Bullish/Neutral for US Stablecoin Yields: The GENIUS Act’s ban on reserve rehypothecation structurally protects, rather than threatens, the core profitability of stablecoin issuers. By mandating reserves be held in yield-bearing safe-haven assets and explicitly prohibiting interest payouts to users, issuers legally capture 100% of the risk-free yield, securing their net interest margins. Bullish for EU Institutional Activity: The ECB’s formal endorsement of MiCA-compliant e

Executive Summary The week ending 1 August 2025 saw significant regulatory activity across the UK and the European Union, spanning...

Executive Summary On July 16, 2025, the European Central Bank (ECB) published its final guide for banks on outsourcing cloud services....