Ad In the past week, MakerDAO has experienced a drop in total value locked (TVL), the supply of DAI, and annualized fee income, signaling some potential trouble for one of the world’s largest stablecoin issuers. Additionally, MKR’s value decreased by 25% during the same timeframe. Despite DAI’s recent return to parity with the US dollar,…
Hong Kong’s Secretary for Financial Services and the Treasury Christopher Hui said that over 80 virtual asset-related businesses had expressed interest in establishing their presence in the city as of the end of February. Hui added that 23 crypto businesses have already indicated they “plan to establish their presence in Hong Kong.” In a March…
The stablecoin market has seen significant changes over the past few weeks — including the removal of over 7 billion USDC stablecoins from circulation following the depegging event on March 11. Since then, USDC and other stablecoins have been re-pegged, and Circle’s stablecoin is currently trading at $1 on several centralized trading platforms as of…
During the week ending March 15, two Federal Reserve backstop facilities were utilized by US banks to borrow a total of $164.8 billion. The traditional liquidity backstop for banks, also known as the discount window, saw a record-high borrowing of $152.85 billion, which increased significantly from the previous week’s $4.58 billion. According to a March…
Maker’s governance community has initially voted in favor of increasing U.S. Treasury bond holdings to $1.25 billion, according to a Twitter thread on March 15. Preliminary vote approves Treasury bond purchases The proposal, if it is fully approved at a later date, will see Maker more than double its current $500 million of Treasury bond…
A phishing campaign falsely promising access to a new USDC DeFi trading platform emerged on social media on March 16. Fake USDC trading platform emerges The false blog post promoting the swap platform is located at http-circle-dot-blog, while the false trading platform is located at http-circledefi-dot-center. The fraudulent platform supposedly allows users to trade Circle’s…
After the weekend’s depegging of the stablecoin, Circle, which issues USDC, has declared that substantially all the minting and redemption backlogs have been resolved. The company reported that they redeemed $3.8 billion USDC and minted $0.8 billion USDC since Monday, and they have also shifted their banking partner due to the Silicon Valley Bank (SVB)…
Tether’s USDT supply reached 74 billion for the first time since May 2022, according to CryptoSlate’s data. Over the past 30 days, Tether’s supply added roughly 5 billion as its stablecoin rivals like Binance USD (BUSD) and USD Coin (USDC) faced regulatory scrutiny and banking issues. This resulted in investors ditching these embattled stablecoins for…
In a rapid turn of events, Tether’s stablecoin dominance has surged to its highest point in a year and a half, a feat crypto watchers attribute to difficulties surrounding rival stablecoins USDC and BUSD. Tether USDT now stands at its highest dominance over the stablecoin sector in 18 months. According to Blockworks’ data analysis of…
An investigation into no questions asked transfers between Moscow and London found several Russian crypto exchanges willing to accommodate cash trades. The investigation was conducted by the non-profit organization Transparency International (TI,) which seeks to “end the injustice of corruption by promoting transparency, accountability, and integrity.” Releasing the ironically titled report, “FROM MOSCOW-CITY WITH CRYPTO:…