Vishal K. Gupta
@vishalkgupta
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Ex-Head of @CoinbaseExch, Ex-Head of USDC @circle, now @truemarketsco — building better markets with stablecoins, transparency, and efficient execution.
New York, NY
Joined April 2009
@hosseeb There’s a lot to unpack here around whether or not XYX depegged, and what that even means. Let me state a couple things that you may or may not agree with me on: - Stablecoins are priced in a way that utility should outweigh the risks associated with the tokenization of the
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BREAKING: SEC Chairman says U.S. is a decade behind on crypto.
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“When you run an exchange, you should set the rules, you should be the referees. But you should not be playing on the field,” said Vishal Gupta, a former Coinbase executive. That’s because “no one can be sure you are applying your rules fairly,” he said.
One mysterious word keeps popping up at the end of crypto posts on X: Hyperliquid. Its loyal fans talk about it like it’s crypto’s magic cure-all. But what is Hyperliquid, actually? I unpack it in my latest with @_SidVerma @ChrisNagi1 from @business
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Listen to the OG of OG’s “Exchanges can’t be all the things. In fact, they shouldn’t be anything other than a neutral venue for trading. The minute they are providing liquidity or generating revenue from liquidation events, we’ve passed what should be a bright line.”
1/ If DeFi is the Future of TradFi, What Did Friday Teach Us? Friday’s crypto selloff was a stress test for market infrastructure. It didn’t pass. Here are the three big lessons the market needs to learn from the tuition it paid. 🧵
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🇺🇸 How is private capital fueling growth in Indiana and across the U.S.? Tune in to our @PunchbowlNews event on Oct. 20 at 9 a.m. ET for insights from @RepRudyYakym and @AmericaInvests CEO Will Dunham. Register to attend!
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We need self regulatory organizations regionally.
Crypto needs clearer standards and real transparency Today, the space still lacks the rulebooks and disclosures that build trust in market structure More from our CEO @EvgenyGaevoy in the @blockworksDAS panel ↓
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jfc another pathetic attempt "The irony, as Sam now admits, is that the company’s real vulnerability came not from fraud but from compliance: an obsessive effort to satisfy regulators who seemed determined to punish rather than guide. “Our developers spent half their time
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Some good references by @hosseeb @vishalkgupta @chuk_xyz : https://t.co/IzL0VmGntg
https://t.co/87vTUp8fkg
https://t.co/C7RwdNuEmu
Did Ethena Really Depeg? I’ve seen a lot of chatter about the Ethena depeg during the market mayhem this weekend. The story is that USDe briefly depegged to ~68c before recovering. Here’s the Binance chart everyone is quoting: But digging into the data and talking to a bunch of
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This is part of the industry I hate. This shouldn’t be possible.
KuCoin liquidated me for $300k when I had the full margin to back the position and this is their response
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There is no transparency in ADL logic/processing across most exchanges unfortunately.
On the latest @TheBlockPods, Wintermute CEO @EvgenyGaevoy calls out the disorderly/opaque manner in which they were ADL'd on Binance Binance "ADL'ed us at $5 & the token was trading at like $1, and you don't even have a chance to hedge basically." "It's fine to get ADL'd if you
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Great panel chat here!
Our CEO @pumpernikhil speaking on a panel at @Token2049 Stable Straights discussing TradFi onboarding to stablecoins. Delighted to see Predicate friends @chriseyin from @plumenetwork, @will_beeson from @multiliquid_xyz, and @vishalkgupta from @truemarketsco on stage. Shoutout
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I can’t believe 50x leverage on a 200 vol asset could behave this way
"This sell-off is a wake-up call for traders that high leverage is a very dangerous game in a market this illiquid and this close to a cycle top." https://t.co/rle1DSjjcs
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Long dated options (YOLO options) are better than Perps for retail.. you wont get liquidated on a bad day.
Anyone holding longdated options avoided liquidation Interesting
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Crypto guys seeing Trump cave 48 hours after their entire portfolio was liquidated
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My thoughts on the whole "did XYZ stablecoin depeg" story..
@hosseeb There’s a lot to unpack here around whether or not XYX depegged, and what that even means. Let me state a couple things that you may or may not agree with me on: - Stablecoins are priced in a way that utility should outweigh the risks associated with the tokenization of the
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Doesn’t seem fair
So if this is the case then you actually have a way higher chance of assignment of ADL if running same leverage as Ethena is since they have agreements in place and you don’t you can’t even use the OI to proxy since you don’t know how much of it is ethena protected positions
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select takeaways the good - 7 yrs ago btc easily -30-40%+ today, the thing is transcending - dispersion on alts greater than ever, so the space is maturing - btcs behavior shows what some of these other coins can grow into, and they will, eventually the ugly - retail will
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Now is a good time to ask if your exchange runs an internal market maker. If they are then it’s hard to believe that their rules are fair or are being applied fairly.
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It’s important to understand that USDe operates as a tokenized hedge fund rather than a traditional stablecoin. The idea of being ‘pegged’ or ‘unpegged’ doesn’t apply — the name itself can be somewhat misleading.
USDe just depegged all the way down to $0.65 vs USDT and $0.62 vs USDC during today's crash. And it's still sitting at $0.97 against USDC. The reality is that you just can't use synthetic dollars as payment assets, nor as collateral for a payment asset (by wrapping it). It's not
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I don’t think perps are appropriate for retail traders, especially at +10x leverage. If you look at the volumes they are likely just getting run over by systematic traders anyway. Most perp engines have liquidation logic that isn’t fair and can be affected by quick/violent
All of this is noise if you don't use leverage. There are only 2 questions you need to ask as a long term holder: Will tomorrow be more digital than today? Has the liquidity cycle and business cycle topped or is it still rising to finance the $10trn that needs to roll in the
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Not all exchanges are created equal. Does your exchange have proper Price Protection Points (PPPs) to protect from massive moves based on one order? Market Orders, Limit Orders, and Iceberg Limit Orders are subject to a price protection point (PPP). Market Orders, Limit Orders,
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