Gemini claims there are no funds backing GUSD at Signature Bank
Gemini claimed to have had a relationship with Signature in the past, but added that it no longer has any funds there. According to an official tweet from the company, Gemini had no cash at Signature Bank and its Gemini US Dollar (GUSD) stablecoin was not secured by any deposits at the bankrupt bank. The […]
Coinbase suspends BUSD trading amid regulatory concerns
The Binance USD stablecoin’s trade has been suspended, according to an announcement from US-based cryptocurrency exchange Coinbase. On February 27, the exchange claimed “listing standards” as the justification for its choice to stop allowing BUSD trading on March 13. The announcement from February stated: “We regularly monitor the assets on our exchange to ensure they […]
South Korea launches Metaverse fund to advance domestic ideas
South Korea will promote various companies from the metaverse ecosystem’s mergers and acquisitions with the aid of the Metaverse Fund. South Korea increased its focus on the metaverse’s potential as a new source of economic growth as other nations’ economy became sidetracked by the hullabaloo surrounding cryptocurrency’s price volatility and ecosystem breakdowns. The Ministry of […]
Aave suspends stablecoin trading on v3 Avalanche
In response to recent stablecoin price volatility, Aave has stopped trading stablecoins and set the loan-to-value (LTV) ratio to 0. The trading halt, according to Aave’s governance forum, follows a report from decentralized financial risk management firm Gauntlet Network that suggests all v2 and v3 markets should be momentarily halted. One forum user made the […]
Circle intends to cover missing liquidity in SVB with corporate funds
Following Silicon Valley Bank’s (SVB) closure, Circle intends to use “company resources” to make up the difference in its reserves. As stated by Circle, USDC liquidity operations would “continue as normal” on Monday morning when banks reopen in the United States, allowing for 1:1 USDC redemption. The statement followed the stablecoin’s loss of its $1 […]