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💵MUSD Taps BlackRock's BUIDL To Back Stablecoin

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Products and technologies from DeFi and TradFi are stacking on top of one another, with Manta-based stablecoin MUSD leveraging BlackRock’s on-chain treasuries fund, BUIDL, for backing.

The end of Blur’s Season 3 incentives resulted in the recently-leading NFT marketplace giving up ground to OpenSea. After topping the rankings by NFT volume for more than a year, Blur was overtaken by OpenSea.

Stripe, the multinational payments giant, is deepening its crypto operations. After announcing a partnership with Coinbase, the company is ready to support USDC payments and fiat-to-crypto onboarding via Base.

Plus, Yei Finance surges to the top of Sei’s TVL rankings, and crypto assets trend downwards in spite of inflation easing in the U.S.

✍️ In today’s newsletter:

  • MUSD looks to BUIDL for backing
  • OpenSea reclaims top NFT marketplace ranking
  • Stripe teams up with Coinbase
  • Yei Finance TVL doubles in one week
  • Digital assets tumble despite bullish inflation data

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📈 Markets in the last 24 hrs:

TickerValue24h
the-defiantBitcoin$61,4671.16%
the-defiantEthereum$3,443.41.85%
the-defiantBNB$579.61.07%
the-defiantSolana$148.548.82%
the-defiantXRP$0.4740.81%

🎬WATCH

Check out our podcast with Suji Yan, the founder of Mask Network, to get his take on decentralized social media. Catch up on our documentary looking at Solana’s recent return to prominence!

Plus, watch our explainer looking at the advanced AI blockchain tooling offered by DexGuru's GURU Network 👀

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The PayPal stablecoin PYUSD is live on Solana. PayPal has over two decades of payments experience, and is now making low-cost, high-throughput web3 payments possible through the PYUSD on Solana launch. Learn about PYUSD on Solana and start building the future of payments.

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💰Manta-Based MUSD Stablecoin Leverages BlackRock’s BUIDL For Backing

the-defiant

MUSD, the Manta-based stablecoin issued by Mountain Protocol, is now backed by BUIDL, the on-chain U.S. treasuries fund from BlackRock. MUSD will accrue yields from BUIDL’s underlying assets every month. BUIDL has emerged as the largest on-chain treasuries fund with $482 million since launching in March.

📈️OpenSea Claws Back Market-Share from Blur

OpenSea has once again emerged as the top NFT marketplace by trade volume for the first time in more than one year after overtaking Blur. The rankings shift follows the third season of incentives on Blur coming to a close.

🤝Stripe To Support Base Amid Coinbase Partnership

Stripe, a global payment firm that hosted $1 trillion in volume last year, is launching support for USDC on Base after inking a partnership with Coinbase. Stripe users will soon be able to use USDC on Base to execute crypto payouts to more than 150 countries and as a vehicle to on-ramp from fiat into digital assets.

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zkVerify is uniquely architected as the first modular solution for the settlement layer that collapses security costs by decoupling proof verification from settlement on L1s.

Horizen Labs estimates $47 million was spent on proof verification in 2023 for zkrollups on Ethereum alone, and industry studies anticipate zk proof generation will become a $10 billion market by the year 2030. zkVerify removes the cost and complexity of computationally intensive proof verification for developers building with zkrollups. At the outset, zkVerify can be used to verify proofs on Ethereum and Bitcoin with a 90%+ cost reduction, and will rapidly expand to support multiple blockchain architectures.

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🚀Yei Finance Pushes Sei Network TVL Above $60 Million

Yei Finance has abruptly emerged as the largest DeFi protocol on Sei after weekly TVL growth of 122%. Yei’s meteoric growth was propelled by an incentives campaign rewarding lenders.

📊Crypto Markets Drop Despite Cooling U.S. Inflation

Digital assets pulled back in spite of data indicating inflation is slowing in the United States. The move extends a recent run of losses for altcoins, with MN Trading’s Michael Van de Poppe describing lower-cap cryptocurrencies as suffering a “significant bloodbath.”

🌍 ELSEWHERE

  • Long Dormant Whale Sends $61M BTC to Coinbase, On-Chain Data Shows (CoinDesk)
  • Kraken founder Jesse Powell donates $1 million to Donald Trump (The Block)
  • Wall Street blends digital gold Bitcoin with physical gold in new ETF filings (CryptoSlate)
  • US Government Sends $241 Million in Bitcoin to Coinbase: Arkham (Unchained)

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