Deconstructing the 24/7 Algorithmic Disintermediation of Primary Dealers
Forensic parameters of the document:
Macroeconomic migration: Analysis of the structural shift of US national debt to cryptographic networks.
Infrastructure deconstruction: The technological and legal architecture of 24/7 on-chain treasury pools.
Disintermediation: The mathematical circumvention of the traditional primary dealer network and the new reality of settlement finality.
Systemic frictions: Mapping of contagion risks through deterministic, algorithmic margin calls and the "weekend gap".