Ermin | Aegis

Last week was extremely good for jUSD. Average APY since launch is 8.9%. Reach out if you want to mint jUSD.

In the current market regime, jUSD continues to return stable returns. Last week 8%+ and this week is still above 5%.

Aegis is keeping its mandate to make sure everything is secure on-chain as well as off-chain. We will continue on collaborating with the leading auditing firms on smart contract and opsec side.

Aegis is safe. Full transparency as always 👇

8/ Institutional LPs have been stuck in these funds for years. Can't exit. Getting half the returns they were promised. Marks nobody can verify. Now the same assets are being packaged for crypto markets. That's not democratization of finance. That's a distribution problem being solved at your expense. So the real question — can crypto actually fix this, or is it just a better-looking wrapper?

7/ So back to tokenization. The pitch is: "these assets are finally liquid and accessible to everyone, on-chain." But tokenization doesn't make a Level 3 asset less illiquid. It doesn't make an unverifiable NAV more real. It doesn't fix gated redemptions. It just finds a new buyer.

1/ Crypto is going all-in on tokenizing private credit and private equity. BlackRock, Apollo, KKR, Franklin Templeton — everyone's building on-chain wrappers for these assets. Before you ape in, you should understand what's actually inside. 🧵

Fewer people in Cannes this year. The ones who showed up were worth the trip. Was at @EthCC, @Vault__Summit and @stable_summit. Finished 3rd in their pitch competition. Projects are cutting costs and budgets. The market is in real bear mode. Only teams that survived previous downturns were visible. The curation side has consolidated around large institutions. Smaller curators are struggling after what happened with Stream Finance, Elixir and Resolv. The incidents made clear that auditing positions recorded to a blockchain is not sufficient. Off-chain audit and operational security are gaining real momentum. Teams are slowing growth to focus on risk. Capital allocators have not changed their expectations. They still require 10-13%+ fixed yield denominated in USDC. Most stablecoin projects are meeting that demand by spending raised capital, treasuries or native tokens to subsidize borrowing. That model has a known endpoint. The builder cohort gave me confidence. More projects than expected are treating native Bitcoin usability as core infrastructure. At Aegis we have built for this environment from the start. Aegis holds verifiable reserves, uses delta-neutral collateral and does not depend on incentive programs to sustain the model. The next twelve months will show which protocols can operate without them. See you at the next one.

Heading to Cannes for @stable_summit, @EthCC and @Vault__Summit, Mar 27 – Apr 1. If you're around, let's connect.

The industry keeps learning the same lesson. Real-time, verified reserves exist precisely for moments like this.

The stablecoin conversation is shifting from supply to sustainability. How yield is generated, where collateral sits, and who can verify it. See you in Cannes!

@Crypt0Panda @0xairtx We use third-party oracles like Chainlink for USDC/USD/USDT price with fallback mechanisms

@ErminSharich @0xairtx How do you verify the mint transaction? Do you run your own node of the chain to verify cryptographically or you trust an API ?

Resolv USR was exploited today. The attacker minted tokens without depositing matching collateral. The mechanism appears to have allowed supply creation independently of verified backing. This is the first major exploit in delta-neutral stablecoins this year. The failure mode is specific: validation between collateral and minted supply. Aegis uses rigorous on-chain checks to prevent uncollateralized minting. On top of all we use Proof of reserves updates in real time via @AccountableData at aegis.accountable.capital. Some will say delta-neutral stablecoins are risky. The better response is asking which validation mechanisms failed and why. The next 12 months will separate protocols with daily verifiable proof of reserves from those without it.

@0xairtx We trust oracles for price discovery at the time of mint - which means there is no “off-chain signer” that can mint uncollateralized amount of YUSD. Mint is always 1:1 collateralized

@ErminSharich Great info Ermin. Could you explain more what onchain tests mean? You mean you just don't trust a single API controlled by the team?