Stablecoins made dollars programmable. DeFi made liquidity programmable. Perena Vaults make risk programmable. Read the full V2 whitepaper 👇 perena.gitbook.io/perena/pro…

What happened last week? 1️⃣ Binance was hacked for about $6.3 billion One compromised engineer’s laptop was enough to drain hot wallets on six networks, and investigators think it was North Korea’s Lazarus Group. Tether and Circle froze around $2.4 billion of the stolen stablecoins within hours. Binance says it has replaced about 95% of the losses. 2️⃣ The Fed held rates at 3.75% to 4% Two members still voted for a hike. September inflation came in at 3.6% the next day, and markets now price an 85% chance of a hike in December. 3️⃣ Standard Chartered launched tokenized deposits in Hong Kong. Corporate clients can now move bank deposits to each other at any hour through the HKMA’s EnsembleTX system, and the money never leaves the bank’s balance sheet. 4️⃣ The NYSE brought in Broadridge, Computershare and Equiniti for its tokenized stock platform These are the firms that keep the official record of who owns shares in almost every S&P 500 company. The platform still needs regulatory approval. 5️⃣ Tokenized real-world assets on Solana hit a record $5.19 billion About $900 million came in over the last 30 days. Breakpoint is in London from 15 to 17 November. 6️⃣ Fifty companies have refused to let OKX and ICE tokenize their shares An SEC exemption lets a company block a third party from issuing tokens of its stock, and Nvidia, Costco and Nike used it last week. JPMorgan said it isn’t against tokenization, it just wants a say in how its shares are represented. Fifty companies have said no to OKX and ICE so far. Would you buy a tokenized share the company itself didn’t approve?

What does "delta neutral" mean?

Perena.org domain is currently safe to use. We are in communication with @blockaid_ and @SIRN_org. Stay safe out there.

The shop is the instinctive answer, and in a normal loan it would be right. In a well-structured receivables deal, it's the U.S. Navy. The shop has already delivered its parts and is waiting to be paid. Instead of lending against the shop's promise to repay, the fund buys the invoice outright, checks it with the Navy, and arranges for the Navy to pay the fund directly when it's due. The money never passes through the shop. So the yield is priced off a small supplier, and the cash comes from the Navy, which is a much stronger payer. This is what call Credit Risk Arbitrage - investors can generate high yield like returns while taking investment grade or sovereign level counterparty risk. This is how the credit managers behind USD* structure their trade receivables, and is why we've decided to add these specific managers to portfolios. Two positions can pay the same yield, but carry very different credit risk. The difference is in the underlying assets, the legal claim, how repayment reaches the lender and who takes the first losses. We go through all of that for USD* holders before deciding where to allocate.

.@perena is not impacted by the Binance hack. Our partners with exposure to Binance de-risked their books on Binance, are positioned for heightened volatility, and are in profit on the day.

Institutions know how to buy yield. The open question is whether on-chain vaults become the way they access it. Discussing it at DAFNY: Ryan Marcante (SEI), David Siemer (@wavedigital_), Anna Yuan (@gizmothegizzer @perena), Seth Hallem (@Sethhallem @smartstrat) and Alexis Jonhson (@PulchraMens @LightNodeVent). Join them at New York on 13 November: eblockchainconvention.com/di…

Before an institution allocates to an onchain asset, it needs to know where that asset will be held. For most funds and treasuries, self-custody is not an option, so the choice of custodian often comes before the choice of yield. BitGo is one of the custodians they use most. Founded in 2013, the company pioneered the multi-signature wallet, which became a security standard for digital assets. It holds around $100 billion in assets for institutional clients. BitGo now supports USD* for deposits, custody and withdrawals. Funds that already hold assets with BitGo can manage USD* from the same wallets, under the same controls they use for the rest of their portfolio.

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?

Sunday poll (It's back!!) A fund lends $1m to a small sheet metal shop that supplies the U.S. Navy. Who pays the fund back?

See you on the otherside app.perena.org/earn

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.