FOR ISSUERS

You're Raising Capital

Before the investment committee votes, an allocator's quant will test your token's economics. Put the answers in your data room first: an independent report on where your token's economics hold and where they break.

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What an allocator's quant will ask you

THEIR QUANT ASKS
OUR REPORT ANSWERS
"What happens to the reserve if the main collateral drops 60% in a correlated sell-off?"
The reserve's coverage at each level of collateral fall, and the fall at which it stops covering redemptions.
"What happens at the next unlock?"
Each scheduled unlock against the order-book depth where your token trades, and the unlocks the market can't absorb.
"Is this stress-tested, or is it a pitch?"
An independent report: findings are not changed on request, and your allocator's risk team can put its questions to us directly.
"How much of the float can the market maker sell?"
What the market maker's token loan and call options are worth, and how many tokens they let it sell.
"Does this survive a regulator, or only a market stress test?"
Each reserve and redemption claim in your white paper, checked against the data and the MiCA rules it relies on. Legal opinions stay with your counsel.

Case file

Two 2025 events, tested on public data

Two sections of the Token Economics 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

A fully backed token can still be costly to exit.

A "fully backed" claim answers half the diligence question; the other half is what an exit costs, venue by venue. On 10 October 2025, USDe held within 1% of $1 on Curve while Binance printed $0.65, a 35% discount. The report measures that exit cost for your token before an allocator's risk team does.

Source: CoinDesk, 13 October 2025

deUSD, November 2025: share of the backing lent to one borrower

Lent to Stream Finance: about 65%, $68m

Rest of the backing: about 35%

deUSD −97% in 24 hours, to about $0.025

What it shows

One borrower held 65% of the backing.

A reserve can look diversified while its counterparty risk sits with one borrower. When an external fund manager lost $93m, the loan backing about 65% of deUSD was impaired, and the token fell 97% in 24 hours. The report traces each exposure behind your reserve, and the loss at which redemptions stop being covered.

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 issuers

For teams issuing tokens, stablecoins and tokenised real-world assets, before a raise, a listing or a launch, and after it.

Token Economics Report

An independent report on your token's economics, from its design to its behaviour under stress, presented to your board.

Call us when

  • A raise stalls because an allocator's quant says, "We can't hold this."
  • Your MiCA white paper makes reserve or redemption claims your management body is liable for.
  • A market maker offers you a token loan with call options.

Why us

  • Independent: findings are not changed on request, and we never review a token we helped design.
  • 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.

Issuing a stablecoin in the EU? For your supervisor, see the Risk Model Validation Report.

The report covers
  • Design and mock diligence: supply, unlocks and redemption rules tested against an institutional holder's limits, then the allocator's questions put to your team before the allocator does.
  • Market and macro: market depth, exit cost, and behaviour under global liquidity and interest-rate shocks.
  • Claims: the statements in your white paper and data room that the analysis doesn't support.

Not covered

Smart contract code audits, legal or regulatory counsel, marketing strategy, or token price predictions.

Illustrative stress test: reserve coverage of redemptions falls below 100% as the collateral price drops; the crossing is the breaking point 50% 100% 150% 0% −20% −40% −60% −80% REDEMPTIONS COVERED BREAKING POINT Reserve coverage, by fall in collateral price
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Fractional Head of Risk & Quant

A senior quant and risk lead inside your team, to build your token economics or to challenge your team's models.

Call us when

  • You've just raised and need a risk function before the next round.
  • A board, allocator or regulator asks who builds and checks your models.
  • You need a senior quant answering to your board, without a full-time hire.

Why us

  • Built to be tested: over four years at an ESMA-supervised rating agency, more than three as head of model validation, and research in quantitative finance. We build to the standard a risk team will test against.
  • Research-trained: a doctorate in applied mathematics (ENS, CNRS) on game theory in decentralised systems, the theory behind token incentives.
  • One role per model: on any one model, we build it or we validate it, not both.
The seat covers
  • Build: supply, treasury and liquidity models, built with your developers.
  • Challenge: your team's models tested against exposure limits and macro stress scenarios before they ship.
  • Diligence: allocators' technical questions answered by the person who built or tested the model.

Not covered

Smart contract code audits, legal or regulatory counsel, token price predictions, trading execution, or assumption of management-body liability.

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 token and the round in front of you.

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

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Prefer email?
contact@euleradvisory.eu