Combine active dry yeast, granulated sugar, and warm milk (105-110°F) in a mixing bowl. Let it rest for about 5 minutes until frothy. Stir in the melted unsalted butter.

In a separate large mixing bowl, whisk together all-purpose flour and salt. Gradually add the yeast mixture along with the egg yolk, mixing until the dough pulls away from the sides.

Transfer dough to a greased bowl, turning to coat. Cover with a damp cloth and let rise for about 1 hour until doubled in size.

Prepare frangipane filling by creaming together softened butter and granulated sugar. Add the egg, almond flour, and cognac or rum, mixing until smooth.

Once dough has risen, punch it down and roll it out into a rectangle (1/4 inch thick). Spread frangipane filling over the dough, sprinkle with cranberries, pecans, and orange zest. Roll into a log and cut in half lengthwise.

Twist the two halves of the dough together and shape into a ring. Pinch ends to seal tightly.

Preheat oven to 375°F (190°C). Place the couronne on a lined baking sheet, brushing the top with a beaten egg. Bake for about 30 minutes until golden brown.

Allow to cool on a wire rack, then dust with powdered sugar before serving.