Luc Froehlich

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Two Consulting Firms, One Verdict: Stablecoin Payments Are Tiny but Growing Where It Hurts — Not much left once you've peeled back the layers; but that's the savory bite.

Two Consulting Firms, One Verdict: Stablecoin Payments Are Tiny but Growing Where It Hurts

BCG and McKinsey independently stripped stablecoin volumes to actual payments. Both landed near $390 billion — about 7% of the $62 trillion in gross transfers. Real market, real growth, but not the revolution the headlines suggest.

Luc • Stablecoin

On-chain credit is quietly rebuilding the fixed-income stack - starting with cash-like products — My dog, Aubrie, illustrates the "Golden Retriever Principle": In finance as in training, the most docile instruments tend to be adopted first.

On-chain credit is quietly rebuilding the fixed-income stack - starting with cash-like products

On-chain credit is quietly rebuilding parts of the fixed-income stack, starting with cash-like, short-duration products. This note explores why tokenization is moving from infrastructure experiments to institutional balance sheets—and why private credit and payments-linked assets may benefit most.

Luc • On-chain finance

Loan-Based Credit vs Claim-Based Finance: Are You Funding Borrowers or Funding Flows? — Two very different risk exposures under the same 'private credit' tag

Loan-Based Credit vs Claim-Based Finance: Are You Funding Borrowers or Funding Flows?

Private credit is often treated as one monolithic asset class — but not all “credit” is the same. This article draws the line between loan-based credit and claim-based finance, and shows why distinguishing borrowers from flows changes how you underwrite risk, liquidity, and return.

Luc • Private Credit

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Loan-Based Credit vs Claim-Based Finance: Are You Funding Borrowers or Funding Flows? — Two very different risk exposures under the same 'private credit' tag

Loan-Based Credit vs Claim-Based Finance: Are You Funding Borrowers or Funding Flows?

Private credit is often treated as one monolithic asset class — but not all “credit” is the same. This article draws the line between loan-based credit and claim-based finance, and shows why distinguishing borrowers from flows changes how you underwrite risk, liquidity, and return.

Luc • Private Credit

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Stablecoin Private Credit Payments Tokenization

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Stablecoin Private Credit Payments Tokenization Securitization Specialty Finance On-chain finance Alternatives Direct Lending

In baseball, as in cross-border payments, it’s not just speed—it’s getting it to the right hands.

From “Limited Benefits” to Holy Grail of Cross-Border Payment? Stablecoins in 2025

Stablecoins grew from $20 B to $312 B, moving $27 T a year—but their real test isn’t speed, it’s settlement. Luc Froehlich explains why liquidity, FX, and payout coordination are now the true frontiers of cross-border payments.

Luc • Payments

Private Credit: From Corned Beef to Tenderloin — Rethinking the Industry Beyond the Headlines

Private Credit: From Corned Beef to Tenderloin — Rethinking the Industry Beyond the Headlines

Private credit has become an easy target for sweeping generalisations. Just days after Jared Kushner brokered the USD 55 billion take‑private of Electronic Arts (Reuters), headlines were quick to draw sweeping parallels. The Financial Times framed the First Brands collapse as an 'Enron moment,' while The Economist

Luc • Private Credit

Tokenised securities vs security tokens: What’s the difference and why it matters

Tokenised securities vs security tokens: What’s the difference and why it matters

Few concepts have captivated both institutions and innovators quite like ‘tokenisation.’ Yet as adoption spreads and use cases mature, a key distinction is often lost in translation — the difference between tokenised securities and security tokens. ‍ While the wording may seem interchangeable, the underlying reality is not. One represents the digitisation

Luc • Tokenization

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