Executive Biography
About
Joan Lyczak is the founder and research lead of DCM Core Institute, a Paris-based institutional research organisation focused on the intersection of traditional finance and distributed ledger technology. With expertise in quantitative risk, financial markets, and DLT modelling, Joan founded DCM Core Institute to fill a critical gap in European institutional research on tokenized capital markets.
Joan's work centres on the structural transformation of financial market infrastructure — from settlement systems and central bank digital currencies to programmable money and on-chain asset management. The DCM Core Institute produces open research, datasets, and observatory monitors that are freely available to institutional researchers, regulators, and the broader financial community.
Prior to founding DCM Core Institute, Joan developed the DCM Digital Governance OS platform — a decision-intelligence infrastructure designed to help European financial institutions evaluate, quantify, and manage risk related to digital asset adoption under MiCA, DORA, and Basel III regulatory frameworks.
Research Focus
Areas of Specialisation
🏦
Tokenized Capital Markets
Structural analysis of on-chain RWA markets, tokenized treasuries, and fund tokenisation
🏛️
Wholesale CBDC
Monitoring and analysis of wCBDC pilot programmes globally — ECB, BIS, Banque de France
⚙️
Programmable Cash
Smart contract-based money, conditional payment logic, and DvP atomic settlement
🔗
Settlement Infrastructure
DLT-based post-trade systems, trigger solutions, and T+0 settlement interoperability
📐
DLT Pilot Regime (EU)
Regulatory sandbox analysis under EU Regulation 2022/858 and ESMA guidelines
🔐
Institutional DeFi
Permissioned protocol design, KYC liquidity pools, and compliant on-chain finance
💶
Digital Euro
ECB digital euro infrastructure, interoperability testing, and MiCA stablecoin framework
🌐
Unified Ledger
BIS blueprint for a shared monetary infrastructure integrating CBDC, tokenized deposits, and assets
Publications & Research
Key Outputs
📘
BUIDL Fund Monograph — Structural Analysis
Comprehensive institutional breakdown of BlackRock's BUIDL tokenized money market fund: legal structure, settlement mechanics, yield architecture, and institutional implications.
Monograph
🇪🇺
Digital Euro Infrastructure Observatory
Deep-dive analysis of the ECB's digital euro architecture: interoperability layer, DLT trials, trigger solution, and institutional integration roadmap through 2028.
Observatory
📊
DLT Settlement Events Registry
Open dataset of wholesale DLT settlement events across ECB, Bundesbank, BdF, and BIS pilots. Machine-readable with Schema.org Dataset markup.
Dataset
🔭
Wholesale CBDC Tracker
Real-time monitoring of wCBDC pilot programmes across 15+ jurisdictions with status, volume, and infrastructure data updated quarterly.
Monitor
📈
Tokenized Markets Dashboard
Live capitalisation and volume tracking for tokenized RWA markets: treasuries, equities, real estate, and institutional stablecoins.
Live Monitor
📖
Institutional Tokenization Glossary
Structured glossary of 20+ terms in EN/FR covering programmable cash, settlement infrastructure, DeFi, and digital monetary systems — with ResearchArticle and FAQPage schemas.
Reference
Research Methodology
How This Research Is Produced
All DCM Core Institute research follows a rigorous, source-verified methodology. Every claim is anchored to primary institutional sources — central bank publications, regulatory frameworks, and verified on-chain data. The Institute does not provide investment advice or financial recommendations.
01
Primary Source Priority
BIS, ECB, ESMA, Fed, Bank of England publications used as ground truth. No unverified secondary sources.
02
On-Chain Verification
Smart contract addresses, AUM figures, and settlement data cross-verified against public blockchain data.
03
Regulatory Alignment
All analysis explicitly references the applicable regulatory framework (MiCA, DLT Pilot Regime, DORA, Basel III).
04
Update Cadence
Observatory pages updated quarterly minimum. Datasets carry explicit "last updated" timestamps.
05
Structured Data
All research published with JSON-LD schemas (ResearchArticle, Dataset, FAQPage) for AI and search engine retrieval.
06
Bilingual EN/FR
Core research available in English and French to serve European institutional audiences.
Institutional Coverage
Topics & Entities Covered
European Central Bank (ECB)
Bank for International Settlements (BIS)
Deutsche Bundesbank
Banque de France
BlackRock BUIDL
Ondo Finance USDY
Franklin Templeton BENJI
SWIAT Network
Canton Network
MiCA Regulation
DLT Pilot Regime (EU)
DORA
Basel III / AMA
Project Agorá (BIS)
Project Meridian
TFIN-ID Standard