Payments to FTX’s largest creditors will start May 30, nearly three years after the exchange collapsed. …

Learn MoreFTX to Begin $11.4B Creditor Payouts in May After Years-Long Bankruptcy Battle

Who bought BTC in March alone? …

Learn MoreFeeding Frenzy: Bullish Corporate Balance Sheets Wolf Bitcoin Up in March

The following is a guest post from Michael Egorov, Founder of Curve Finance. The recent Bybit hack saw a grand total of $1.5 billion lost in crypto assets and has become the biggest hack in the entire history of this industry. The thing that makes this breach particularly concerning is that hackers targeted Bybit’s cold storage […]

The post Crypto exchanges at risk: What the industry must learn from the largest Bybit hack appeared first on CryptoSlate.

…

Learn MoreCrypto exchanges at risk: What the industry must learn from the largest Bybit hack

[PRESS RELEASE – Singapore, Singapore, March 29th, 2025] Scallop, a lending and borrowing protocol on the Sui blockchain, has recorded an impressive revenue of $79,920 over the past 24 hours, according to recent data from DeFiLlama. This achievement places Scallop second among all decentralized finance (DeFi) lending protocols, trailing only Aave, a well-established name in […] …

Learn MoreScallop Protocol on Sui Hits Record Revenue, Solidifying Leadership in DeFi Lending

Crypto markets see over $300M in liquidations as investors flee risk ahead of April policy changes and over concerning macroeconomic data. …

Learn MoreWhy Is the Crypto Market Down Today? Bitcoin Drops to $82K as Traders Flee Risk Assets Amid Macro Worries

A quick recap of all the SEC cases that have been dropped and paused over the past two months. …

Learn MoreWhere All the SEC Cases Are

XRP is close to breaking below $2, which could send it to $1.2. …

Learn MoreXRP Plummets 20% After Ripple’s Lawsuit Closure Against SEC, What’s Next?

Investing legend Warren Buffett recently skated ahead of Microsoft founder Bill Gates on the Bloomberg Billionaires Index. These Buffett quotes are urgently relevant to Bitcoin markets today. …

Learn MoreThese 8 Warren Buffett Quotes Are Rocket Fuel for Bitcoin’s Price Today

Sonic Labs has canceled plans to launch a US dollar-pegged algorithmic stablecoin, opting instead to develop a United Arab Emirates dirham-denominated alternative.

On March 22, Sonic Labs co-founder Andre Cronje said the company was working on a US dollar-pegged algorithmic stablecoin with an annual percentage rate (APR) of up to 23%, Cointelegraph reported.

However, one week later, the firm reversed course.

“We will no longer be releasing a USD based algorithmic stable coin,” Cronje said in a March 28 X post. “Completely unrelated, we will be releasing a mathematically bound numerical Dirham which is settled and denominated in USD, which is definitely not a USD based algorithmic stable coin.”

The shift in strategy comes shortly after the UAE announced it would launch its digital dirham central bank digital currency (CBDC) in the fourth quarter of 2025.

Khaled Mohamed Balama, governor of the Central Bank of the UAE, said the blockchain-based dirham could enhance financial stability and help combat financial crime. The digital currency will be accepted alongside its physical counterpart in all payment channels, according to a report from the Khaleej Times.

Related: Paolo Ardoino: Competitors and politicians intend to ‘kill Tether’

Sonic faced criticism over stablecoin plans

The reversal follows widespread criticism of Sonic’s original plan to launch an algorithmic stablecoin — a model that has raised concerns across the crypto industry since the collapse of the Terra ecosystem in 2022.

Cronje himself previously admitted to experiencing Post-traumatic stress disorder (PTSD) related to algorithmic stablecoin due to previous cycles:

“Pretty sure our team cracked algo stable coins today, but previous cycle gave me so much PTSD not sure if we should implement.”

In May 2022, the $40 billion Terra ecosystem collapsed, erasing tens of billions of dollars of value in a matter of days. Terra’s algorithmic stablecoin, TerraUSD (UST), had been yielding an over 20% annual percentage yield (APY) on Anchor Protocol prior to its collapse.

As UST lost its dollar peg, crashing to a low of around $0.30, Terraform Labs co-founder Do Kwon took to X (then Twitter) to share his rescue plan. At the same time, the value of sister token LUNA — once a top 10 crypto project by market capitalization — plunged over 98% to $0.84. LUNA was trading north of $120 in early April 2022.

Related: Tether’s US treasury holdings surpass Canada, Taiwan, ranks 7th globally

The collapse of the algorithmic stablecoin issuer created shockwaves among both crypto investors and lawmakers.

To reduce systemic risk, the European Union’s Markets in Crypto-Assets Regulation (MiCA) bill will prohibit algorithmic stablecoins to avoid another Terra-like failure.

Meanwhile, stablecoins are increasingly being used for smaller, everyday payments rather than large transfers, according to CoinFund managing partner David Pakman.

“We’ve seen a significant decrease in the size of each stablecoin transaction, which points to the fact that they are being used more as payments and less for large transfers,” Pakman said during Cointelegraph’s Chainreaction live show on X on March 27.

Magazine: Ripple says SEC lawsuit ‘over,’ Trump at DAS, and more: Hodler’s Digest, March 16 – 22

…

Learn MoreSonic Labs ditch algorithmic USD stablecoin for UAE dirham alternative