💵TRX $10 Billion Stablecoin USDD - TWJ #131
Stablecoin yield bull season soon?
In today’s issue:
The crypto market is flat with the total market cap sitting at $1.8-1.9 trillion. TRX led the top 100 performance in the past 24-h. Shorter-dated Treasury yields surged after Powell reiterated a bias for aggressive rate hikes.
In other news, Justin Sun plans to launch a $10 billion USDD stablecoin, US House Democrats scrutinize crypto environmental threat, and a16z forms crypto research and coding unit.
We’re continually improving our content, please reach out if you have ideas or would like us to recap another segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Justin Sun Plans to Launch a $10 Billion USDD Stablecoin
Following the footsteps of Terra’s success with UST, another layer 1 protocol, TRON, is launching its algorithmic stablecoin called USDD. The chain’s native token TRX will act similar to LUNA with UST, helping make USDD stable and pegged 1:1 to the dollar. Justin Sun will also bootstrap the liquidity alongside $10 billion of crypto as collateral and the USDD token will launch on May 5.
⎆US House Democrats Scrutinize Crypto Environmental Threat
The House of Representatives’ Natural Resources Committee led by U.S. Rep. Jared Huffman (D-Calif.) has recruited ~two dozen Democratic colleagues to further scrutinize the environmental consequences of cryptocurrency mining.
“We have serious concerns regarding reports that cryptocurrency facilities across the country are polluting communities and are having an outsized contribution to greenhouse gas emissions,”
⎆a16z Forms Crypto Research and Coding Unit
One of the world’s largest venture funds, and especially crypto venture funds, Andreessen Horowitz has launched a new crypto research team. The effort will be led by Tim Roughgarden.
👨🏻💻Decentralized Finance (DeFi)
Zeed Exploit
Scroll, a zkEVM-based zkRollup on Ethereum
Connext Introduces NEXT Token
STG Staking is now Live
Stader is Live on Fantom
Synthetix & Lyra Incentivize sUSD Liquidity on Optimism
Synapse xAssets Live
veDAO Introduces Velodrome
Frax, Terra-Backed 4pool Goes Live on Fantom Network, Attracts $31M
Tron will Launch a 30% Yield Stablecoin USDD
🏛Governance - Active Proposals
Ampleforth - Proposal: HourGlass Grant
ENS - Execute EP9
🦮NFT & Metaverse
LooksRare Listing Rewards are Live on
Index Coop’s New NFT Index Fund
Aussie Media Company Goes All in on NBA Fan Engagement with NFTs
‘Utility NFTs’ Look to Gamify Rainforest Protection
Goldman Says Apple, Meta Lead in Developing Metaverse Technology
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Bird - $5M Unknown Round
IPOR - $5.55M Unknown Round
SoundMint - $1.7M Seed Round
Afterparty - $4M Seed Round
LifeForce - $5M Seed Round
Rario - $120M Series A
Crusoe Energy - $350M Series C
Tower 26 - 50M Fund for VR Market
Limitless - $60M Venture Fund
Kadena - $100M Grant Fund
⚖️Regulatory Update
Binance Asks to Be Removed From Crypto Romance Scam Lawsuit
OCC Finds Anchorage Digital Failed to Maintain Proper AML Rules
New York Man Arrested for Alleged $1.8M Crypto Mining Scam
Australia's Financial Regulator Aims to Implement Crypto Regulation by 2025
Bahamas to Allow Citizens to Pay Taxes With Digital Assets
Sweden, EU Discussed Bitcoin Proof-of-Work Ban
Macron on Crypto: ‘I Don’t Believe in a Self-Regulated Financial Sector'
EU Officials Considered Bitcoin Trading Ban to Enforce Proposed Mining Ban
📚Noteworthy Reads
Luca Prosperi’s Read on Capital Structures for Stablecoin Protocols
Knower’s Thread on Coming at You Live from Goblin Town
Kamikaz_ETH’s Thread on The Truth About Crypto
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.