FOR ALLOCATORS

You're Allocating Capital

Every target reaches your committee with the seller's numbers. An independent risk report tests them: the market conditions under which the token stops covering redemptions, and what exiting your position would cost under stress. We work for the allocator, never for a target we review.

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What the seller will tell your committee

THE PITCH SAYS
OUR REPORT TESTS
"Over-collateralised at 180%."
The price at which backing falls below redemption obligations in a correlated sell-off, not at today's prices.
"Audited, battle-tested contracts."
A code audit shows the contract executes as written. The report tests the economic assumptions behind it, and the conditions under which they fail.
"Sustainable yield from real demand."
The share of the yield paid by real demand and the share paid by token emissions, and what the yield becomes when emissions end.
"Compliant, regulator-ready structure."
Their reserve and liquidity claims, checked against the data and the MiCA rules they cite. Legal opinions stay with your counsel.
"Top funds already did the diligence."
Their diligence was sized to their ticket, not yours. The report measures the market depth and slippage to exit a position of your size under stress.

Case file

Two 2025 events, tested on public data

Two sections of the Independent Risk Report, run on public data from two 2025 events.

USDe, lowest price by venue during the sell-off of 10 October 2025

What it shows

The backing held. The exit price didn't.

A target's total liquidity can split across venues in a sell-off. On 10 October 2025, USDe held within 1% of $1 on Curve while Binance printed $0.65, a 35% discount. The report measures the exit cost of a position of your size, venue by venue, before you invest.

Source: CoinDesk, 13 October 2025

Stream Finance, November 2025: curators exposed to one borrower

Stream Finance · xUSD

About $93m of fund assets lost by an external fund manager. Withdrawals and deposits suspended.

xUSD −77% in 24 hours, to $0.26

TelosC$123.6m
Elixir$68m About 65% of deUSD's backing. deUSD −97% in 24 hours
MEV Capital$25.4m

About $285m of Stream-related debt, excluding indirect exposure (YieldsAndMore estimate, still incomplete).

What it shows

Three positions aren't diversified if they all depend on one borrower.

When one external fund manager lost $93m, three curators' lending markets were exposed to the same borrower, and Elixir's deUSD, which had lent about 65% of its backing to Stream, fell 97% in 24 hours. The report maps the borrowers and collateral behind each position you hold or consider, so a shared exposure shows before you add to it.

Sources: Decrypt, 4 Nov 2025 · The Block, 4 Nov 2025 (YieldsAndMore data) · BeInCrypto, 7 Nov 2025

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Engagements

Two ways we work with allocators

For funds, family offices, corporate treasuries and vault curators, on tokens, protocols, stablecoins, tokenised funds and digital-asset funds.

Independent Risk Report

An independent report on a target before your committee votes, or on positions you already hold, presented to your investment committee.

Call us when

  • A target is heading to your investment committee with the seller's numbers only
  • A sudden depeg or withdrawal freeze hits an asset you already hold or lend against
  • You need collateral limits for your vault or lending market
  • Your board has approved a first digital-asset allocation and wants risk limits before the first ticket

Why us

  • Independent of the target: we never review a target we have worked for, and findings are not changed on request.
  • Tested like a regulated model: over four years at an ESMA-supervised rating agency, more than three as head of model validation, and research in quantitative finance.
  • Judgement on what to test: the few tests that decide whether a token, a protocol or a fund holds up, not a checklist.
The report covers
  • Insolvency and assumptions: the market shocks under which redemptions stop being covered, and the assumptions that hold only in a rising market.
  • Exit cost and dependencies: slippage venue by venue for a position of your size, and the borrowers and collateral behind the reserve, as far as public and disclosed data go.
  • Limits and conditions: exposure limits for your lending markets, and what the seller should fix before you invest.
  • Data gaps: what the seller did not share, and what the on-chain data leaves unverified.

Not covered

Investment recommendations, valuations or price targets, code audits, legal, AML or operational due diligence, credit underwriting of off-chain borrowers, and any target we have worked for.

Illustrative insolvency map: the combinations of collateral price fall and redemptions under which the target can't meet redemptions, and the distance from today's market to that region 0% 20% 40% 0% −20% −40% −60% CAN'T MEET REDEMPTIONS DISTANCE TODAY Redemptions in 7 days, by fall in collateral price
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Fractional Head of Risk & Quant

A senior quant and risk lead inside your team, for your digital-asset book: screening, models and risk.

Call us when

  • You deploy into digital assets and nobody in-house specialises in them.
  • Your committee wants every target held to the same stress tests, not just the large tickets.
  • Your digital-asset book has outgrown your risk framework.

Why us

  • Built to be tested: over four years at an ESMA-supervised rating agency, more than three as head of model validation. We build limits and models to the standard your committee will test them against.
  • Research-trained: a doctorate in applied mathematics (ENS, CNRS) and papers on credit and quantitative finance.
  • No product to sell: we are not brokers or fund managers.
The seat covers
  • Screening and limits: every target screened to one standard, with the exposure limits, stress scenarios and collateral rules your committee approves.
  • Models: liquidity and exit-cost models for your positions, and your factor strategies tested out of sample. The investment decision stays yours.
  • Monitoring: live positions re-reviewed on a set schedule, and a first analysis when a market incident hits.

Not covered

Investment decisions or recommendations to buy, hold or sell, trading or execution, holding your regulated risk-management function (we support it).

Illustrative retainer calendar: days of work each month, with reports to the board or committee J F M A M J J A S O N D SET DAY REPORT TO BOARD OR COMMITTEE
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Contact

Tell us the target and the decision
in front of your committee.

A 30-minute call.
Confidential: we sign your NDA before any data changes hands.

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Prefer email?
contact@euleradvisory.eu