Curve Launches Native Stablecoin, FTX Attempts Clawbacks from Genesis

Market Update Traditional equity indices are under pressure today following yesterday’s 25bps interest rate hike and additional regional bank weakness. The $SPY (-0.72%) and $QQQ (-0.31%) are approaching last week’s lows, while the $DXY (+0.33%) is rising after Fed Chair Powell reiterated his stance that the inflation fight is far from over. $BTC and $ETH are in line with equities today, falling 0.66% and 0.87%, respectively. Meme coin $PEPE has skeptics shaking their heads as it has risen 74% over the last 24 hours. Pepe’s market cap is just below $700 million, making it the 71st largest coin by market cap. Many are beginning to speculate if it can continue its meteoric rise to compete with the likes of older meme coins like $DOGE and $SHIB.Decentralized exchange Curve Finance ($CRV) deployed its native stablecoin crvUSD on Ethereum mainnet. The competition for decentralized stablecoins has picked up in recent months after concerns over stablecoins reignited after USDC temporarily lost its peg during the SVB banking crisis. crvUSD is an overcollateralized stablecoin backed by digital assets and pegged to $1. Investors can mint crvUSD by depositing their assets into Curve as collateral. crvUSD differentiates itself from other CDPs via its lending-liquidating algorithm th