Stablecoin, Yield, and Custody News for Week of May 14th, 2023.

Biggest story of this week is the announcement from cryptocurrency exchange Binance stating their plans to stop serving the Canadian market. This news, in part, was due to the recent guidance from the Canadian Securities Administration (CSA) relating to stablecoins being released. According to Binance, they had tried several times to find a tenable way to enter the country and will continue to work with the Canadian government on a path forward. Binance stated that while Canada was not a huge market for Binance, it had a sentimental value to the exchange as Canada was once the home of their CEO Chengpeng Zhao (CZ). You can view the announcement on Twitter here.

More news from this week:

• Jump Trading reportedly did a secret deal with TerraUSD to prop up the coin a year before the collapse, profiting over $1b in the process
• Tether announced it will be diversifying its reserves by buying $222m in BTC
• U.S. Rep. Maxine Waters floated changes to the U.S. stablecoin bill with hopes that republicans will cooperate
• Stablecoin outflows are diminishing, implying a potential change in the market
• Cardano’s DeFi ecosystem is taking off on the back of its ADA-backed stablecoin Djed
• Circle announced recently that they now find U.S. treasuries too risky for stablecoin reserves and don’t hold any treasuries with maturities older than June 2023
• Anchorage Digital opens up DeFi voting in its custody product
• Uniswap is planning to launch on Polkadot via Moonbean’s Parachain
• AI-backed web3 development platform Airstack raised over $7m

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