CNF Brief: 5 of the biggest stories – Ripple, USDC, Shiba Inu, IOTA and the collapse of U.S banks

  • USDC decoupled during the week after its issuer revealed that it has $3.3 billion in collapsed Silicon Valley bank.
  • The SEC has suffered major setbacks in the last couple of days which has been a great sign for Ripple which has been embroiled with the regulator in a securities case for the last two years.

The last 7 days have culminated to become one of the most eventful weeks in the cryptocurrency market. The highlight of the week was the collapse of two banks with deep ties with crypto companies. In addition, the SEC which has been a thorn in the crypto industry took a number of big hits signaling an imminent failure in its case against Ripple on its issuance of XRPs. In the latest weekly CNF brief, we take a deep dive into some of the biggest stories from the crypto market including Ripple, USDC, Shiba Inu, IOTA, and the collapse of U.S banks.

USDC crashes in the wake of Silicon Valley Bank

The crash of Silvergate and Silicon Valley bank has raised concerns among crypto holders and traditional investors. Circle, which manages the USDC stablecoin, announced that $3.3 billion worth of USDC reserves is still under Silicon Valley Bank’s possession. Circle acknowledged the bank’s importance and appealed to regulators to allow it to continue its market activities in the future.

Meanwhile, Binance and Coinbase have halted USDC:USD conversions for the weekend due to banks closing. Coinbase assured users that their assets remain safe and available for on-chain sends, and conversions will resume on Monday when banks open. According to a Twitter user, USDC has an 11.4b split between seven banks, with BNY Mellon likely holding the majority of assets. At press time, USDC is trading at $0.89, having lost over 7% in value in the last 24 hours and the last seven days…Read More

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The collapse of U.S banks

In the wake of the Silicon Valley collapse, Binance is reportedly considering investing in a traditional financial institution, potentially a bank, according to CEO Changpeng “CZ” Zhao. The move would position Binance to be a bridge between the crypto world and the traditional banking system. The collapse of Silvergate Bank has led to concerns about regulators cutting off crypto from the banking industry, and buying a fully-fledged bank could help bridge the gap in funding needed by key players in the industry. Binance has already invested in different banks and has functional partnerships with them, driving users and boosting their valuations.

Zhao believes that buying a bank would capture some of the equity upsides. Binance has been pushing for global expansion and investing in high-growth startups through Binance Labs. With over $1 billion in available funds, the firm may also double down on its stake in Binance, which is looking to pivot into digital payments. Elon Musk also hinted that he was considering buying Silicon Vallet bank and turning it into a fully digital bank that is integrated into Twitter…Read More

Shiba Inu layer-2 solution Shibarium launched

Shibarium, the highly-anticipated Ethereum layer-2 solution for the Shiba Inu ecosystem, has launched its beta phase. The launch follows a period of sustained wait and several teases from Shytoshi Kusama, Shiba Inu’s lead developer. Shibarium is a layer-2 network solution built on the Ethereum network and tailored for the Shiba Inu ecosystem. It is expected to handle many transactions involving Shiba Inu and its ecosystem tokens, taking loads off the Ethereum network and helping to increase scalability, lower gas fees, and increase transaction speed.

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One of the goals of Shibarium is to burn trillions of SHIB, which could increase the utility of the Shiba Inu ecosystem by attracting investment and bolstering adoption. The beta phase is intended for testing purposes only, and Kusama has cautioned the community not to purchase anything seen during the phase, as it could result in a loss of funds. Shibarium has already gained support from projects such as Atomic Wallet, Ledger, and Voxel X Network. The launch has elicited excitement within the Shiba Inu community…Read More

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IOTA 2.0 reveals crucial progress on GoShimmer MVP launch to revolutionize billion-$-market

IOTA 2.0, the protocol designed to make the IOTA network more functional by removing the central coordinator, is highly anticipated by ecosystem partners. The upgrade, known as Coordicide, is still being developed, and the GoShimmer protocol, which explores the implementation of IOTA 2.0, is expected to take longer than initially thought, according to a recent update from top research engineer Jonas Theis. The team is working on additional fixes for the protocol to correct bugs and improve portability for the new node software being designed. The extra time being spent on development has been tagged as necessary to ensure the protocol hits the market as a perfect fit for real-world applications.

Despite the delay, many industry stakeholders are already pledging immense support for the GoShimmer protocol, with Bitpanda asking when the native token of the Shimmer network, SMR, will be available. The outlook for IOTA as a next-generation protocol is growing, with the potential launch of EVM compatibility, which could expand its functionalities beyond those of its competitors…Read More

Ripple ruling could come today and bring massive price movement to XRP

The Ripple Labs and US Securities and Exchange Commission lawsuit is nearing an end, with Judge Analisa Torres releasing her ruling on a motion filed by both parties to rule out expert testimony. Attorney John E. Deaton, representing thousands of XRP holders as a friend of the case, expects the judge to give her ruling on the summary judgment motion as early as this week or in a few weeks. In a recent ruling, the court granted in part Ripple’s motion to strike out testimony from the SEC’s Expert No. 1 and struck out an opinion from the SEC’s Expert No. 4 concerning the risk of XRP Ledger if Ripple disappeared. This is a significant win for XRP holders, as it suggests they purchased the asset in expectation of profit from the efforts of Ripple, speaking to the third and fourth elements of the Howey Test.

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Attorney Jeremy Hogan confirms that the latest ruling makes it difficult for the SEC to come up with substantive proof that XRP holders purchased the asset with expectations of profit from Ripple’s efforts. Deaton expects the court to clarify the secondary market sales of XRP, which the SEC claims to be an unregistered securities offering, and if the judge opposes the SEC’s position on this, it could be a victory for XRP holders…Read More

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Celine D.
Celine D.
Celine is a Contributing Editor at NEWSWIRE Media Group. She reviews & publishes press release, article, startup story, Interview and product review for the clients.

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