Headlines
▌Since the FTX crash in October 2022, the market value of USDC has shrunk by nearly 7 billion US dollars
Since the FTX crash in October 2022, the market value of USDC has shrunk by nearly US$7 billion. According to Glassnode data, before the FTX crash, Tether’s market value was approximately US$69.95 billion, while USDC’s was US$47.33 billion. Today, USDC’s market value is US$40.96 billion, a decrease of approximately US$7 billion. USDT’s current market value is approximately US$68.48 billion, but with USDC relatively small decline. In addition, the market value of BUSD dropped from about US$21 billion to about US$16 billion in the same period, a decrease of more than US$5 billion.
Policies
▌The new US SEC proposal intends to change the rules of qualified custodians, or make it more difficult for hedge funds and others to cooperate with encryption companies
According to people familiar with the matter, the new proposal of the U.S. Securities and Exchange Commission (SEC) intends to change the rules of qualified custodians, making it more difficult for hedge funds, private equity companies, and pension funds to cooperate with many encryption companies. Hedge funds and some private equity firms and pension funds are currently required to use qualified custodians to hold client assets, and if finalized, the rule could mean that institutional funds may have to move their client assets elsewhere and could face escrow with custodians or unannounced audits related to relationships or other consequences.
▌Dubai builds virtual asset framework
The Dubai Virtual Assets Regulatory Authority (VARA) issued the 2023 Regulations on Virtual Assets and Related Activities, which established a comprehensive virtual asset framework to support economic sustainability and cross-border financial security. The framework will provide regulatory certainty to the market by mandating gold standard risk assurance and anti-money laundering (AML) standards for licensed entities in Dubai. The seven licenses under the VARA regime include Advisory Services, Broker-Dealer Services, Custody Services, Transaction Services, Lending Services, Payment and Remittance Services, and VA Management and Investment Services. Issuance is also a regulated activity under the VARA regime, allowing consumers to make more informed decisions about new tokens launched in Dubai and the related obligations of issuers.
Cryptocurrency
▌Azuki launches two new BEANZ NFT characters: Jay & Jelly
According to the official Twitter, the NFT project Azuki announced the launch of two new BEANZ characters: Jay and Jelly, and encouraged Azuki fans to follow these two characters on the @BEANZOfficial social media account. In addition, BEANZ also released a short video introducing Jay&Jelly. According to NFTGo.io data, the current floor price of Azuki is 12.49 ETH, and the floor price of BEANZ Official has risen to 1.26 ETH, an increase of 3.17% in the past 24 hours.
▌Polygon zkEVM Mainnet Beta will be released on March 27
The Beta version of the Polygon zkEVM mainnet will be released on March 27. Polygon did not specify what the beta network will contain, but said that the team will release more details in the next few weeks. Last October, Polygon launched its zkEVM testnet, which deploys the Ethereum Virtual Machine (EVM) for its ZK rollup, allowing Ethereum developers to transfer their smart contracts from the main blockchain without using a different Language reprogramming. In December last year, Polygon zkEVM launched the final testnet version.
Two recent forfeiture actions by the US Attorney for DC have revealed North Korean crypto hackers' laundering methods, with the government seeking to seize about $2.7 million in stolen crypto. As such cases increase, one must ask: Is crypto crime a growing cybersecurity threat?
KikyoTether is celebrating the 10th anniversary of its stablecoin, USDT, by releasing a documentary called Stability and Freedom in Chaos, highlighting its role in helping people facing inflation and economic challenges in countries like Turkey, Brazil, and Argentina. The film features personal stories and statistics showcasing how USDT has become vital for daily transactions and financial stability in these regions.
JoyChinese investors are shifting focus from cryptocurrencies to the rapidly rising stock market, driven by recent government stimulus measures. Despite a ban on crypto trading, demand for digital assets persists, evidenced by significant inflows into over-the-counter markets.
WeatherlyInstitutional interest in meme coins is rising, with TON launching Memelandia, a new platform aimed at fostering meme coin growth by leveraging Telegram's large user base.
CatherineThe surge in cryptocurrency investment in English football is driven by clubs seeking new funding sources as gambling sponsorship regulations tighten. Major partnerships are emerging, with crypto firms aiming to restore their reputations and engage a broader audience in the sport.
AnaisThe Monetary Authority of Singapore (MAS) is seeking industry feedback on new regulations for digital token service providers (DTSPs) under the Financial Services and Markets Act (FSM Act). DTSPs must obtain a license, comply with anti-money laundering rules, and demonstrate a substantial presence in Singapore to ensure regulatory compliance and market integrity.
Weatherly21.co has partnered with Crypto.com to improve liquidity for its Wrapped Bitcoin (21BTC), leveraging Crypto.com’s extensive liquidity infrastructure. This collaboration aims to broaden access to cryptocurrency for users globally, combining the strengths of both companies in the digital asset space.
AnaisA UN report reveals that criminal networks in Southeast Asia use Telegram for large-scale illicit activities, such as trading hacked data and cybercrime tools. This follows scrutiny of Telegram’s founder, Pavel Durov, over the platform’s role in these activities. Can this popular messaging platform catch a break?
CatherineJudge John Dorsey has approved FTX's bankruptcy plan, with $16.5 billion in recovered assets set to be paid to creditors in cash, plus interest, within 60 days. However client reactions have been mixed.
KikyoNick Szabo has become the leading candidate to be Satoshi Nakamoto, the mysterious creator of Bitcoin, as his odds on the betting platform Polymarket rise to 28.3%. This shift follows producer Cullen Hoback's claim that he confronted the real Nakamoto, suggesting that the true creator is still alive, while former frontrunner Len Sassaman's odds have plummeted to 8.5%.
Weatherly