Coinbase will not back down on staking despite SEC’s stance

Coinbase, the crypto exchange, has said it would continue to provide its staking services, even though the Securities and Exchange Commission (SEC) is working on a plan to clamp down on purported unregistered securities offers made via staking incentive schemes. An email by the firm states that “Coinbase serves merely as a service provider linking you, the validators, and the protocol” instead of giving a portion of its staking rewards. It also further states that Coinbase does not provide a share of its staking rewards. Coinbase might instead expand its…

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USDC slowly repegs on unconfirmed reports of SVB resolution

According to a post on Mar. 11 by Bob Elliot, chief investment officer of Unlimited Funds, relief efforts may already be underway less than 72 hours after the collapse of prominent American tech bank Silicon Valley Bank (SVB). Elliot claimed, among many items, that “big banks actively working on buying svb business,” the U.S. Federal Deposit Insurance Corporation (FDIC) is planning to cover 95% of uninsured depositors to the acquirer, and that “50pct of uninsured paid out next wk.” Hearing from some insiders:-big banks actively working on buying svb business-fdic…

USDC de-pegs, Kraken CEO wonders if the market is losing trust in US products

By Mar. 11, USDC, a stablecoin, de-pegged, falling to as low as $0.89 during the Asian session, trackers reveal. USDC de-pegs after Silicon Valley Bank folds The de-pegging of the USDC, theoretically meant to track the value of the USD, regardless of market volatility, is why Jesse Powell, the co-founder and CEO of Kraken, is wondering if the broader market is beginning to lose faith in United States-based products. With USDC under pressure and users scrambling to exit to other mainstream stablecoins, USDT broke its peg with USDC.  Earlier today,…

ATOM bulls watch closely as Cosmos interchain security prepares for March 15 launch

The Cosmos community has approved a vote to add “replicated security (RS)” to its chain, with 99.99% of votes in favor of the motion. The much-awaited upgrade is set to go live on March 15, 2023, with the v9-Lamba upgrade.  RS is the first version of Cosmos’s Interchain Security (ICS) feature, allowing blockchains in the Cosmos ecosystem to share validation resources for improved security. Only protocols approved by Cosmos governance will be added as consumer chains in the upcoming update. Eight consumer chains are potential candidates for selection, including Neutron,…

Makerdao Issues Emergency Proposal to Address $3.1B in USDC Collateral After Stablecoin Depegging Incident – Bitcoin News

On March 11, 2023, the decentralized finance project Makerdao issued an emergency proposal following the USDC depegging incident that saw the stablecoin dip down to $0.877 per unit. At the time of writing, Makerdao commands $3.1 billion in USDC collateral that backs a portion of the project’s stablecoin, DAI. Makerdao Proposes Changes to Limit Exposure to Potentially Impaired Stablecoins Members of Makerdao have been discussing a recent emergency proposal that aims to address the $3.1 billion in USDC assets the project holds as collateral. The news comes as Circle Financial…

Curve Finance trading volume reaches $7B historic high after USDC depeg

Stablecoin swapping pool Curve Finance is experiencing the highest daily trading volume in its history, exceeding $7 billion in the past 24 hours after the Silicon Valley Bank (SVB) collapse triggered a wave of uncertainty across markets and depegged the USD Coin (USDC) from the U.S. dollar.  Looks like we have the biggest daily trading volume in history — Curve Finance (@CurveFinance) March 11, 2023 Curve supports liquidity pools for major stablecoins, such as USDC, Tether (USDT), Frax (FRAX), Dai (DAI) and TrueUSD (TUSD). Fear, doubt, and uncertainty have spread…

Silicon Valley Bank’s troubles put Circle’s $3.3b USDC reserve at risk

Circle’s USDC, the second-largest stablecoin with a market capitalization of $43b, has been hit by the collapse of Silicon Valley Bank (SVB). On Friday, regulators in California placed the bank under receivership, leaving investors needing clarification on the return of their deposits. As a result, the value of USDC fell below its intended $1 peg, trading as low as 81.5 cents on Mar. 11. Stablecoin de-pegs USDC is designed to maintain a constant value of $1, fully backed by cash and cash equivalents, including short-dated Treasuries. However, the exposure of…

Failed tech bank SVB held over $5B for prominent crypto VCs: Report

According to a report that began circulating on March 11 in the aftermath of the collapse of Silicon Valley Bank (SVB), prominent blockchain venture capitalists (VCs) have over $6 billion worth of assets held by the now-defunct financial entity. These include $2.85 billion from Andreessen Horowitz (a16z), $1.72 billion from Paradigm and $560 million from Pantera Capital. A16z currently holds active investments in projects such as Alchemy, Sky Mavis and Yuga Labs, and was previously an investor in cryptocurrency exchange Coinbase. Paradigm has invested in projects such as Compound, Cosmos…