White House Report Casts Doubt on Cryptocurrencies
The White House's recently released Economic Report of the President includes a chapter questioning the benefits of cryptocurrencies. This is the first time the White House has included a section…
Moody warns of stablecoin adoption risk
In its latest report, Moody’s Investors Service has warned that the recent instability in the traditional banking sector could have a negative impact on the adoption of stablecoins. The credit…
FTX Continues to Move Funds Amid Ongoing Investigations
FTX, a cryptocurrency exchange, has reportedly moved around $145 million in stablecoins across various platforms, according to Lookonchain. Three wallets associated with FTX and its subsidiary, Alameda Research, transferred 69.64…
Overnight collapse of two traditional banks triggers chaos
On March 11, the financial world was rocked by the sudden collapse of two major traditional banks, Silicon Valley Bank and Signature Bank. This triggered a series of events that…
Depegging of USDC and DAI Saves Borrowers $100 Million
Over the weekend, the depegging of two major stablecoins, USD Coin (USDC) and Dai (DAI), from the US dollar prompted a frenzy of loan repayments on decentralized lending protocols Aave…
Binance converts remaining $1 billion in Industry Recovery Initiative to native crypto amidst concerns around stablecoins
On March 13, CZ tweeted that due to the changes in stablecoins and banks, Binance will be converting the remaining $1 billion funds in its Industry Recovery Initiative to native…
Banks increase risks to stablecoins
The recent depegging of Circle's USD Coin (USDC) caused a stir in the cryptocurrency market, with Binance CEO Changpeng "CZ" Zhao pointing fingers at traditional banks for their role in…
USDC Holders Panic Sell Amid Solvency Concerns
USD Coin (USDC), a popular stablecoin pegged to the U.S. dollar, has been facing solvency concerns since March 10, leading several holders to panic sell their holdings and switch to…
Aave Freezes Stablecoin Trading Amid Price Volatility
Aave, a popular lending protocol in the decentralized finance (DeFi) space, has taken action to mitigate the impact of recent price volatility in the stablecoin market. On March 11, the…
US Federal Reserve to Create Cryptocurrency Team Amid Concerns Over Unregulated Stablecoins
The US Federal Reserve is taking steps to address the fast-evolving cryptocurrency industry. The central bank has announced that it is creating a specialized team of experts to monitor developments…