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New Stablecoin Issuer Raft Is Eschewing Fiat for Its Financial Backing

[Jun 5, 2023 8:00 AM] Its R stablecoin is collateralized by one crypto asset: liquid staking leader Lido’s staked ether (stETH).

MakerDAO Paves Way for Additional $1.28B U.S. Treasury Purchase

[Jun 1, 2023 12:51 PM] The protocol’s community voted for onboarding a new real-world asset vault that would invest up to the additional amount in U.S. Treasury bonds.

MakerDAO Votes to Ditch $500M in Paxos Dollar Stablecoin From Reserve Assets

[Jun 1, 2023 10:16 AM] The result is a significant blow for Paxos as MakerDAO currently holds roughly half of USDP’s total supply.

Stablecoin Economy Reaches 20-Month Low as BUSD Redemptions Surpass 10 Billion Tokens in 3 Months

[May 31, 2023 8:30 AM] Three months have passed since Paxos made the decision to cease the production of new BUSD tokens, complying with the directive issued by the New York Department of Financial Services (NYDFS). Since February 13, 2023, 10.62 billion BUSD tokens have…

Makerdao Considers Significant DAI Savings Rate Hike: 3.3% on the Horizon, If Vote Passes

[May 28, 2023 12:00 AM] The Makerdao collective is currently immersed in a discussion about the potential rise of the DAI stablecoin’s savings rate to 3.3%. This suggestion was introduced by Block Analitica and revealed to the community on May 26 under the title…

MakerDAO proposal seeks to hike DAI savings rate to 3.33%

[May 26, 2023 11:51 PM] The DAI savings rate was previously increased to 1% in December 2022, and led to 35 million DAI being deposited in the span of a month, according to MakerDAO.

Stablecoin Economy Shrinks by $7.3 Billion in 2023, USDC and BUSD Record Mass Redemptions 

[May 21, 2023 9:30 AM] From the beginning of this year, the crypto economy has surged by 41.77%, reaching a current market capitalization of $1.17 trillion. However, amidst this growth, the stablecoin economy experienced a substantial loss of $7.3 billion within a span…

Bitcoin, Ethereum bears are back in control — Two derivative metrics suggest

[May 21, 2023 9:16 AM] Given the uncertainty in the macroeconomic environment, Bitcoin price bulls have no reason to bet against a six-week descending wedge pattern.

MakerDAO Founder Proposes Plan for Upgraded Versions of DAI Stablecoin, Governance Token

[May 12, 2023 12:47 PM] Rune Christensen also proposed to incorporate artificial intelligence-assisted processes into Maker’s governance.

MakerDAO publishes 5-phase roadmap featuring funding for open-source AI projects

[May 12, 2023 12:00 PM] DAI stablecoin proprietor MakerDAO offered up an AI-heavy roadmap for the future with plans for a new blockchain.

Tether Grows 2.3% as Stablecoin Economy Loses $2.4 Billion in Value Since March 31

[Apr 25, 2023 10:00 AM] While several top digital assets have decreased in value against the U.S. dollar over the past month, the stablecoin economy has lost $2.4 billion in value since March 31, 2023. Four of the top five stablecoins experienced net redemptions over the…

Crypto Lending Protocol MakerDAO Approves Transferring a Maximum of $500M in USDC to Coinbase Custody for 2.6% Yield

[Apr 20, 2023 2:33 PM] The maneuver is part of MakerDAO’s earlier decision to move up to $1.6 billion of USDC stablecoins to Coinbase’s custody arm.

Tether Stablecoin Sees 22% Growth in 2023 Despite Dollar-Pegged Token Economy’s Contraction

[Apr 17, 2023 12:00 PM] Since January 2023, the number of tether stablecoins in circulation has grown from 66 billion to the current 80.9 billion, representing growth of more than 22% this year. Tether’s growth is approaching the high of $83 billion in stablecoins…

With Close to 10 Billion Stablecoins Redeemed, BUSD’s Supply Drops to Lowest Level Since April 2021

[Apr 16, 2023 8:30 AM] Statistics recorded on April 15, 2023, show that the number of coins in circulation for the stablecoin BUSD dropped below the 7 billion range to 6.68 billion, marking the lowest number of BUSD in circulation since April 2021. Furthermore, data…

Olympus DAO Votes to Buy More ETH for Treasury Backing OHM Token

[Apr 14, 2023 1:18 PM] The rebalancing comes as ether rallies off a successful Shapella upgrade.

Uniswap Topped Coinbase’s Trading Volume in March During USDC Depeg, U.S. Crackdown

[Apr 6, 2023 11:56 AM] The DEX, however, has been unable to maintain elevated periods of trading volumes in the past, CCData noted.

Rogue Validator Exploits MEV Bots on Ethereum, Resulting in $25.3M in Crypto Losses

[Apr 4, 2023 8:00 AM] On April 3, 2023, at Ethereum block height 16,964,664, a group of MEV (Maximal Extractable Value) bots were exploited for $25.3 million. An analysis of the exploit revealed that a renegade validator switched the MEV bots’ transactions and…

Circle’s USDC Remains Dominant in DeFi as Pressure Eases on the Stablecoin

[Mar 30, 2023 5:13 PM] USDC, the key stablecoin in decentralized finance, temporarily lost its dollar peg earlier this month after the collapse of its key banking partner.

Euler Finance exploiter returns another $37.1M worth of ETH and DAI

[Mar 27, 2023 2:21 PM] The exploiter originally drained $195 million worth of ETH and tokens from the protocol but has now returned around $138 million.

Lending Platform MakerDAO Approves ‘Constitution,’ Moves Forward With ‘Endgame’ Plan

[Mar 27, 2023 11:34 AM] The approved proposal aims to set a new foundation for the largest decentralized lending protocol’s major restructuring called “Endgame.”

Stablecoin Market Sees Fluctuations With Some Coins Gaining and Others Reducing Supply

[Mar 26, 2023 8:30 AM] According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market. In the last…

MakerDAO Maintains Trust In USDC Despite Depeg Debacle

[Mar 25, 2023 10:15 PM] MakerDAO, the governance community of the popular DeFi lending platform Maker, has decided to keep using USD coin (USDC) as the primary reserve asset for the DAI stablecoin.  Although USDC experienced a temporary depeg earlier this month, an…

Creators Behind Web3 Game Aavegotchi Raise $30M in Multiyear Token Sale

[Mar 20, 2023 3:09 PM] The sale, which began September 2020, ended Monday over concerns of the stability of the DAI stablecoin.

Major Cryptocurrency ATM Manufacturer General Bytes Hacked, Over $1.5M in Bitcoin Stolen

[Mar 18, 2023 11:30 PM] General Bytes experienced a security incident on March 17 and 18 that enabled a hacker to remotely access the master service interface and send funds from hot wallets, according to the company and sources. The breach forced a majority of U.S.-based…

MakerDAO passes proposal for $750M increase in US Treasury investments

[Mar 16, 2023 3:45 PM] The emergency proposal increases MakerDAO’s holdings of United States bonds by 150%, aiming to diversify the Dai stablecoin’s collateral exposure.

Debtors saved over $100M using de-pegged stablecoins to repay loans

[Mar 13, 2023 11:53 PM] Debtors jumped on the opportunity to grab a discount on their loan repayments when USDC and DAI de-pegged from the dollar.

Stablecoin Trading Dominates Monday’s Crypto Market, Tether and BUSD Sell at Premiums

[Mar 13, 2023 1:30 PM] On Monday, the crypto economy experienced significant market activity with $183.85 billion in global trade volume over 24 hours, with a large portion of those trades involving stablecoins. USDC traded near parity with the U.S. dollar, and several…

How MakerDAO Intervened, Saving DAI From Depegging

[Mar 13, 2023 12:30 PM] MakerDAO, the protocol behind the decentralized stablecoin DAI, intervened and saved its stablecoin from de-pegging following the collapse of Silicon Valley Bank (SVB). The failure of the tech lender significantly affected Circle’s…

USDC Stablecoin Nears Parity With USD After Fed’s Bailout Announcement

[Mar 12, 2023 8:30 PM] The stablecoin USDC has nearly regained parity with the U.S. dollar after rising just above $0.99 on March 12, 2023, at 7:20 p.m. Eastern Time. The stablecoin jumped back to the $0.99 range after the U.S. Federal Reserve revealed it would bail out…

USDC Dominated Trading Volume on Decentralized Exchanges Amidst Depegging Incident

[Mar 12, 2023 8:30 AM] On Saturday, several centralized crypto trading platforms and payment processors stopped USDC auto conversions. However, USDC experienced a significant trading volume on decentralized exchange (dex) platforms such as Uniswap, Curve, and…