Stablecoin, Yield and Custody News for Week of July 24th, 2022.

Biggest story of this week is the announcement that Curve Finance will be launching its own stablecoin. Curve Finance, a popular exchange liquidity pool, currently has almost $6b worth of crypto locked onto its platform. Not much news has been released around this stablecoin, but Curve CEO Michael Egorov stated that it will be an overcollateralized stablecoin, and reports say that it will likely have a similar structure to DAI, made by MakerDAO. This news comes on the back of AAVE, another DeFi giant, who announced earlier this month that they too would be making an overcollateralized stablecoin called GHO. News of this stablecoin has clearly been well received, as Curve’s native DeFi token CRV jumped over 20% amid the news.

More news from this week:

• Cardano’s Djed stablecoin saw 35 new partnerships form as their mainnet launch approaches
• A new gold-backed stablecoin AABBG launched on ETH
• Following a number of other stablecoin issuers doing the same, the TRON DAO Reserve addressed questions regarding the USDD stablecoin
• Frax Finance’s CEO said that stablecoin projects need collaboration, not competition
• US lawmakers are nearing an agreement on stablecoin regulation
• UK lawmakers have introduced a bill into parliament that aims to regulate stablecoins as a form of payment
• Axios shared a chart showing the size of the stablecoin market before and after the TerraUSD and LUNA collapse, indicating the overall health of the market currently
• L1 blockchain app Aptos Labs raised $150m led by FTX ventures and Jump Crypto
• Barclay’s is planning to buy a stake in cryptocurrency company Copper
• According to the Genesis Market Color Newsletter for July 25th, broader market issues (FOMC on Wednesday, FAAMG earnings, yield curve inversions) could prove pivotal in determining rate hikes, with a?10-20% probability of a 100bps hike

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