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What is DeFi (Decentralized Finance)?
July 05, 2023
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(Dinarian Note: This is one part of a series of informationals in the new "Ledger Academy", which I highly recommend everyone visiting as it's loaded with knowledge... and as we know Knowledge is Power... however, USING that knowledge is POWERFUL..)

 

They also have an interactive "QUEST" to learn as you go and earn NFT's as well for completion of tasks.

 

KEY TAKEAWAYS:
— Decentralized Finance (DeFi) is the term used to describe the blockchain-based protocols, products, and platforms that serve as alternatives to traditional financial infrastructure.

— DeFi apps are permissionless, transparent, and accessible to anybody with the right blockchain wallet. There are no regional restrictions, no KYC requirements, and no centralized entities pulling the strings. Some DeFi apps can also generate significant returns for investors.

— The variety of DeFi use cases has grown with time, but lending protocols, automated market makers, DEXs, and staking services are among the most common.

 

If you have been involved in the blockchain or cryptocurrency industry for more than a short stretch, then you have probably stumbled across the terms ‘decentralized finance’, or ‘DeFi’ on more than one occasion. But do you know what they mean?

These are the financial applications built using blockchain technology—and they are starting to shape the future of a decentralized economy. DeFi has exploded in popularity and with a constantly evolving ecosystem of applications, is likely to keep growing and being adopted by more people. So, before you dive into the wonderful world of decentralized finance, let’s explore exactly what it is and what it’s for.

 

What Is Decentralized Finance (DeFi)?

In a nutshell, Decentralized Finance is a term for the financial tools, protocols, and platforms people use to manage their money in a decentralized manner. With these platforms, users don’t have to rely on traditional financial infrastructure—like banks, remittance platforms, and government-issued currencies. 

This brand-new monetary system empowers users by offering an alternative to the old and outdated traditional financial system. However, instead of transactions relying on central entities for processing, DeFi protocols use the blockchain instead. To explain, DeFi apps operate using open and transparent smart contracts.

In short, these are blockchain-hosted computer programs that can complete a variety of different tasks without the need for middlemen. Since they use decentralized blockchains, Decentralized applications (dApps) operate without any centralized governing entity, allowing users to interact with each other in a completely trustless manner. 

 

How Does DeFi Work?

DeFi exists as an ecosystem of applications (dApps) offering different financial services. However, they don’t operate like the financial applications you might know. Since DeFi apps use a decentralized blockchain, they can execute actions without a central entity.

The majority of DeFi applications (at the time of writing) exist on the Ethereum blockchain. This is because Ethereum was the first network to support smart contracts. As such, it still hosts the majority of DeFi platforms today.

However, that doesn’t mean DeFi is ETH-specific. In fact, there are plenty of DeFi platforms on other networks such as Solana and Cardano.

 

Centralized Finance vs. Decentralized Finance (DeFi)

Centralized Finance and Decentralized finance share some similarities and a lot of differences. To understand the impact decentralization makes, let’s first look at how Centralized Finance works.

 

What Is Centralized Finance (CeFi)?

Centralized Finance within the crypto space generally refers to centralized exchanges. Examples of Centralized platforms include Coinbase, Binance, Bitfinex, Gemini, and Kraken. Centralized exchanges have a few key features:

Run by a central entity: A centralized crypto exchange is one that is run by a real-world company. This company oversees and controls the exchange’s operations. Since it is a legal entity, the company will be subject to the laws of its jurisdiction.

Requires KYC : To access the services of a centralized platform, users need to go through a process called Know Your Customer (KYC). This process is part of a global Anti Money Laundering initiative. In short, each new customer must provide details and documents to confirm their identity. Today, nearly all centralized exchanges now require customers to undergo KYC. Unfortunately, this creates an imbalance between users and the institution. To explain, users are required to trust the institution with their sensitive personal data in order to access the service.

Uses Custodial Wallets: Centralized exchanges leave their customers no choice but to keep their funds in the platform’s own custodial wallet. This means that the platform controls the private keys, and therefore the crypto in that account. But without private keys linking you directly to your blockchain address, your crypto is only as safe as the middleman itself. If the platform is hacked, goes bankrupt, or is censored by a legal entity, there will be no way for you to access your coins. This is why the custodial wallet system is inherently flawed.

 

CeFi vs Defi: What’s The Difference

While you can lend, borrow, and trade, just as well as you can with centralized protocols, DefI Protocols also offer a lot more control over your funds. For example:

DeFi doesn’t involve central entities and institutions: DeFi platforms and financial services are not run by any sort of central entity. Instead, they are protocols run on smart contracts. There is no central company or single point of failure, and they are not regulated.

No KYC, Personal Data, or Barriers: Since DeFi platforms are unregulated, users are not required to identify themselves or provide any documentation to access DeFi services.  A crypto wallet – and some crypto – are all that’s required.

Self-Custody is King: DeFi platforms offer full custody when trading. Using these platforms, there is no custodial “platform wallet”. Instead, users will interact with the platform directly from their own, non-custodial crypto wallet. You, the user, remain in control of your crypto at all times. However, with that control also comes the responsibility of securing your private keys.

 

Why Is DeFi Important?

Since the blockchain is permissionless,  DeFi applications can be accessed by anyone—no matter where in the world they reside. Anybody with a cryptocurrency wallet and an internet connection can interact with the world of Decentralized Finance—with no credit checks, KYC, or other barriers to entry. 

This is of particular importance for the 1.7 billion adults worldwide who lack access to a bank account. Through DeFi, these individuals, and everybody else now have access to a wide range of permissionless protocols that provide many of the same features as banks.

 

Uses of DeFi

Despite being a relatively new industry, Decentralized Finance has grown considerably in recent years. As a result, both the number and variety of DeFi applications in existence have also multiplied.  Nowadays, there is a DeFi alternative to practically every major financial service you already use. Some applications for DeFi technology are completely unique and some of them are not. But all are possible thanks to peer-to-peer blockchain technology.

So, what are the biggest use cases for DeFi today?

 

Decentralized Exchanges (DEXs)

A DEX, or decentralized exchange, does exactly what it says on the tin: It lets you exchange your crypto, coins, or tokens. DEXs can execute trades without a centralized entity overseeing the service, meaning you keep custody of your private keys. Furthermore, decentralized exchanges also allow users to trade without waiting for other participants. Instead of using an order book system like a centralized exchange, DEXs set their prices using liquidity pools and Automated Market Makers (AMMs). In short, this tech allows users to trade directly with the system.

Top Decentralized Exchanges (DEXs) such as Paraswap, Uniswap, and Curve all use this technology.

 

DeFi Lending & Borrowing Services

DeFi lending protocols like Compound and Aave allow users to lend and borrow crypto in a secure, trustless manner. Borrowers deposit funds as collateral and typically pay a fixed interest rate, while lenders earn a variable return on their assets.

DeFi lending services enable anyone with a crypto wallet to contribute their crypto to a protocol. This allows other users the chance to borrow it, and in exchange, the lender receives interest. However, instead of a central entity organizing this payment, the smart contract can execute the action itself.

 

DeFi Staking Services

DeFi also offers some totally new options not available anywhere else – and staking is a great example. Crypto staking involves “locking up” some of your cryptocurrency as part of the process of securing a blockchain. In exchange, you’ll receive rewards, meaning staking presents DeFi users with a unique option for making passive income. 

With many staking services offering the infrastructure to manage the details of that interaction, such as Kiln and Lido, staking is one of the prominent services in the DeFi ecosystem.

These are just a few of the different DeFi options that exist. With new platforms and services on the rise, we’re sure to see more and more possibilities opening up for crypto users as time goes on.

 

Decentralized Insurance:

Decentralized insurance protocols like Nexus Mutual allow users to protect themselves against a wide range of risks in the DeFi sector, such as hacks, theft, flash crashes, and almost anything else. Anybody can also contribute to insurance pools to earn a return for taking on risk. 

 

Synthetic Asset Issuance:

Synthetic Asset issuance platforms allow users to create a variety of crypto tokens that mimic the price or characteristics of another digital currency, real-world asset, or financial product. Synthetics are essentially crypto derivatives, and they give cryptocurrency users a way to trade and gain exposure to complex financial products through a single token (like ETFs, options, and basket funds). Plus, they also let users participate in markets that might otherwise be difficult to access. 

 

Advantages of DeFi

Arguably the most significant benefit of DeFi applications is their accessibility. Since there is no governing entity at the helm, and there are no regulations or rules to adhere to. DeFi applications are available to anyone—no matter where in the world they reside. Anybody with a cryptocurrency wallet and an internet connection can interact with the world of Decentralized Finance—with no credit checks, KYC, or other barriers to entry. 

This is of particular importance for the 1.7 billion adults worldwide who lack access to a bank account. Through DeFi, these individuals, and everybody else now have access to a wide range of permissionless protocols that provide many of the same features as banks.

But DeFi goes well beyond providing standard financial services to those that need them. It presents an entirely original system based on openness and transparency. Basically, it ensures participants can check exactly what is going on behind the scenes. It achieves this while dispensing with trusted third parties and costly intermediaries—driving access costs down to the bare minimum. 

Moreover, DeFi gives individuals a way to easily turn a profit on their digital assets by contributing to lending pools. These pools provide collateral-backed loans to borrowers and allow other users to exchange coins directly with the system. These are so attractive to users because they provide much better returns than banks offer.

 

Disadvantages of DeFi

DeFi offers regular people unprecedented access to financial services, control of their data, and passive income opportunities. However, just as with any activity, users need to be aware of the risks.

 

The Blockchain Isn’t Regulated

Smart contracts and blockchain have enabled anyone to develop a value-based application and offer it to the public, generating a new wave of exciting options – but this comes with a price.

But with no central entity or traditional infrastructure, DeFi apps are not subject to the same legal scrutiny as traditional consumer services. You have no real guarantee of who you’re interacting with, what’s behind a smart contract, or whether your project is genuine – and if you make a mistake, there’s nobody to help you get your crypto back.

Instead, users rely entirely on their own research. This is why it’s imperative to get to grips with DYOR. For example, just learning to read smart contracts and understand white papers is a great start. Then, navigating sources of information, like Discord, is invaluable when assessing new projects.

 

The Future of DeFi

In the last two years, the total value of tokens locked up in DeFi tools and protocols increased from $203 million to $9.53 billion. This represents a growth of more than 4,500%. But it’s not just everyday users, traditional financial institutions are becoming more interested in DeFi too. In fact, many firms are looking into how they can participate in the Decentralized Finance world too.

However, with DYOR and self-custody at the heart of this industry – and no second chance if you make a mistake – it has never been so important to understand exactly what you’re interacting with.

While many DeFi platforms genuinely act to return financial independence to users and provide access to new, potentially liberating, or profitable opportunities, not all are safe to use, and some are outright scams. With that in mind, it’s important to do your due diligence before investing in or using any DeFi platforms. You should only ever risk what you can afford to lose. 

So keep reading, stay up to date, and keep those private keys secure – Ledger Academy is here to guide you as you navigate this exciting new ecosystem of financial service.

To view more in this series check out Ledgers Academy which covers everything from Web3 to Daos.

 

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🧬VINDICATED! The Epstein Files Connect Gates, Pandemics & Censorship to a Globalist Blueprint for a Biosecurity State🧬

Every warning. Every documentary. Every article. Every post that got us banned. All of it was true. Now what? What can we do? Read on, share this Substack, help us save lives! The Light is shining! ✨

Well, well, well… look what the cat dragged in.

Actually, scratch that. Look what the Department of Justice finally dragged out of Jeffrey Epstein’s email inbox and dumped on the world’s doorstep like a rotting corpse nobody wanted to claim. Yep, that’s right. The Epstein files. It’s hilarious how the “Democratic hoax” and “fantasy” client list we were all told didn’t exist suddenly became a very real, very unsealed document.

For years—years—they called us conspiracy theorists. They slapped “misinformation” labels on our posts faster than Pfizer could print liability waivers. They kicked us off platforms, lied about us in the media, and shadow-banned our reach. Meanwhile, the real conspiracy—the one typed out in black-and-white emails between billionaires, bankers, and a convicted pedophile—was sitting in a government vault, waiting to prove us right.

And now? Now the receipts are public.

The release of Jeffrey Epstein’s files has done far more than expose a network of elite pedophilia and blackmail—it has vindicated truth-tellers like us and countless others who were smeared, censored, de-platformed, and persecuted for warning about the sinister agendas of the globalist elite. The documents reveal shocking connections between Epstein, Bill Gates, pandemic planning, and the systematic suppression of anyone who dared to connect the dots.

We weren’t crazy. We were just early. And they hated us for it.

Epstein, Gates, and the Pandemic “Business Model” They Built Together

One of the most damning revelations from Epstein’s files is his partnership with Bill Gates. Forget the carefully crafted PR spin about “regretting” those meetings. These weren’t casual dinners. These were planning sessions.

Back in 2015, Gates and Epstein exchanged emails about “preparing for pandemics” and strategies to “involve the WHO.” Gates wrote: I hope we can pull this off.”

How’s that for a chill down your spine?

This eerily foreshadowed the 2019 Event 201 simulation—a pandemic exercise hosted by the Gates Foundation, Johns Hopkins, and the World Economic Forum that just happened to model a global coronavirus outbreak… just months before COVID-19 ”mysteriously” emerged in Wuhan. Funny how that works, isn’t it?

But let’s rewind even further, to the real blueprint—the financial architecture that made the pandemic response not just possible, but profitable.

The story crystallizes in a chilling 2011 email exchangeJuliet Pullis, a JPMorgan executive under then-chairman Jes Staley, emailed Jeffrey Epstein with a list of detailed questions. The source? “The JPM team that is putting together some ideas for Gates.

The questions were precise: What are the objectives? Is anonymity key? Who directs the investments and grants? This wasn’t JPMorgan consulting an expert; it was a trillion-dollar bank asking a convicted felon to architect a billion-dollar philanthropic fund for Bill Gates.

This wasn’t JPMorgan consulting a philanthropic expert. This was a trillion-dollar bank asking a convicted felon to architect a billion-dollar philanthropic fund for one of the richest men on Earth. Let that marinate for a moment.

Epstein’s reply was fluent and commanding. He described a donor-advised fund with a “stellar board” and ties to the Gates-Buffett “Giving Pledge.” He noted the billions already pledged and identified the gap: “They all have a tax advisor, but have no real clue on how to give it away.” His solution? JPM would be an integral part. Not advisor… operator, compliance. Staley’s response: We need to talk.

By July 2011, the plan evolved. In an email to Staley, copying Boris Nikolic (Gates’ chief science advisor), Epstein laid out the core pitch: A silo based proposal that will get Bill more money for vaccines.”

Not “more research for pandemics.” Not “better public health infrastructure.” More money for vaccines.” This is the unambiguous language of capital formation, not charity. It reveals the structure’s intended output planning reached the highest levels.

In August 2011, Mary Erdoes, CEO of JPMorgan’s $2+ trillion Asset & Wealth Management division, emailed Epstein (while on vacation) with additional operational questions.

Epstein’s reply was breathtaking in scope:

  • Scale: “Billions of dollars” in two years, “tens of billions by year 4.”

  • Structure: Donors choose from “silos” like mutual funds.

  • The Kicker: However, we should be ready with an offshore arm — especially for vaccines.”

An offshore arm. For vaccines. For a charitable vehicle. Let that sink in.

So, by the time the world was panicking in March 2020, the financial machinery was already built. The investment vehicles, the donor-advised funds, the reinsurance products at places like Swiss Re, and even the simulation playbooks were dusted off and ready to go.

The pandemic wasn’t an interruption to their business—it was the Grand Opening.

Epstein’s role extended far beyond trafficking; he was a facilitator and blackmail operative for the global elite. The same forces that orchestrated the COVID-19 power grab—the mask mandates, lockdowns, censorship, and coercive mRNA push—are the ones who silenced critics like us.

Gates, despite his documented ties to Epstein (multiple flights on the “Lolita Express” after Epstein’s 2008 conviction), walks freely. He’s on TV. He’s advising governments. He’s still funding “global health initiatives” and pushing digital IDs, vaccine passports, and climate lockdowns.

Meanwhile, people like our friend, Joby Weeks, are under house arrest without charges, and voices like ours were de-platformed, demonetized, and destroyed for saying this very thing.

We told you. You knew it in your gut. Now you have the emails.

Censorship: The Elite’s “Misinformation” Label to Cover Their Crimes

The Epstein files expose not just criminal behavior, but the playbook for the systematic suppression of truth. While Epstein’s powerful friends were being protected by the FBI, the DOJ, and the media, platforms like Facebook (Meta), YouTube (Google), and Twitter went to war against anyone talking about it.

Think about the sheer audacity.

We were banned from social media for calling COVID-19 a “fake pandemic” and exposing the vaccine injury data that’s now undeniable.

Below is a screenshot of the first Facebook post that was taken down and then used as “Exhibit A” in their “reports” about how bad we were, naming us the 3rd most dangerous people on earth after Dr Joseph Mercola and Bobby Kennedy in the digital hit list they called the “Disinformation Dozen.” They attacked us, lied about us, and pressured the media, social media, and population at large to do the same: attack, threaten, and cast us out.

We were labeled “dangerous” for sharing emails, documents, and research that the DOJ and the CDC have now confirmed.

It was never about “safety.” It was about narrative control.

The same institutions that turned a blind eye to Epstein’s crimes for decades—the same ones that let him “commit suicide” in a maximum-security prison with cameras conveniently malfunctioning—suddenly became the ruthless hall monitors of “acceptable discourse,” ensuring only their approved stories could be told.

Big Tech, Big Media, and Big Government are all part of the same protection racket. They shielded Epstein’s client list, and now they shield the architects of the pandemic debacle. Independent journalists, researchers, and health advocates like us, who connected these dots, were systematically de-platformed, demonetized, and destroyed.

Why? Because we were right, and that was the greatest threat of all.

When you’re over the target, that’s when the flak gets heaviest. And brothers and sisters, we were getting shelled.

They Lied About Us While Protecting the Real Criminals

Let’s be crystal clear about what happened here.

We have spent decades exposing the cancer industry, Big Pharma’s corruption, and the suppression of natural health solutions. We produced The Truth About Cancer docu-series, reaching millions worldwide. We warned about vaccine injuries, censorship, and the coming medical tyranny years before COVID-19.

And what did they do? They called us “Conspiracy Theorists,” “Anti-Vaxxers,” and “Killers.” Dangerous.

They said we were killing people with “misinformation.”

Facebook banned us. YouTube deleted our videos. Legacy media ran hit pieces. PayPal froze our accounts.

All while Bill Gates—a man with documented ties to Jeffrey Epstein, who flew on his plane multiple times after Epstein’s conviction, who got STDs from Russian girls Epstein provided for him for which Gates asked Epstein’s help getting him antibiotics to slip secretly to his then wife, Melinda, so that she would not know about his inexcusable and perverted escapades—yes, THAT Bill Gates—was at the same time, being platformed on every major news network as the world’s health oracle.

All while Anthony Fauci—who funded gain-of-function research in Wuhan through Peter Daszak and EcoHealth Alliance, who lied under oath to Congress, who flip-flopped on masks, lockdowns, and vaccines—was treated like a saint. Time Magazine’s “Guardian of the Year.”

All while Pfizer—a company with a $2.3 billion criminal fine for fraudulent marketing, bribery, and kickbacks—was given blanket immunity from liability and billions in taxpayer dollars to produce a vaccine in record time with no long-term safety data.

Were we the dangerous ones?

No.

We were the truthful ones. And that made us the enemy.

The Weaponized Institutions: From Epstein’s Blackmail to Your Digital ID

Epstein’s operation was never just about blackmail for perversion; it was blackmail for control. The files show his cozy ties to intelligence agencies (Mossad, CIA), financial giants like JPMorgan and Deutsche Bank, and political leaders across the globe.

This is the same cabal now pushing:

  • The Great Reset

  • Digital IDs

  • Central Bank Digital Currencies (CBDCs)

  • 15-minute cities

  • Carbon credit social scoring

  • Vaccine passports

Let’s connect the dots they desperately don’t want you to see:

Financial Control:

JPMorgan banked Epstein for years despite clear red flags—over $1 billion in suspicious transactions flagged internally and ignored. They knew. They didn’t care. They paid a $290 million fine and moved on.

Now, banks like Bank of America, Chase, and PayPal de-bank conservatives, truckers, health freedom advocates, and anyone who questions the narrative. Canadian truckers. Gun shops. Crypto entrepreneurs. The goal is the same: punish dissent and control economic life.

CBDCs are the endgame—a digital leash on every citizen. Programmable money that can be turned off, restricted, or expired. Social credit by another name.

Medical Tyranny:

The FDA, CDC, and WHO—utterly captured by Big Pharma—lied about:

  • COVID origins (Wuhan lab leak dismissed as conspiracy theory)

  • Vaccine efficacy (”95% effective” turned into “you need boosters forever”)

  • Natural immunity (ignored despite being superior)

  • Early treatments (ivermectin, hydroxychloroquine, vitamin D censored and mocked)

They attacked natural health advocates just as they’ve done for decades with cancer cures, detox protocols, and anything that threatens Big Pharma profits. They are not health agencies; they are profit-enforcement arms dressed in lab coats.

Political Corruption:

Epstein’s blackmail ensured elite immunity. His client list includes presidents, princes, CEOs, scientists, and media moguls.

Meanwhile, true dissidents—Julian Assange (tortured in prison for journalism), Edward Snowden (exiled for exposing mass surveillance), and journalists like us—face persecution, imprisonment, debanking, slanderous hit pieces, and/or constant character assassination.

Two systems of justice: one for them, one for you. One for Epstein’s friends, one for truth-tellers.

The Way Forward: They’re Exposed. Now It’s Time to Build.

The Epstein files are more than proof; they are a declaration that the system is rotten to its core. But here’s the beautiful part: they vindicate us completely.

Every warning. Every documentary. Every article. Every post that got us banned. All of it was true.

The globalists’ grip is weakening. The truth—the real, ugly, documented truth—is erupting from the very files they tried to hide. They labeled us liars, but the emails show they were the architects. They silenced us, they censored us, but that only made our voices more necessary.

Epstein did not kill himself. COVID-19 was not natural. The vaccines were not safe or effective. The censorship was not about protecting you—it was about protecting them.

And now? Now it’s time to use this vindication as fuel. Not for revenge, but for revolution. A revolution of truth, health, freedom, and justice.

They tried to bury us. They didn’t know we were seeds.

The Epstein files are a smoking gun. A paper trail. A confession written in emails, financial structures, and offshore accounts.

They prove what we’ve been saying all along:

  • The system is rigged.

  • The elites are criminals.

  • The pandemic was planned.

  • The censorship was coordinated.

And we were right. 👍

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At the core of Citi’s dominance in institutional payments is Citi Token Services, a blockchain-powered platform launched in September 2023. This service converts client deposits into digital tokens, enabling 24/7, real-time cross-border payments, automated trade finance, and just-in-time liquidity management. By using private blockchain technology managed entirely by Citi, clients avoid the need to host their own nodes. The solution has been successfully piloted with Maersk and a canal authority, demonstrating how smart contracts can reduce transaction times from days to minutes—mirroring the functions of traditional bank guarantees and letters of credit.

Citi is further strengthening its position through strategic partnerships, such as its collaboration with Coinbase to expand digital asset payment solutions for institutional clients, enabling seamless fiat-to-crypto transitions. The bank is also leveraging generative AI to automate regulatory compliance, improve cash forecasting by 50%, and reduce operational case times by 90%, directly enhancing the efficiency and reliability of its payment services.

With a global network spanning 95 countries and a focus on real-time, transparent, and programmable financial services, Citi is redefining the institutional payments landscape. Its strategy—centered on infrastructure modernization, digital asset innovation, and client-centric automation—positions it to capture market share from both traditional banks and fintechs, particularly as cross-border instant payments become the norm by 2028.

As blockchain infrastructure inches closer to the core of global finance, a consequential debate is taking shape inside banks and among institutional investors.

What form of digital money will ultimately dominate on-chain settlement?

Stablecoins have so far captured the spotlight, buoyed by rapid adoption and growing regulatory attention. But a different shift is underway inside the banking sector, where executives are increasingly confident that tokenized bank deposits, and not privately issued stablecoins, could become the preferred on-chain dollar for institutional and wholesale use.

“We don’t start with the asset,” Biswarup Chatterjee, global head of partnerships and innovation, Citi Services at Citi, told PYMNTS. “We typically start with our client need, and then we look at the pros and cons of each type of asset or financing instrument.”

For institutional money, innovation can often begin with constraint.

“When you’re dealing with money as a financial institution, you’re acting in a fiduciary capacity,” Chatterjee said, framing why safety and soundness dominate early conversations with clients.

From that perspective, the critical questions around new digital instruments are regulatory and operational before they are technological. Are these assets well-regulated? Do they operate within clearly defined legal frameworks? Can they be governed with the same rigor as traditional deposits or securities?

For institutions that manage systemic liquidity, and their clients, those questions are becoming non-negotiable. Within that context, tokenized deposits are what is emerging as a natural evolution of existing bank money.

“Within the bank’s network, tokenized deposits are an efficient way for our clients to be able to get that 24/7, always-on availability,” Chatterjee said.

The Race to Define the On-Chain Dollar for Institutional Use

By anchoring decisions in client economics and workflows, banks are positioning themselves less as promoters of specific technologies and more as integrators tasked with assembling the right mix of tools for each use case. Institutional clients are not simply looking for digital replicas of existing money; they are grappling with the friction of moving funds across use cases and jurisdictions.

“There’s this constant need to transform money across its various forms and shapes,” Chatterjee said, adding that payments, working capital and financing increasingly overlap, and inefficiencies emerge when money cannot move fluidly between those roles.

By representing deposits on distributed ledgers, banks can offer real-time movement of money across accounts, entities and geographies without leaving the regulated perimeter. For enterprises and institutions, this promises faster settlement, improved liquidity management and reduced operational friction, all without introducing new balance sheet or counterparty risks.

In this sense, tokenized deposits may turn out to be less disruptive than they appear. They modernize the plumbing of banking rather than bypassing it, extending familiar money into programmable environments.

Regulation, Interoperability and the Velocity of Money

The moment money exits a bank’s direct network, however, the strengths of tokenized deposits begin to fade. Cross-border payments, underbanked regions and counterparties outside major financial institutions can expose gaps in reach and efficiency when it comes to tokenized deposits.

This is where Chatterjee said he sees a role for stablecoins, not as competitors to banks, but as connective tissue.

“When money leaves the bank’s network and goes out into the external ecosystem, that’s where we see the role of stablecoins coming in,” he said, assuming they operate in a “very safe and sound and regulated manner.”

The result is likely to represent not a binary choice but a continuum. Just as checks, wires, cash and instant payments coexist today, digital money is likely to fragment into specialized forms optimized for different environments.

At the heart of the impact financial blockchain is having on digital money’s evolution lies a deceptively simple question: What makes money “good”?

For Chatterjee, the answer hinges on universal acceptance and trust.

“What makes a currency strong … has a lot to do with universal acceptance,” he said.

Assets that cannot be readily transferred or accepted risk becoming stranded, unable to circulate productively; while trust is fundamental to the value and stability of money, no matter its form. That logic applies equally to tokenized deposits and stablecoins. Without trust and transferability, neither is likely to function as a true institutional settlement asset.

Despite the focus on tokens and technology, Chatterjee was clear about where long-term value resides. It is not in the token itself, but in service.

“Client service and the client experience is what is going to drive the winning proposition,” he said.

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New Allegations Link Former National Intelligence Leaders Clapper and O’Sullivan to UFO Shoot-Down and Retrieval Program

Written by Christopher Sharp - 24 January 2026

Multiple sources have told Liberation Times that, during the Obama administration, senior intelligence figures James Clapper and Stephanie O’Sullivan oversaw a program relating to Unidentified Anomalous Phenomena (UAP) within the Office of the Director of National Intelligence. 

The sources allege the effort involved the shootdown and recovery of exotic vehicles thought to be of non-human origin.

Three separate sources told Liberation Times that Clapper allegedly ran the program alongside O’Sullivan, dating back to his tenure as Under Secretary of Defense for Intelligence from 2007 to 2010

During that period, O’Sullivan led the CIA’s Directorate of Science and Technology before being promoted in 2009 to become the agency’s third-most senior officer.

One source alleged to Liberation Times that Clapper and O’Sullivan oversaw a program codenamed ‘Golden Domes,’ which the source claimed was jointly run by the CIA and the United States Air Force (USAF), where Clapper previously served.

The source further alleged that the program could detect and track UAP even when ‘cloaked’ and as they physically manifested.

The same source claimed the program employed a mix of electronic and laser-based capabilities intended to bring down what the source described as ‘exotic non-human vehicles.’

Sources were unable to offer Liberation Times a clear explanation for why the U.S. government would choose to engage UAP, including whether any such actions were taken routinely, in specific circumstances, or in relation to any potential understandings or rules of engagement involving other purported non-human factions.

In the recently released documentary ‘The Age of Disclosure’, James Clapper alleged that a secretive USAF program had been actively monitoring UAP, particularly over the highly classified Area 51 facility in Nevada - an epicentre of cutting-edge military development and testing.

Clapper, a former Chief of USAF Intelligence, stated:

“When I served in the Air Force, there was an active program to track anomalous activities that we couldn’t otherwise explain - many of them connected with ranges out west, notably Area 51.”

In a recent interview with journalist Megyn Kelly, former intelligence official, USAF veteran, and UAP whistleblower David Grusch claimed that James Clapper managed a UAP program, stating:

“I'm a little bit disappointed as a fellow Air Force officer…. That's all he said in the documentary: that there was a program he was aware of. 

 

“In fact, without being inappropriate, I will say that General Clapper was well aware of the crash retrieval issue, managed the crash retrieval issue, and, when he was a DNI [Director of National Intelligence], USDI [Undersecretary of Defense for Intelligence and Security], DIA [Defense Intelligence Agency], he placed people in critical roles to manage this issue, both publicly - and I'll just say not publicly as well - and I'll allow the audience to distill what I'm saying at the, at the risk of being inappropriate or going too far with my discussion. 

 

“So General Clapper, Stephanie O’Sullivan, other folks in the IC [Intelligence Community] that are well aware of this issue, that were in rooms discussing this issue, I ask you to be greater leaders on this. I should not be the only former military officer and intelligence official that is being completely candid with the information that they were exposed to.”

Grusch’s lawyer, Charles McCullough III served as the Intelligence Community Inspector General, reporting directly to then–Director of National Intelligence James Clapper.

In that role, according to his biography, McCullough ‘oversaw intelligence officers responsible for audits, inspections, and investigations. Furthermore, he was responsible for inquiries involving the Office of the Director of National Intelligence as well as the entire Intelligence Community.’

                            Above: Charles McCullough, III and James Clapper

Grusch, in that same interview, also alleged that former Vice President Dick Cheney, who has since died, was the “closest person” to a “mob boss,” exerting “central leadership” over UAP-related activities.

Notably, Dick Cheney’s wife, Lynne Cheney, served on Lockheed Corporation’s board of directors from 1994 to 2001.

Against that backdrop, in written testimony to Congress, Lue Elizondo, the former director of the Pentagon’s Advanced Aerospace Threat Identification Program, claimed that Naval Air Station Patuxent River in Maryland was among the sites prepared in connection with an alleged transfer of UAP materials to Bigelow Aerospace from Lockheed Martin - an organisation long accused of involvement in an alleged UAP reverse-engineering program.

In a 2013 Fox News interview, Dick Cheney said he first met James Clapper around 25 years earlier, when Clapper was serving as a USAF intelligence officer in Korea.

James Clapper served as the fourth Director of National Intelligence under President Obama from August 2010 to January 2017. Before that, he was Under Secretary of Defense for Intelligence from 2007 to 2010 under President George W. Bush and Vice President Dick Cheney.

Clapper also previously served as Director of the National Geospatial-Intelligence Agency and Director of the Defense Intelligence Agency

In his book Facts and Fears, he recounts how he was assigned as the USAF senior resident officer at the National Security Agency (NSA) to represent Air Force interests. In February 1980, then-NSA Director Vice Admiral Bobby Inman presided over Clapper’s promotion to colonel, as he assumed responsibility for all Air Force personnel stationed at the NSA.

Clapper writes in his book that he served as an intermediary for Vice Admiral Bobby Inman, whom he describes as “an icon and a legend” and who has also been alleged to be a UAP gatekeeper.

Inman was clearly aware of the link between O’Sullivan’s former office and UAP-related matters. In a now-public phone call with NASA engineer Bob Oechsler, Inman said that Everett Hineman, then Deputy Director of the CIA’s Directorate of Science and Technology, would be “the best person” to ask whether any recovered UAP vehicles might be made available for technological research outside military channels.

Notably, former NSA administrator Mike Rogers has recalled in an interview that, while serving as Director of National Intelligence, Clapper unexpectedly ordered him and his team to review the NSA’s files and provide everything relating to UFOs.

Upon being nominated as Director of National Intelligence by President Obama in 2010, Clapper was described as having developed close ties to the intelligence community during his long career and is particularly close to senior managers at the CIA.

In 2011, Clapper recommended that President Obama nominate Stephanie O’Sullivan as Principal Deputy Director of National Intelligence (PDDNI). 

Before her nomination, O’Sullivan served as the CIA’s Associate Deputy Director from December 2009 to February 2011, working alongside the Director and Deputy Director to provide overall leadership of the agency, with a particular focus on day-to-day management. 

                                                Above: Stephanie O’Sullivan

Before that, she served as the CIA’s Deputy Director of Science and Technology for 4 years. According to Liberation Times sources, the CIA’s Directorate of Science and Technology has and continues to be involved in coordinating UAP retrieval missions and safeguarding technologies derived from UAP-related research carried out by the Department of War (DoW) and its contractors.

Based on the best available open source information, previous Deputy Directors of the CIA’s Directorate of Science and Technology include:

  • Albert Wheelon 1963-1966

  • Carl Duckett 1966-1967

  • Leslie Dirks 1967-1982

  • R. Evan Hineman 1982-1989

  • James Hirsch 1989-1995

  • Ruth David 1995-1998

  • Gary Smith 1999-1999

  • Joanne Isham 1999-2001

  • Donald Kerr 2001-2005

  • Stephanie O’Sullivan 2005-2009

  • Glenn Gaffney 2009-2015

  • Dawn Meyerriecks 2015-2021

  • Todd Lowery 2021-present

In his book, ‘Facts and Fears’, Clapper writes that he knew O’Sullivan by reputation as a brilliant technical engineer, and that then-CIA Director Leon Panetta put her forward to him as his deputy - someone who could help cover his blind spots when CIA-related issues arose

Clapper describes the day of O’Sullivan’s confirmation to PDDNI - a title O’Sullivan jokingly referred to as ‘P-Diddy’ - as ‘an extremely happy one’. Their working relationship within the ODNI was extremely close, and Clapper has written that he learned to adopt the line “Stephanie speaks for me, even when we haven’t spoken.”

O’Sullivan entered the intelligence world after responding to a cryptic newspaper classified advert seeking an “ocean engineer”. That move led her to TRW, the defense contractor absorbed into Northrop Grumman, and later the Office of Naval Intelligence. Liberation Times sources allege that Northrop Grumman’s Tejon Ranch Radar Cross Section Facility in southern California is a site where UAPs are routinely retrieved.

Since her retirement from government in 2017, O’Sullivan now serves as a member of the Board of Trustees of the Aerospace Corporation and is on the Board of Directors of Battelle Memorial Institute. 

Battelle and The Aerospace Corporation have both been referenced publicly in connection with UAP programs

Sources also note that O’Sullivan sits on the board of HRL Laboratories, formerly Hughes Research Laboratories, part of the wider Hughes corporate legacy that is closely associated with the Hughes Glomar Explorer, the vessel later linked to the CIA’s effort to recover a sunken Soviet submarine.

Sources told Liberation Times that Stephanie O’Sullivan has been questioned by the Senate Select Committee on Intelligence about her alleged role in a UAP program

The sources further allege that she misled committee members, including then Senator Marco Rubio, now Secretary of State, by nervously claiming that she had no involvement.

Allegations of kinetic engagement have surfaced in other contexts. 

In written testimony submitted to Congress, journalist George Knapp relayed what he said he was told by figures linked to a former Russian Ministry of Defense UAP program: that Russian fighter aircraft were dispatched to intercept UAP on numerous occasions and, in a small number of cases, were ordered to fire. 

Knapp wrote that after several alleged incidents in which aircraft subsequently crashed, a standing order was issued instructing pilots to disengage and ‘leave the UFOs alone because, quote, “they could have incredible capacities for retaliation.”’ 

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