The Drop #42
From stablecoins and onchain credit to Amundi’s crypto ETF push, a pivotal quarter for institutional crypto adoption.
📑 Briefing: The state of the crypto
📑 Briefing: Onchain credit
💵 Stablecoins: Santander and the mega-consortium
📉 Crypto collapse: a new record
🏎️ Amundi enters the crypto ETF race
📑 The state of the crypto market in Q3 2025
The third quarter of 2025 confirmed the strong comeback of crypto markets, buoyed by US monetary easing and a renewed appetite for risk.
📑 Onchain credit, the new lending architecture
Long confined to the crypto-native sphere, onchain credit is now emerging as one of the most dynamic areas of decentralised finance. After an initial phase marked by over-collateralised loans between traders, a new generation of players is seeking to link DeFi to the real world. Regulated stablecoins, tokenised bonds, institutional funds: the lines between traditional finance and onchain finance are beginning to blur.
💵 Stablecoins: Santander takes the reins of a mega-consortium
A few weeks after the announcement of a European consortium led by ING and UniCredit, a new group of ten major international banks - including Bank of America, Deutsche Bank and BNP Paribas - is taking its turn in stablecoins. Led by Santander, the initiative this time focuses on G7 currencies, starting with the dollar, raising questions about the place of the euro and the Old Continent in the project.
📉 Crypto: The weekend when everything collapsed
In 24 hours, the crypto market suffered the biggest shock in its history. More than $19 billion in positions were liquidated, Bitcoin dropped 15% in twenty minutes, and some platforms buckled. In the background: a decision by Donald Trump on China, a market saturated with leverage, and a mechanical chain reaction that became uncontrollable.
🏎️ EXCLUSIVE: Amundi enters the crypto ETF race
Outpaced by BlackRock, Europe's leading asset manager is preparing to launch its first bitcoin-indexed products. These are expected to be launched in early 2026.
