Web3 Diaries: CoinShares Sees Weekly Outflows
Digital asset investment products witnessed outflows for the second consecutive week as investors adopted caution as Bitcoin (BTC) failed to break above $30,000.
In total, digital asset investment products saw $72 million in outflows last week, according to CoinShare’s latest fund flows report.
The Europe’s largest digital asset investment and trading group noted that the bearish sentiment could be “a reaction to the likeliness of further interest rate hikes by the US Federal Reserve” whose decision is expected on Wednesday, May 3.
As usual, the biggest change was seen for Bitcoin-backed funds, which for the last week saw outflows of some $45.5 million.
Binance USD’s (BUSD) Market Cap Hits Two-Year Low
Binance USD [BUSD], the stablecoin which was once known as a serious competitor to the top two U.S. dollar-pegged coins has seen a massive dip in market capitalization.
According to CoinMarketCap, the BUSD market cap was $6.68 billion— the lowest point it has reached since April 2021. This decline has led it to rank as the 15th most valuable asset such that Shiba Inu [SHIB] has also overtaken it.
BUSD has been the fatality of regulatory decisions as the stablecoins landscape evolved.
In February, the New York Department of Financial Services [NYDFS] ordered a halt to minting new tokens. Therefore, affecting its supply.
DeFi Protocol Curve Finance Deploys Native Stablecoin on Ethereum Mainnet
Decentralized finance (DeFi) protocol Curve Finance deployed its highly anticipated native stablecoin called crvUSD on the Ethereum mainnet Wednesday afternoon.
Blockchain data on Etherscan shows that the contract has minted a total of $20 million in crvUSD tokens in five transactions within five minutes. After the first tokens were minted, a crypto wallet labeled as Curve.Fi Team by blockchain intelligence firm Arkham Intelligence created a $1 million crvUSD loan using $1.8 million of frxETH, a type of ether (ETH) derivative token issued by DeFi protocol Frax Finance.
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