interest rate scholar Founding Chef at @SteakhouseFi Too boring for #DeFi, too punk for #TradFi

Joined June 2009
1/ Introducing the Crypto Banking System, a roadmap to bring DeFi to be a challenger to TradFi cryptobanking.network/the-cr…
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Now is a probably a good timing to add HY corporate bonds fund as collateral on onchain repo markets with both a term premium and a nice credit spread. Especially as USDT borrow rate are at 3% those days.
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A MiCA supervised stablecoin failed 6-months ago due (apparently) to poor opsecs. I feel the answer will be that we need MORE supervision and paper filling. Not that there is an answer yet anyway. Meanwhile, USDT is still #1 stablecoin but banned from EU.
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Much of what we do at @SteakhouseFi, as well as my own writing, is deeply inspired by @PMehrling. It's why we saw DeFi protocols as balance sheets from the very beginning. Ever since taking his course more than a decade ago, and revisiting it regularly over the years, I've been obsessed with balance sheets. I always hoped to convince him that USDC was more than just "casino chips where money is long gone." Sadly, that conversation will remain unfinished. Eternally grateful for everything he taught me.
Perry Mehrling, RIP. According to the History of Economics Society, Perry Mehrling died "Monday night from injury sustained in a fall several days earlier." He was Professor of International Political Economy at Boston University and, previously, longtime Professor of Economics at Barnard College. He was a highly esteemed historian of economics. Here is his homepage: sites.bu.edu/perry/ His last book: "Money and Empire: Charles P. Kindleberger and the Dollar System" amzn.to/47RVhJ2 "Charles Kindleberger ranks as one of the twentieth century's best known and most influential international economists. This book traces the evolution of his thinking in the context of a 'key-currency' approach to the rise of the dollar system, here revealed as the indispensable framework for global economic development since World War II. Unlike most of his colleagues, Kindleberger was deeply interested in history, and his economics brimmed with real people and institutional details. His research at the New York Fed and BIS during the Great Depression, his wartime intelligence work, and his role in administering the Marshall Plan gave him deep insight into how the international financial system really operated. A biography of both the dollar and a man, this book is also the story of the development of ideas about how money works. It throws revealing light on the underlying economic forces and political obstacles shaping our globalized world." Charles Goodhart: "The discipline of economics is balanced, somewhat unsteadily, between two legs, with the skill of the historian on one side and of the mathematical modeler on the other. In the second half of the 20th century, the tide flowed strongly to elevate the second leg and to diminish the first. In this delightful biography of Charlie Kindleberger, a charming and loveable man, Perry Mehrling shows how Charlie, in his chosen role, as an international monetary economist, fought against that tide, often unsuccessfully. Perry writes so beautifully that one would only need a smattering of economics to enjoy the tale; while if one is interested in the history of economic thought in international monetary economics, then this book is, of course, a must read.' amzn.to/47RVhJ2
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SebVentures retweeted
Ralf Taner (@MontBlancDeFi) of @NexusMutual notes that admin key compromise and OpSec incidents sit outside Protocol Cover today. His route to covering them: higher operational security standards that protocols attest to and underwriters monitor. Watch our panel with Andrew O'Neill of @SPGlobalRatings, Sébastien Derivaux (@SebVentures) on Steakhouse Financial (@SteakhouseFi), and Anastasiia Zbandut (@mathy_research) of Blockworks Advisory (@BlockworksAdv).
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The Road to Onchain Institutional Money Markets by @SebVentures DAS Asia 2026 Investor Stage
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Most retail investors pay ~10% to borrow against their stocks. In DeFi, it's 4.5%. @SebVentures of @SteakhouseFi on why tokenized stocks are where DeFi can actually beat TradFi.
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Our Chefs are in Singapore for @token2049 and side events 🇸🇬 Find us around or book a sit-down in advance.
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Join us to discuss the frontier model of vaults. @Vault__Summit is where the future of vault is created.
Sébastien Derivaux (@sebventures), Co-Founder at @SteakhouseFi, will take the stage at Vault Summit Singapore on the panel: "Insurability and the Limits of Coverage Across Vault Strategies." 9 October · sg2026.vaultsummit.xyz
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Very timely topic. Plenty of thoughts on it. Join us at the Raffles Hotel
What Does It Take for Institutional Capital to Actually Use DeFi? Arik Galansky (@arik_g), Chief Product Officer at @zama, Colin Jones, Founder & Chief Investment Officer at @OuterlandsCap, Adam Bilko, Partner, Market Neutral at @RockawayX, and Sébastien Derivaux (@SebVentures), Co-Founder at @SteakhouseFi, will take the main stage at DAYS to explore what institutional capital needs to move from interest to active DeFi participation: from risk and infrastructure to yield, liquidity, and execution. The panel is moderated by Robbie Klages (@robbieklages), Co-Founder at @therollupco. ⏱️11:15 AM SGT 📍Raffles Hotel, Singapore Catch Robbie, Arik, Colin, Adam, and Sébastien on stage! 🔗 Request an Invite → daysevent.com/singapore#pass…
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It's Friday midnight, slides for @Blockworks DAS Asia are finished. This slide needed to be simplified, sad because it's great like that. An earlier (even more arcane) version was sourcing @conksresearch equity repo which you can read here : conks.plumbing/p/plumbing-no…
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I'm quite bullish about UK right now. Might just rent a flat right away and stay here. Very unexpected.
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This will be fun, see you all at @Vault__Summit in Singapore next week
What actually limits how much of a vault can be covered today? How does a vault's rating shape what insurers will write? And what has to change before coverage widens? On stage: Andrew O'Neill, @SPGlobalRatings @MontBlancDeFi, @NexusMutual @sebventures, @SteakhouseFi Moderator: @mathy_research, @BlockworksAdv Vault Summit Singapore. 9 October · sg2026.vaultsummit.xyz
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Robinhood Earn surpasses $500 million in deposits. Powered by @Morpho. Curated by Steakhouse.
$500M+ in deposits and counting—making Robinhood Earn’s vault the largest on @Morpho. Robinhood Earn is bringing DeFi yield to eligible users through self-custodial onchain lending built right into the app. Learn more: rbnhd.co/RobinhoodEarn
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I fear that this bull run might delay the work to onboard RWA in DeFi money markets because of increased borrow cost for everyone. On the other hand it will increase the capital lent in DeFi money markets due to high rates vs tradfi.
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The SEC innovation exemption for tokenized stocks is NOT only for permissioned tokens. It could apply to permissionless token as well it seems. Only trading on venues need to be permissioned (at the venue level not the token level).
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"Permissionless for securities is bad. I never heard a single good argument on why permissionless is good" (for tokenized stocks). - @GabeOtte What are we doing here? @DinariGlobal started with permissionless tokens and they seem to have a permissionless version for DeFi. I would assume they know a good argument if they do it no? Competing is fine, but let's not destroy our values. Ban on stablecoin yield is good for @SteakhouseFi as it favors vaults. But obviously that is a stupid regulation that we should fight even if it hurt our business. We need to fight for permissionless securities, because I don't want to live in a world where people can lose their money on memecoin, no problem, but god forbid touch a MMF. Not sure we will win, but we didn't get permissionless stablecoin by accident.
Three weeks ago @GabeOtte called @OndoFinance's stock tokens "indisputably worse for the end investors than even common stocks." Today he doubled down with Ondo on the call and Peter Curley gets a chance to respond. Full exchange 👇
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Let's Make EU Future Oriented Again
We've been fighting for your 4%, but on Tuesday night in Paris, we asked what else is holding Europe back. Institutions building here told us, unfiltered, which rules will decide whether they stay or go elsewhere, because that’s the reality of the September 30th deadline. The MiCA review is the chance to fix it. Thanks to @50Partners for co-hosting, and to our friends Roeland of @coinbase and @SebVentures of @SteakhouseFi for joining the room 🇪🇺
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My views on the road to onchain institutional money markets. Live for all to steal. Only at @blockworksDAS
DAS Asia Keynote Preview The Road to Onchain Institutional Money Markets by @SebVentures Oct 7th. Be there.
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The @SteakhouseFi familly is getting bigger
Today, we’re launching Senepol. Senepol provides directorship and governance services for digital asset foundations and related token structures in the Cayman Islands. Senepol is backed by Steakhouse Financial. Over the past few years, the Steakhouse team has developed deep expertise across vault curation, protocol development, and complex cross-border transactions, giving it direct operational experience with the structures that underpin onchain finance. Senepol is a natural outcome of that work. As onchain finance continues to grow, we’re excited to bring what we’ve learned at Steakhouse to our clients. If you’re building something ambitious, we’d love to hear from you. senepol.ky/
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Banks wanting to keep deposits and lobbying for that (hurting stablecoins users). Then banks finding that those deposits actually suck for Basel ratio. What if people spent time thinking before doing stupid stuff?
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