This Week Summary on Stablecoin News:
- Crypto Market Crash: The market has plunged by $325 billion since Friday, causing a sharp decline in major altcoin prices.
- SEC Approval: The SEC has greenlit YLDS, an interest-bearing stablecoin issued by Figure Markets.
- Ethena’s $100M Raise: Ethena, the developer of USDe, has secured $100 million to develop a new token aimed at traditional financial institutions.
- Security Breach: Stablecoin bank Infini Earn suffered a $49.5 million USDC hack, with funds siphoned off by attackers.
- Tether’s Expansion: Tether, owning USDT, revealed it holds a minority stake in Juventus, Italy’s most popular soccer club.
Crypto market has plunged by $325 billion since Friday: meme frenzy ends, bybit hack and more.
The crypto market has plunged $325 billion since Friday, with Bitcoin dropping below $90,000 and Ethereum down 10% to $2,404. Solana fell over 12% amid the broader altcoin selloff. Contributing factors include geopolitical tensions, economic uncertainty, and a $1.5 billion Bybit hack, which rattled investor confidence. A $100 billion liquidity wipeout in one hour further worsened the decline.
The meme coin frenzy’s collapse has also hit the market, particularly impacting Solana, a key player in the speculative boom. Investors remain cautious as the market’s next moves unfold. The market’s response to these factors suggests a fragile recovery, with analysts warning that Bitcoin could still fall further, potentially testing the $70,000–$80,000 range. As institutional players and retail investors reassess their positions, the coming days will be critical in determining whether the market stabilizes or continues its downward trajectory.
The SEC has greenlit YLDS, an interest-bearing stablecoin issued by Figure Markets.
The SEC has approved YLDS, an interest-bearing stablecoin issued by Figure Markets, marking a significant regulatory milestone for crypto-backed financial products. YLDS is designed to provide yield based on traditional financial instruments, such as Treasury bonds and corporate debt, with returns pegged to the SOFR interest rate minus 50 basis points. This approval signals growing regulatory acceptance of stablecoins with built-in yield mechanisms, potentially bridging the gap between decentralized finance (DeFi) and traditional finance (TradFi). As the first SEC-approved interest-bearing stablecoin, YLDS could set a precedent for future regulatory frameworks, influencing how yield-generating digital assets are structured and adopted.
Ethena secured $100 million to develop a new token aimed at traditional financial institutions.
Ethena, the developer behind the synthetic stablecoin USDe, has successfully raised $100 million to develop a new token tailored for traditional financial institutions. This move aims to bridge the gap between decentralized finance (DeFi) and the legacy financial system by offering a stablecoin solution that meets the regulatory and operational needs of traditional finance players. The funds will help Ethena expand its technology and infrastructure, potentially creating a more seamless integration of blockchain and traditional financial services. This development reflects growing interest from institutional players in leveraging blockchain for stablecoin adoption and enhancing the efficiency of financial transactions.
Stablecoin bank Infini Earn suffered a $49.5 million USDC hack, with funds siphoned off by attackers.
Infini Earn, a stablecoin bank, was hit by a major security breach, resulting in the theft of $49.5 million in USDC. The attackers were able to siphon off the funds, raising significant concerns about the security of digital assets in centralized platforms. The hack has shaken investor confidence, as Infini Earn’s system was initially considered a secure option for managing stablecoin assets.
Tether, owning USDT, revealed it holds a minority stake in Juventus, Italy’s most popular soccer club.
Tether, the company behind the stablecoin USDT, has revealed that it holds a minority stake in Juventus, one of Italy’s most popular soccer clubs. This investment marks a notable expansion of Tether’s influence beyond the crypto space, as it continues to seek partnerships with traditional industries. By investing in Juventus, Tether aims to strengthen its presence in global markets and diversify its portfolio. This move also underscores the growing intersection between the cryptocurrency sector and mainstream businesses, as more sports and entertainment companies explore the potential of blockchain technology and digital currencies.
This Weekly Summary is prepared by brava.xyz.
About Brava:
Brava is an automated stablecoin yield management platform designed to simplify access to yield opportunities in decentralized finance (DeFi). By leveraging risk-adjusted strategies and automation, Brava empowers users to optimize their yield strategies while maintaining full control of their assets.
Disclaimer: Brava does not provide financial advice or guarantee investment performance. Users should assess their own financial circumstances and risk tolerance before using the platform. Brava operates in compliance with applicable regulations and does not man
Citations:
https://www.ccn.com/news/crypto/infini-earn-hack-victim-49-5m-usdc-flow-out/?utm_source=chatgpt.com
