Tether created new stablecoin
Tether (USDT) as the largest stablecoin provider is expanding on Tron network by adding a Chinese Yuan. Bitfinex plans to be the first to offer Chinese Yuan stablecoin (CNHT) on its crypto exchange.
More market movers from category
Russia’s Sberbank allegedly plans to launch a DeFi platform in May 2023. MetaMask users will initially be able to access the platform via the Ethereum network. It’s worth noting that a DeFi platform made by a bank is like know-your-customer (KYC) process for Metamask.
Don Holland has sued CryptoZoo and Logan Paul, claiming he perpetrated a rug pull and stole money from investors. Paul lured investors by claiming they would receive benefits, rewards, exclusive access to other crypto assets, etc. This lawsuit comes even though Paul unveiled a $1.5 million recovery plan for past investors on January 13th.
Approximately $88 million was stolen from the crypto protocols BonqDAO and AllianceBlock through an exploit in one of BonqDAO’s smart contracts. However, the hacker is having problems turning it all into stablecoins or ETH because of low liquidity.
More market movers
The Reserve Bank of Australia increased interest rates by 25 bps from 3.1% to 3.35%. The interest rates were raised for the ninth time in a row, bringing borrowing costs to a level not seen more than a decade.
“I envision a scenario in which inflation is dropping significantly and the economy is continuing to be strong,” Treasury Secretary Janet Yellen has remarked. “Having the lowest unemployment rate in more than 50 years and creating 500,000 new jobs doesn’t seem like a recession to me,” she added.
After almost falling to 100, the dollar index (DXY) surged above 103. This is for the first time since early January on rising hopes that the Fed will continue to hike interest rates. It was affected by the better-than-expected US jobs report.