Aavegotchi bonding curve closes on exact day of DAI depeg
Aavegotchi closed the bonding curve defining the exchange rate between its namesake (GHST) and the DAI U.S. dollar-pegged stablecoin. The DAI stablecoin depegged on that same day as a result of the continued destabilization of the Dollar Coin, which was brought on by $3.3 billion in stalled stablecoin collateral deposits owing to its issuer Circle […]
Circle’s exposure to US banks may exceed $9 billion
A number of US banks, including Silvergate, Silicon Valley Bank, and Bank of New York Mellon, hold Circle’s reserves. According to Circle’s most recent audit report from January, the company’s exposure to the US banking system is close to $9 billion. USD Coin (USDC $0.92) is Circle’s primary product. The country’s regulated financial institutions, such […]
Binance switches to multiple stablecoins, ends conversion policy
Binance suspends its BUSD auto-conversion for new deposits of the USDC, USDP, and TUSD stablecoins amid Circle’s Dollar Coin (USD) depeg. On Saturday, Changpeng “CZ” Zhao, CEO of Binance, said that the company would no longer maintain its Binance USD (BUSD) Auto-Conversion policy, which had been in place since last September. Surprisingly, the action was […]
Venture Capital Firms Agree To Support Silicon Valley Bank
Venture capital firms issue an united statement in which they agree to assist Silicon Valley Bank once more, but with restrictions. If Silicon Valley Bank is bought and adequately funded, venture capital firms agree to support and request that portfolio companies continue their banking relationship with Silicon Valley Bank. On March 11, General Catalyst CEO […]
Hedera blocks access to wallet, app due to potential exploit
Hedera is blocking access to the majority of services due to a potential exploit, as stated in a tweet on March 9. Hedera said that it will turn off network proxies on its mainnet as it investigates irregularities in its smart contracts. Wallets, decentralized exchanges, decentralized apps, and centralized exchanges won’t function as a result […]