PayPal debuts PYUSD, a Paxos-issued stablecoin and fully backed by USD deposits, short-term Treasuries, and cash equivalents, rolling out to US users gradually
Press Releases — McHenry Statement on PayPal Announcing Launch of Payment Stablecoin Shaurya Malwa / CoinDesk : PayPal to Issue Dollar-Pegged Crypto Stablecoin Based on Ethereum ...
Coinbase reports Q2 revenue down 12% YoY to $707.9M, vs. $631.2M est., net loss down 91% YoY to $97M, and transaction revenue down 50% YoY to $327.1M
Coinbase reports Q2 revenue down 12% YoY to $707.9M, vs. $631.2M est., net loss down 91% YoY to $97M, and transaction revenue down 50% YoY to $327.1M
- Trading revenue was less than that from other sources — Interest income down after USDC stablecoin circulation fell
After Curve disclosed a hack, CRV dropped by ~25% in three days, prompting fears of wider market turbulence; DefiLlama: crypto using Curve fell ~50% to $1.9B
- Curve's native CRV coin posted three-day, 25% slump after hack — Drop raised concerns about wider fallout from platform's woes
Sources: at a May meeting, the Hong Kong Monetary Authority questioned HSBC, Standard Chartered, and Bank of China on why they were not accepting crypto clients
Regulators are pushing for banks to accept more exchanges as clients in quest to develop digital assets industry
A look at the similarities and differences between the SEC's lawsuits against Coinbase and Binance, as the SEC views every crypto exchange in the US as illegal
SEC v. Crypto — “A decent rule of thumb,” I wrote in March, “is that all cryptocurrency exchanges are doing crimes …
The SEC sues Coinbase, alleging the exchange operated as an unregistered broker since at least 2019 and broke the rules by offering “staking”; COIN drops 15%+
The Securities and Exchange Commission sued Coinbase Global Inc. in federal court in New York on Tuesday, alleging the crypto firm for years broke its rules.
Sources: Gemini is preparing to launch an international crypto derivatives exchange to offer perpetual futures, which US regulations prohibit for retail traders
Akash Pasricha / The Information :
Sources: the Hong Kong arms of three Chinese state banks have reached out to offer services to crypto businesses in recent months, despite a mainland crypto ban
Crypto firms rushing into Hong Kong after the city opened its doors to the battered sector are finding a surprising source of potential support: China's state-owned banks.
Lending protocol Euler Finance lost $197M in a flash-loan attack, including $136M in stETH and $34M in USDC; Euler raised $32M in June 2022; EUL drops 45%+
- Euler Finance was hit by a flash-loan attack that resulted in a loss of $197 million, according to security analysts.
The US Treasury, Federal Reserve, and the FDIC say all Silicon Valley Bank depositors will be “fully” protected, and their money will be available on March 13
WASHINGTON, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen …
HSBC plans to acquire Silicon Valley Bank UK for £1, citing “strategic sense for our business”; as of March 10, SVB UK had ~£5.5B loans and ~£6.7B deposits
HSBC (HSBA.L) said on Monday it is acquiring the UK subsidiary of Silicon Valley Bank for 1 pound.
Investor letter: Multicoin's hedge fund had a 91.4% loss in 2022; in November, Multicoin revealed an FTT position and that 10% of its assets were stuck on FTX
Investor letter: Multicoin Capital's hedge fund lost 91.4% in 2022; in November it said 10% of assets were stuck on FTX and it had exposure to FTT, SOL, and SRM
The fund's performance was severely impacted by direct exposure to now-bankrupt crypto exchange FTX and holdings in FTT and Solana-based tokens.
Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe, and Gemini suspend business operations with Silvergate, which reported being “less than well-capitalized”
Silvergate's clients Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets and Gemini said they will suspend business with the bank.
Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe, and Gemini suspend business operations with Silvergate, which reported being “less than well-capitalized”
Silvergate's clients Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets and Gemini said they will suspend business with the bank.
Filing: crypto-friendly US bank Silvergate delays its annual report, citing investigations from regulators, Congress, and the DOJ; SI plunges over 40%
Shares fell over 10% in after-hours trading. — Christy Goldsmith Romero … Commissioner — U.S. Commodity Futures Trading Commission
Orthogonal Trading defaults on eight loans to lending protocol Maple Finance, totaling $36M, or ~30% of active loans on the protocol, likely due to FTX exposure
- Orthogonal Trading has defaulted on eight loans totalling $36 million on lending protocol Maple Finance.
Sam Bankman-Fried admits involvement in two of Alameda's largest uses of funds: spending $3B to buy out Binance's FTX stake and pouring $4B into venture capital
Exchange's former CEO says he was close to key decisions at nominally separate trading firm — Speaking from his bed in Nassau …
SBF claims FTX CEO John Ray is not working with him, not replying to messages, and made false statements, while dodging questions on Alameda and loaning funds
- Sam Bankman-Fried is taking aim at John Ray, the new CEO of FTX, claiming he's been iced out after the firm filed for bankruptcy protection.