Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion.

This is a normal risk-management procedural step to take while we monitor the situation.

https://twitter.com/binance/status/1634361554543030273

Circle says its funds are stuck in SVB.

https://twitter.com/circle/status/1634391505988206592

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Robinhood suspends $USDC trading and deposits.

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You think CZ should involve in rescuing banks?

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The protocol for Uniswap v3, which supports its largest decentralized exchange, becomes free to use as open-source software when its Business Source License expires April 1.

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Potential outcome:

1. Silicon Valley Bank (SVB) finds no buyers this weekend

2. Pressure builds to sell company

3. Elon musk submits bid to buy SVB

4. Twitter/SVB merge forming leading payment platform

5. New company IPOs in 5 years for $100B+

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Reminder:

FTX was $10 billion

SVB is $200 billion

Telegram | Twitter

The collapse of Silicon Valley Bank, $SIVB, means that the Fed has to make a decision.

Either they:

1. Continue raising interest rates to get inflation under control

Or

2. Stop raising rates to save the financial sector

Once again, retail will pay for institutional failure.

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Summing up this weekend!

My stock friend - Did you buy the dip in crypto crash yesterday?

Me - No ! coz my stablecoin started dipping 12%

Stock friend - wtf does that mean?

Me - my $1 went to $0.88

Stock friend - how tf? $1 = $1 right ?

Me - not in crypto! $1 can go to 0

Stock friend - WTFFFF ??

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CZ: Given the changes in stable coins and banks, Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH.

https://twitter.com/cz_binance/status/1635131601884700674

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Coinbase $COIN says it holds $240 million in now-collapsed Signature bank.

Telegram | Twitter

Nissan has filed four new Web3-related trademarks with the United States Patent and Trademark Office (USPTO), covering its Infiniti, Nismo, and Nissan brands.

The company’s filings reveal its plans to create virtual clothes, cars, headgear, trading cards, toys, tickets, and a non-fungible token (NFT) marketplace.

The Japan branch is conducting a three-month demonstration experiment of its virtual store “Nissan Hype Lab,” to test drive the vehicles in the metaverse.

https://www.cryptopolitan.com/nissan-into-metaverse-with-web3-trademarks

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Euler Finance is being attacked. More than $177 million is suspected to have been stolen. Euler Finance provides on-chain lending services.

https://twitter.com/wublockchain/status/1635212296426491906

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President Biden says US taxpayers will not bear any losses on Silicon Valley Bank collapse.

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Coinbase: We have disabled trading for Binance USD (BUSD). Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time.

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Instagram is sunsetting digital collectibles (NFTs). Features will be disabled across the platform.

https://nftnow.com/news/breaking-instagram-is-sunsetting-digital-collectibles-nfts/

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JP Morgan, Citigroup and other large financial institutions trying to accommodate customers wanting to move deposits quickly.

In other words, regional banks are losing customers quickly.

There is outsized risk with large deposits at regional banks.

Large banks win.

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It was the second time within the last month that the ultrasound money crowd saw a spike in burned ETH due to an uptick in activity.

The first time was Valentine’s Day, when Blur launched their native token and caused a frenzy of activity as people moved to claim their airdrops, burning 5.6k ETH.

The second time was March 11th as USDC faced its largest depeg since inception and people both moved to get their money out of USDC in fear it wasn’t 1:1 backed, either via selling USDC positions or redeeming the token and converting back to fiat. Conversely, people also moved to stock up on USDC with the assumption it would restabilize.

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U.S. inflation numbers for February are due at 8:30 a.m. ET.

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An update on our work today to recover funds for Euler protocol users.

Here are a few actions we took immediately:

1. Stopped the direct attack as soon as possible by helping disable the EToken module, which blocked deposits and the vulnerable donation function

2. Engaged TRM Labs, Chainalysis, and the broader ETH security community to help with the investigation and work to recover funds

3. Notified and shared info with US and UK law enforcement

https://twitter.com/eulerfinance/status/1635431726364147712

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