What Happened on Mar. 9th | A bit of history about Stablecoin
Stablecoins were created in response to a problem in the cryptocurrency market. In the early days of cryptocurrency, it was difficult for traders and exchanges to access traditional banking services. This made it challenging to move fiat currency in and out of the crypto market, which limited liquidity and hindered growth. To address this issue, stablecoins were developed as a way to provide a bridge between traditional fiat currency and cryptocurrencies.
Arther Hayes argued:
Stablecoins do not necessarily need to be decentralized because their primary purpose is to provide a fiat tokenization service that banks refuse to offer.
The reality is that we already have a decentralised alternative for exchanging value that curbs the risks of centralised banking. It’s called Bitcoin. Stablecoins aren’tmeant to serve as yet another decentralised store of value — again, their purpose is to bridge the gap between centralised and decentralised finance.
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Silvergate to Wind Down Operations and Voluntarily Liquidate Bank: Silvergate said that, in light of recent industry and regulatory developments, an orderly wind down of the bank operations and a voluntary liquidation is the best path forward.
Shanghai Upgrade to Activate on Goerli Testnet on March 14th: The Ethereum Foundation announced that the Shanghai + Capella upgrade will activate on the Goerli testnet on March 14th at 10:25:36pm UTC. This will be the last testnet upgrade before scheduling Shanghai upgrade for the Ethereum mainnet.
CFTC vs SEC: Are Stablecoins and Ether Commodities or Securities? At March 8th's hearing before the US Senate Agriculture Committee, Rostin Behnam, the US Commodities and Futures Trading Commission (CFTC) Chair, declared that stablecoins and Ether are commodities.
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Other news in case you missed it:
Kwenta Rose over 100% in the past 30 days, Outperforming both $ETH and $GMX
Policy and Regulation