{"id":2389,"date":"2026-03-11T14:13:52","date_gmt":"2026-03-11T13:13:52","guid":{"rendered":"https:\/\/crypto-assets-management.com\/?post_type=letter&#038;p=2389"},"modified":"2026-03-11T15:13:09","modified_gmt":"2026-03-11T14:13:09","slug":"expansion-stablecoins","status":"publish","type":"letter","link":"https:\/\/crypto-assets-management.com\/en\/letter\/expansion-stablecoins\/","title":{"rendered":"Lettre N\u00b049 : \u00ab Rebond du chat mort \u00bb confirm\u00e9 ; L&rsquo;indicateur du prix r\u00e9alis\u00e9 ; L\u2019expansion des stablecoins"},"content":{"rendered":"<p class=\"has-text-align-justify\">L\u2019objectif de cette lettre : <strong>\u00ab Rebond du chat mort \u00bb confirm\u00e9 ; L&rsquo;indicateur du prix r\u00e9alis\u00e9 ; L\u2019expansion des stablecoins<\/strong> est de vous informer sur la situation actuelle du march\u00e9 des crypto-actifs mais aussi des actualit\u00e9s r\u00e9centes dans ce domaine. Cette lettre n\u2019est pas un conseil en investissement, mais seulement un partage de mon point de vue personnel.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" id=\"block-ef97e15a-9734-4403-9577-9f40b9ba2c00\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"block-db79ae53-ba10-4db4-a85c-e363f778189e\">Actualit\u00e9s<\/h2>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" id=\"block-a75db183-ffb3-4642-ba2b-fb1d732220ff\"\/>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<p class=\"has-text-align-justify\"><a href=\"https:\/\/cryptoast.fr\/pourquoi-les-banques-veulent-elles-tuer-les-rendements-des-stablecoins\/\" type=\"link\" id=\"https:\/\/cryptoast.fr\/pourquoi-les-banques-veulent-elles-tuer-les-rendements-des-stablecoins\/\">Pourquoi les banques veulent-elles tuer les rendements des stablecoins ?<\/a> Dans ce dossier, on d\u00e9crypte le d\u00e9bat en cours \u00e0 Washington entre les banques et les entreprises du secteur crypto concernant les rendements des stablecoins.<\/p>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<p class=\"has-text-align-center\">&#8211;<\/p>\n\n\n\n<p class=\"has-text-align-justify\"><a href=\"https:\/\/cryptoast.fr\/10-bonnes-raisons-adopter-bitcoin-sans-penser-speculation\/\" type=\"link\" id=\"https:\/\/cryptoast.fr\/10-bonnes-raisons-adopter-bitcoin-sans-penser-speculation\/\">10 bonnes raisons d&rsquo;adopter Bitcoin sans penser \u00e0 la sp\u00e9culation<\/a>. Trop souvent les m\u00e9dias traditionnels se contentent d&rsquo;aborder Bitcoin \u00e0 travers le prisme sp\u00e9culatif. Pourtant, le BTC recouvre bien des aspects tous aussi int\u00e9ressants les uns que les autres. Voici 10 actualit\u00e9s pour parler de Bitcoin sans aborder son prix, le crash ou encore les pertes. Explorons ensemble la diversit\u00e9 que propose cet objet de curiosit\u00e9.&nbsp;<\/p>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<p class=\"has-text-align-center\">&#8211;<\/p>\n\n\n\n<p class=\"has-text-align-justify\"><a href=\"https:\/\/cryptoast.fr\/nasdaq-choisit-kraken-adopter-actions-tokenisees-xstocks\/\" type=\"link\" id=\"https:\/\/cryptoast.fr\/nasdaq-choisit-kraken-adopter-actions-tokenisees-xstocks\/\">Le Nasdaq choisit Kraken pour adopter les actions tokenis\u00e9es xStocks<\/a>. Alors que l&rsquo;adoption des actions tokenis\u00e9es explose, le Nasdaq s&rsquo;est associ\u00e9 \u00e0 la maison m\u00e8re de Kraken pour int\u00e9grer les xStocks. Penchons-nous plus en d\u00e9tail sur ce partenariat d&rsquo;envergure.<\/p>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<p class=\"has-text-align-center\">&#8211;<\/p>\n\n\n\n<p class=\"has-text-align-justify\"><a href=\"https:\/\/cryptoast.fr\/kraken-devient-premiere-banque-crypto-acceder-systeme-paiement-americain\/\" type=\"link\" id=\"https:\/\/cryptoast.fr\/kraken-devient-premiere-banque-crypto-acceder-systeme-paiement-americain\/\">Kraken devient la premi\u00e8re banque crypto \u00e0 acc\u00e9der au syst\u00e8me de paiement am\u00e9ricain<\/a>. Les principaux acteurs du secteur des cryptomonnaies am\u00e9ricain poursuivent leur implantation au sein du syst\u00e8me financier traditionnel, notamment gr\u00e2ce \u00e0 l\u2019obtention d\u2019un statut bancaire. Une activit\u00e9 que Kraken m\u00e8ne d\u00e9j\u00e0 depuis 2020 avec sa banque crypto situ\u00e9e dans le Wyoming, qui vient de devenir la premi\u00e8re du genre \u00e0 ouvrir un compte aupr\u00e8s de la R\u00e9serve f\u00e9d\u00e9rale.<\/p>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<p class=\"has-text-align-center\">&#8211;<\/p>\n\n\n\n<p class=\"has-text-align-justify\"><a href=\"https:\/\/cryptoast.fr\/visa-ouvre-paiements-stablecoins-100-pays-bridge\/\" type=\"link\" id=\"https:\/\/cryptoast.fr\/visa-ouvre-paiements-stablecoins-100-pays-bridge\/\">Visa ouvre les paiements en stablecoins dans 100 pays avec Bridge<\/a>. D\u00e9sormais, les pays d&rsquo;Europe, d&rsquo;Afrique et d&rsquo;Asie pourront utiliser les stablecoins aussi facilement qu&rsquo;une carte de paiement. Cette alliance consacre la puissance de la blockchain et des r\u00e9seaux de paiement, et pose la question de l&rsquo;existence des banques.<\/p>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" id=\"block-d9724a86-3dc9-46d1-83f5-9c278a188efe\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"block-eb0d4554-a150-464b-90e9-7bfb0a0714a0\">Analyse Fondamentale<\/h2>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" id=\"block-ea2a33e1-9508-49ca-9f35-d2faeaa778c1\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"815\" height=\"511\" src=\"https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image.png\" alt=\"\" class=\"wp-image-2390\" srcset=\"https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image.png 815w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-300x188.png 300w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-768x482.png 768w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-18x12.png 18w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-689x432.png 689w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-517x324.png 517w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-256x161.png 256w\" sizes=\"(max-width: 815px) 100vw, 815px\" \/><figcaption class=\"wp-element-caption\">Cours du Bitcoin en dollars en \u00e9chelle logarithmique depuis fin 2017<\/figcaption><\/figure>\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading\">Lettre N\u00b049 : \u00ab Rebond du chat mort \u00bb confirm\u00e9 ; L&rsquo;indicateur du prix r\u00e9alis\u00e9 ; L\u2019expansion des stablecoins<\/h1>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Le cours du Bitcoin \u00e0 l\u2019heure o\u00f9 j\u2019\u00e9cris ces lignes est de 71 400 $ (le 10\/03\/26).<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-justify\"><strong>Le \u201crebond du chat mort\u201d a \u00e9t\u00e9 valid\u00e9<\/strong><\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-justify\">Lors de notre derni\u00e8re lettre, publi\u00e9e en janvier, nous \u00e9voquions la possibilit\u00e9 d\u2019un \u00ab rebond du chat mort \u00bb dans la continuit\u00e9 de ce march\u00e9 baissier. Cette figure correspond \u00e0 un rebond technique et temporaire intervenant au sein d\u2019une tendance globalement baissi\u00e8re.<\/p>\n\n\n\n<p class=\"has-text-align-justify\">Comme on peut l\u2019observer ci-dessous, ce sc\u00e9nario s\u2019est effectivement mat\u00e9rialis\u00e9, avec une forte ressemblance avec la configuration observ\u00e9e d\u00e9but 2022. Pour l\u2019instant, aussi surprenant que cela puisse para\u00eetre, les cycles semblent se r\u00e9p\u00e9ter avec une pr\u00e9cision notable.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"508\" src=\"https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/01\/image-3-1024x508.png\" alt=\"\" class=\"wp-image-2374\" srcset=\"https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/01\/image-3-1024x508.png 1024w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/01\/image-3-300x149.png 300w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/01\/image-3-768x381.png 768w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/01\/image-3-18x9.png 18w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/01\/image-3-576x286.png 576w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/01\/image-3-256x127.png 256w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/01\/image-3-1320x655.png 1320w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/01\/image-3.png 1404w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Notre analyse dans la lettre de janvier 2026<\/em><\/figcaption><\/figure>\n<\/div>\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Apr\u00e8s notre lettre de janvier 2026, le cours a continu\u00e9 de baisser pour atteindre une nouvelle zone de consolidation situ\u00e9e entre 60 000 et 70 000 $. Cette zone est int\u00e9ressante, mais il est probable qu\u2019elle ne constitue pas la zone finale que le march\u00e9 atteindra au cours de ce cycle baissier.<\/p>\n\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"460\" src=\"https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-1-1024x460.png\" alt=\"\" class=\"wp-image-2392\" srcset=\"https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-1-1024x460.png 1024w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-1-300x135.png 300w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-1-768x345.png 768w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-1-18x8.png 18w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-1-576x259.png 576w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-1-256x115.png 256w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-1.png 1306w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">La validation du \u00ab\u00a0rebond du chat mort\u00a0\u00bb <\/figcaption><\/figure>\n<\/div>\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Il est possible qu\u2019une zone plus basse soit test\u00e9e, dans laquelle le prix ne resterait probablement pas tr\u00e8s longtemps, situ\u00e9e plut\u00f4t entre 40 000 $ et 55 000 $. Ces niveaux pourraient constituer des zones int\u00e9ressantes pour se r\u00e9exposer progressivement.<\/p>\n\n\n\n<p>La r\u00e9exposition durant ce march\u00e9 baissier doit \u00eatre envisag\u00e9e \u00e0 la fois sous l\u2019angle du prix, mais \u00e9galement de la temporalit\u00e9.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Le prix r\u00e9alis\u00e9 du Bitcoin : un rep\u00e8re pour identifier les zones d\u2019accumulation int\u00e9ressantes<br><\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-justify\">Le prix r\u00e9alis\u00e9 du Bitcoin constitue un indicateur particuli\u00e8rement utile pour analyser la dynamique du march\u00e9. Il correspond \u00e0 la valeur de l\u2019ensemble des bitcoins \u00e9valu\u00e9s au prix de leur derni\u00e8re transaction sur la blockchain, divis\u00e9e par le nombre total de bitcoins en circulation. Autrement dit, cet indicateur permet d\u2019estimer le prix moyen auquel les bitcoins actuellement d\u00e9tenus ont \u00e9t\u00e9 acquis ou transf\u00e9r\u00e9s.<\/p>\n\n\n\n<p>Lors des cycles pr\u00e9c\u00e9dents, cet indicateur s\u2019est montr\u00e9 particuli\u00e8rement pertinent. Lorsque le prix du Bitcoin passe en dessous du prix r\u00e9alis\u00e9, cela signifie que, globalement, les investisseurs d\u00e9tiennent leurs bitcoins \u00e0 un prix sup\u00e9rieur au prix de march\u00e9 actuel. Le march\u00e9 se trouve alors en situation de pertes latentes g\u00e9n\u00e9ralis\u00e9es.<\/p>\n\n\n\n<p>Historiquement, ces p\u00e9riodes ont souvent marqu\u00e9 les phases finales des march\u00e9s baissiers et ont constitu\u00e9 des zones d\u2019accumulation int\u00e9ressantes pour les investisseurs de long terme.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"661\" data-id=\"2393\" src=\"https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/1773046589798-1024x661.jpeg\" alt=\"\" class=\"wp-image-2393\" srcset=\"https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/1773046589798-1024x661.jpeg 1024w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/1773046589798-300x194.jpeg 300w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/1773046589798-768x496.jpeg 768w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/1773046589798-18x12.jpeg 18w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/1773046589798-669x432.jpeg 669w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/1773046589798-502x324.jpeg 502w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/1773046589798-256x165.jpeg 256w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/1773046589798.jpeg 1165w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/figure>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Les stablecoins progressent en d\u00e9pit du march\u00e9 baissier<br><\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-justify\">Les stablecoins constituent l\u2019une des innovations majeures issues de cet \u00e9cosyst\u00e8me. Aux c\u00f4t\u00e9s de Bitcoin, de la finance d\u00e9centralis\u00e9e (DeFi) et des smart contracts, ils repr\u00e9sentent une brique essentielle de l\u2019infrastructure financi\u00e8re construite sur la blockchain.<\/p>\n\n\n\n<p>Ces crypto-actifs, g\u00e9n\u00e9ralement adoss\u00e9s \u00e0 des r\u00e9serves de dollars d\u00e9tenus en banque ou investis en bons du Tr\u00e9sor et instruments \u00e9quivalents, r\u00e9pondent \u00e0 un besoin fondamental de l\u2019\u00e9cosyst\u00e8me : r\u00e9duire la volatilit\u00e9. Ils permettent notamment d\u2019effectuer des paiements ou des transferts de valeur tout en conservant la stabilit\u00e9 d\u2019une devise comme le dollar, tout en b\u00e9n\u00e9ficiant de l\u2019efficacit\u00e9 et de la rapidit\u00e9 des infrastructures blockchain.<\/p>\n\n\n\n<div style=\"height:44px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"899\" height=\"293\" src=\"https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-2.png\" alt=\"\" class=\"wp-image-2394\" srcset=\"https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-2.png 899w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-2-300x98.png 300w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-2-768x250.png 768w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-2-18x6.png 18w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-2-576x188.png 576w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-2-256x83.png 256w\" sizes=\"(max-width: 899px) 100vw, 899px\" \/><figcaption class=\"wp-element-caption\">La progression de la capitalisation totale des stablecoins en milliard de dollars<\/figcaption><\/figure>\n<\/div>\n\n\n<div style=\"height:59px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"293\" src=\"https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-3.png\" alt=\"\" class=\"wp-image-2395\" srcset=\"https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-3.png 903w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-3-300x97.png 300w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-3-768x249.png 768w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-3-18x6.png 18w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-3-576x187.png 576w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2026\/03\/image-3-256x83.png 256w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><figcaption class=\"wp-element-caption\">Part de march\u00e9 des stablecoins <em>(en vert USDT de Tether, en bleu USDC de Circle)<\/em><\/figcaption><\/figure>\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Par ailleurs, les interactions entre la finance traditionnelle et l\u2019\u00e9cosyst\u00e8me des crypto-actifs se multiplient. Le mod\u00e8le \u00e9conomique des stablecoins empi\u00e8te progressivement sur celui des banques commerciales, car ces derni\u00e8res ne redistribuent pas aux \u00e9pargnants de d\u00e9tail les taux sans risque issus des banques centrales.<\/p>\n\n\n\n<p>\u00c0 titre d\u2019exemple, si vous d\u00e9tenez 1 000 \u20ac sur un compte bancaire classique, la banque per\u00e7oit le taux de la BCE sur ces d\u00e9p\u00f4ts. Avec un taux actuellement autour de 2 %, cela repr\u00e9sente environ 20 \u20ac par an. Dans le m\u00eame temps, ces d\u00e9p\u00f4ts contribuent \u00e0 augmenter les r\u00e9serves fractionnaires des banques, ce qui leur permet d\u2019accro\u00eetre leur capacit\u00e9 de financement et d\u2019intervention sur les march\u00e9s.<\/p>\n\n\n\n<p>Dans ce contexte, un affrontement structurel commence \u00e0 \u00e9merger entre le mod\u00e8le des banques traditionnelles et celui de l\u2019\u00e9cosyst\u00e8me crypto. Contrairement \u00e0 une id\u00e9e re\u00e7ue, ce n\u2019est pas tant Bitcoin qui se retrouve en concurrence directe avec les banques, mais plut\u00f4t les stablecoins et les plateformes d\u2019\u00e9change, qui pourraient constituer certaines des infrastructures financi\u00e8res de demain.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Les banques traditionnelles cherchent \u00e0 pr\u00e9server un mod\u00e8le qui leur a longtemps \u00e9t\u00e9 favorable, notamment la possibilit\u00e9 de ne pas r\u00e9mun\u00e9rer les d\u00e9p\u00f4ts de d\u00e9tai<\/strong>l. \u00c0 l\u2019inverse, de nombreuses <strong>plateformes crypto tentent d\u2019offrir aux utilisateurs des rendements g\u00e9n\u00e9r\u00e9s par ces actifs<\/strong>, notamment via la DeFi. Si ces changements structurels venaient \u00e0 se concr\u00e9tiser, les d\u00e9p\u00f4ts pourraient progressivement se d\u00e9placer des banques vers les plateformes d\u2019\u00e9change et donc nourrir aussi les stablecoins car sur les plateformes d\u2019\u00e9change crypto, les utilisateurs d\u00e9tiennent g\u00e9n\u00e9ralement des stablecoins.<\/p>\n\n\n\n<p class=\"has-text-align-justify\">Enfin, le d\u00e9veloppement des stablecoins tels que USDC, \u00e9mis par Circle, ou USDT, \u00e9mis par Tether, illustre cette \u00e9volution. <strong>Ces acteurs captent progressivement une part du march\u00e9 historiquement occup\u00e9 par les banques commerciales.<\/strong> En effet, les r\u00e9serves qui garantissent ces stablecoins sont majoritairement investies en bons du Tr\u00e9sor am\u00e9ricain. Ainsi, le rendement associ\u00e9 \u00e0 ces actifs b\u00e9n\u00e9ficie aux soci\u00e9t\u00e9s \u00e9mettrices de stablecoins plut\u00f4t qu\u2019aux banques traditionnelles qui, dans le syst\u00e8me classique, per\u00e7oivent ce type de revenus sur les d\u00e9p\u00f4ts.<\/p>\n\n\n\n<p class=\"has-text-align-justify\">Dans ce contexte, <strong>les soci\u00e9t\u00e9s \u00e9mettrices de stablecoins et les plateformes d\u2019\u00e9change crypto captent ensemble une partie de la valeur historiquement capt\u00e9e par les banques traditionnelles.<\/strong> Ces derni\u00e8res pourraient ainsi perdre \u00e0 la fois les revenus li\u00e9s aux taux sans risque (environ 2 \u00e0 5 % selon les p\u00e9riodes) et une partie des avantages li\u00e9s au syst\u00e8me de r\u00e9serves fractionnaires.<\/p>\n\n\n\n<div style=\"height:0px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\"><strong>Notre service<\/strong><\/h2>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-justify\">Chez Crypto Assets Management, nous proposons une gestion sous mandat de portefeuilles d&rsquo;actifs num\u00e9riques, personnalis\u00e9e selon votre profil. Notre strat\u00e9gie repose sur <strong>l\u2019analyse et la gestion des cycles de Bitcoin (historiquement de 4 ans)<\/strong>, privil\u00e9giant les investissements \u00e0 <strong>long terme<\/strong>, des arbitrages mensuels, et <strong>un accent particulier sur la tokenomics.<\/strong><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-499968f5 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/crypto-assets-management.com\/en\/#intro\" style=\"border-radius:50px;color:#ffffff;background-color:#000000\">Notre site internet<\/a><\/div>\n<\/div>\n\n\n\n<p class=\"has-text-align-justify\"><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\"><strong>Nos Tarifs<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"918\" src=\"https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2025\/11\/image-1-1024x918.png\" alt=\"\" class=\"wp-image-2343\" srcset=\"https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2025\/11\/image-1-1024x918.png 1024w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2025\/11\/image-1-300x269.png 300w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2025\/11\/image-1-768x689.png 768w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2025\/11\/image-1-13x12.png 13w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2025\/11\/image-1-1204x1080.png 1204w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2025\/11\/image-1-892x800.png 892w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2025\/11\/image-1-482x432.png 482w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2025\/11\/image-1-361x324.png 361w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2025\/11\/image-1-256x230.png 256w, https:\/\/crypto-assets-management.com\/wp-content\/uploads\/2025\/11\/image-1.png 1252w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div class=\"wp-block-group alignfull has-text-color has-background\" style=\"color:#000000;background-color:#ffffff\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"has-text-align-center has-small-font-size\" style=\"line-height:.9\">*<a href=\"https:\/\/crypto-assets-management.com\/en\/politique-tarifaire\/\" class=\"ek-link\">En savoir plus sur notre politique tarifaire<\/a><\/p>\n\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-499968f5 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/calendly.com\/goutte-tristan\/premier-contact-telephonique?month=2021-11\" style=\"border-radius:50px;color:#ffffff;background-color:#000000\">Prendre Rendez-Vous<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"has-text-align-justify\"><strong>Mereau Finance (Crypto Assets Management) est enregistr\u00e9e en tant que Prestataire de Services sur Actifs Num\u00e9riques (PSAN) aupr\u00e8s de l\u2019Autorit\u00e9 des march\u00e9s financiers (AMF) sous le num\u00e9ro <\/strong><em><strong>: <a class=\"ek-link\" href=\"https:\/\/www.amf-france.org\/fr\/espace-professionnels\/fintech\/mes-relations-avec-lamf\/obtenir-un-enregistrement-un-agrement-psan\">E2023-084.<\/a><\/strong><\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-text-align-center\" id=\"block-73f8e566-d47e-40db-b760-18d519c62fb6\"><em>\u2014 Avertissement \u2014<\/em><\/p>\n\n\n\n<p class=\"has-text-align-center\" id=\"block-e806579f-e754-4e82-9d68-ac8cf086793b\"><em>Cette lettre n\u2019est pas un conseil en investissement.<\/em><\/p>\n\n\n\n<p class=\"has-text-align-center\" id=\"block-f3c1f037-5e40-4096-acd5-9ff59b07ab3c\"><em>Vous \u00eates seul responsable de vos d\u00e9cisions d\u2019investissement.<\/em> <\/p>\n\n\n\n<p class=\"has-text-align-center\" id=\"block-f3c1f037-5e40-4096-acd5-9ff59b07ab3c\"><em>L&rsquo;investissement dans les actifs num\u00e9riques comporte un risque de perte en capital, partielle ou totale.<\/em><\/p>\n\n\n\n<p><\/p>","protected":false},"template":"","categories":[3],"class_list":["post-2389","letter","type-letter","status-publish","hentry","category-lettres"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Lettre N\u00b049 : \u00ab Rebond du chat mort \u00bb confirm\u00e9 ; L&#039;indicateur du prix r\u00e9alis\u00e9 ; L\u2019expansion des stablecoins - Solution de gestion sous mandat de portefeuille de crypto-actifs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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