analyze the global issuance and circulation mechanisms of digital assets that claim to function as legal tender, and to propose regulatory directions and growth strategies that should be adopted by Korean policymakers and industry stakeholders. Readers in other jurisdictions are encouraged to interpret the findings within the context of their own regulatory environments. Key Points - CBDCs and stablecoins are not substitutes but complements, reflecting the traditional dual structure of central bank money and commercial bank money in a digital context. - Bank-issued stablecoins are optimized for wholesale settlement and institutional trust, while non-bank stablecoins serve retail economies and Web3 ecosystems—together forming a parallel framework. - As demonstrated by initiatives like Project Agorá, CBDCs are essential for cross-border settlement due to their legal finality, protection of monetary sovereignty, and governance neutrality. - To balance monetary sovereignty with innovation, Korea should pursue a dual-track approach: allowing non-bank stablecoin experiments within regulatory sandboxes, while promoting institutional stablecoins led by commercial banks. The full report "A Strategic Framework for the Coexistence of the Three Pillars of Digital Currency" written by DeSpread Head of Strategy @Earl_Senor can be accessed through the links below⤵️ ENG: research.despread.io/cbdc-st… KOR: research.despread.io/ko/cbdc… JPN: research.despread.io/ja/cbdc… ZH: research.despread.io/zh/cbdc…

Happy to roll out the HypurrCorea: @SKYGG_Official x @DeSpreadTeam Staking Dashboard! Stake $HYPE and get ticket point for the upcoming lottery! Hyperliquid. hypurrcorea.com/dashboard