Sébastien Derivaux

1/ Introducing the Crypto Banking System, a roadmap to bring DeFi to be a challenger to TradFi cryptobanking.network/the-crypto-ban…

Super excited to be speaking at the marvelous @rwasummit in 2 weeks. See you in Cannes

.@blockworksDAS always has been my favorite main conference.

@DeFi_Dad @ethereumfndn @SteakhouseFi @Morpho They deposited in the V1 and V2 vault. Not much difference for now, and we will support both going forward. V2 might be a better fit for most tho.

Pretty sure the @ethereumfndn deposited ETH into this @SteakhouseFi vault. You can earn in a vault good enough for EF, here on @Morpho: app.morpho.org/ethereum/vault…

@ad_git @0xfluid @Morpho @SteakhouseFi @aave @sparkdotfi I mean it’s not the same risk profile of @SteakhouseFi USDC. Let’s comparé with @SteakhouseFi USDC term in one year

Backtested Fluid Lite USD against the most trusted stablecoin yield venues across the defi industry - @0xfluid USDC - @Morpho @SteakhouseFi USDC - @aave v3 USDC - @sparkdotfi Savings USDC for the past year, Lite USD would have yielded a baseline stable 6.18% and outperformed all its competitors - providing reliable high yield even in the most bearish environments. Just deposit into fluid.io/lite and Stay Fluid 🌊

@RwaLlama @MorphoLabs @Securitize "Could" but we have months of data now to have a truth. Haven’t checked if there was such kind of usage tbf. I would bet none or at least nothing material for lenders.

looking at it from a carry perspective you’re 💯, but the use case isn’t yield optimization. For some players (MMs, desks), BUIDL as collateral could work more like a repo-style facility: – keep yield-bearing exposure – access short-term liquidity when needed (weekends, spikes, settlement gaps) – avoid unwinding positions or holding large idle stable balances Aave Horizon could work there

The RWA market hit $25B. Good news. Now here's the bad news: 88% of it can't touch DeFi. The compliance architecture that made institutional adoption possible is the same thing blocking DeFi composability. Here's what's blocking it and where the solutions are converging. 🦙🔍

@RwaLlama @Emmett_ @CantonNetwork @jpmorgan I love the irony that @CantonNetwork USDC lives on @ethereum .

@SebVentures @Emmett_ @CantonNetwork @jpmorgan

Everything is composable in @CantonNetwork so you don’t need to create these consortiums on private permissioned versions of L1s like what’s being done here with these 5 banks. @jpmorgan as an example is issuing their tokenized deposit on Canton and it will be fully composable with any app on the network vs being stuck in a closed system.

@RwaLlama @MorphoLabs @Securitize That’s not the reason actually. We have been adding permissioned collateral for years (our construct with USYC was something I was proud of and ahead of its time). The issue is that adding BUIDL makes no economic sense. Just like the MMFs on Aave Horizon.

You can't post BUIDL on @MorphoLabs as open collateral. Forced liquidation needs a buyer - and that buyer must be pre-approved by @Securitize to receive the token. Narrow liquidator pool = wider spreads = bad debt risk. That's the 88%.

@RwaLlama @Emmett_ @CantonNetwork @jpmorgan Where do you get USDCx numbers from? Didn’t knew it was already live

@Emmett_ @CantonNetwork @jpmorgan "fully composable with apps that can see the asset 👀 if supply, pricing and transfer mechanics are off-ledger (CIP-56), what does a DeFi protocol actually compose with? $2.13M USDCx on Canton after months live - would love to see the first DeFi integration that tests the claim

@Emmett_ @CantonNetwork @jpmorgan Did JPM ever used the public synchroniser? Do you have any tx to show? Do you have any resource to understand public synchroniser tx btw? Because it’s hard to understand much.

New product launch at @SteakhouseFi: one big machine bringing all our products and chains together.

@itsbhaji Top level

RWAs demand to be taken seriously.

@deepcryptodive @DeFi_Dad @kpk_io Active management for liquidity will reduce the yield. It plays a role, but it is irrelevant for the numbers you are showing. The main driver for liquidity is increasing @Morpho size.

Sure, larger vaults are less liquid by default because you take more market share, and most lending markets target 90% utilisation (so only ~10% is liquid when you're the dominant supplier). But saying that it's just about size is a massive oversimplification. Active management makes a real difference for liquidity. You can do things like self-limiting exposure per market and actively reallocating before utilisation spikes. Size just amplifies both good and bad decisions. (not accusing Steakhouse of the latter btw, you guys typically do a great job)

I was surprised to learn this, as it would impact where I'd deploy stablecoin liquidity. Personally, I need near 100% instant liquidity in these market conditions. Atomic liquidity = % of vault deposits that can be withdrawn instantly @kpk_io USDC Prime ($7M): 100% Yearn OEV USDC ($786k): 92-100% Gauntlet USDC Prime ($126M): 32-62% Steakhouse USDC ($170M): 42-69% No shade to any vaults offering less instant liquidity, as we often see higher yield associated with these vaults but assuming all things held equal, I'd prioritize instant liquidity over higher yield.

@DeFi_Dad @kpk_io Sorry for the tone, that’s on me. I reacted because I think this kind of comparison is misleading people. Appreciate you engaging on it.

Hmm... So I missed a shade of gray comparing these vaults. But now I know the difference, thx for that. I see your Prime Instant vaults in docs. Now just imagine, if you had a more professional comms channel with me than being a limp dick in my comments. Fyi, I post what I want. I don’t always get it right but no one owns my words.

4.79% might seem underwhelming until you realize it's on BTC, with the same noncustodial setup guarantees we use on our Morpho v2 vaults All Turbo vaults carry risk.

🔴 Where the top 20 EU banks currently stand on digital asset custody and trading services [WITH SOME INSIGHTS]👇 Crypto offerings for banks are undeniably one of the hottest topics right now. The first launches began in the second half of 2025, and 2026 is set to accelerate rapidly, as banks clearly see how much money has been transferred from their own retail clients to crypto platforms over the past few years. A major trigger pushing them to act. The last reluctant boards will very likely fall into line this year at the latest. Things started in Spain 🇪🇸 @bbva became the first European bank to launch a retail crypto offering directly available through its mobile app under a MiCA license (July 2025). Its Spanish peer Santander followed through its digital subsidiary @Openbank, which first launched crypto trading and custody in Germany (September 2025) before expanding the service to Spain (November 2025). In the following months, one of the most interesting markets to watch may be France 🇫🇷, where only the BPCE Group, through its subsidiary Hexarq, currently offers a retail crypto service. “This launch has significantly shifted the landscape,” a competing banker told me just a few days ago. As of today, Crédit Agricole, via its subsidiary CACEIS, and @SG_Forge, the digital assets arm of Société Générale, both hold a MiCA license but currently only provide institutional custody services, on which they are not communicating publicly for the time being. Germany 🇩🇪 is also among the most advanced countries in this area, with players like DZ Bank set to launch its retail trading platform “meinKrypto” in the near future. In the Netherlands 🇳🇱, ABN AMRO will be an interesting player to watch following the MiCA license obtained by its subsidiary Hauck Aufhäuser Lampe (November 2025) for the trading and custody of digital assets. Another notable development is the number of institutions entering the market through regulated traditional products such as ETPs, as recently illustrated by ING. At @block_stories, we’ll be following this closely in our Institutional Briefing, our weekly newsletter for banks and asset managers, read by more than 15,000 professionals and published every Thursday. 👉 To subscribe, link in the first comment.

Heard that for permissionless stablecoins for years. Secutities laws should be followed but everyone should work to change them because they are harming people.

@puniaviision Years but less is better

@SebVentures What’s the unit for duration? Months or years? Factoring, MCA, and stablecoin settlement financing emerging credit categories we’re investing in

Next RWA wave: - high credit spread: 150-200bps - low duration: < 2 - low spread duration : < 2 This is what I'm thinking about every days.