DCM Intelligence Hub
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Signal of the Week
STRUCTURAL

The E-Money Arbitrage Pivot: Reserve Fragmentation Under MiCA

Tier-1 commercial banks are capturing unprecedented custodial concentration of stablecoin reserve mandates, Sequestering high-quality liquid asset (HQLA) velocity across traditional clearing windows.

DCM-SIG-2026-12 · HIGH CONVICTION
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Recent Issuances
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2026-05-10 SG Forge €10M
2026-04-28 Siemens AG €300M
2026-04-15 EIB £50M
Entity Registry
DCM-ENTITY-V1.0
INST
BlackRock
Asset Management
A
INST
JPMorgan Onyx
Commercial Banking
AA
INST
Circle
Digital Finance Infra
AA
INST
SG Forge
Investment Banking
A
NET
Canton Network
DLT Infrastructure
AA
NET
Fnality
Wholesale Settlement
A
Data Governance: All data displayed in the DCM Intelligence Hub is aggregated from an illustrative research dataset maintained by the DCM Core Research Desk. Figures are sourced from public pilot announcements, BIS working papers, ESMA registries, and modelled estimates. Updated weekly. Not financial advice.
DCM-HUB-V1.0 · CONFIDENTIALITY: PUBLIC