Opinion

The cash kings: why hedge funds and stablecoins are riding high

While most of the market is feeling the burn of higher interest rates, some operators new and old, can’t believe their luck.

Jonathan ShapiroSenior reporter

Oct 20, 2022 – 11.04am

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Well, the decade-long age of near zero returns on cash is well and truly over.

The question is, how long will the age of elevated cash rates last? For a select and seemingly random collection of industries – from wealth platforms and share registries to insurers to cryptocurrency stablecoin operators – a high cash rate is nothing short of a gift.

Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.