Native cross-chain lending market Pike announced joint funding from Circle and Wormhole Foundation (WF) to incentivize its integration of USDC as its native stablecoin and utilize Circle's cross-chain transfer protocol (CCTP) and Wormhole's cross-chain messaging capabilities. Pike will receive $50,000 in USDC funding to continue its commitment to improving overall security and user experience, setting new standards for permissionless cross-chain lending.

The proposal to add EURC to Avalanche Aave V3 has opened a temperature check vote on the community governance forum. EURC is Circle's euro-backed stablecoin, and the proposal suggests that adding EURC will have a net positive impact on the Aave and Avalanche ecosystems due to the DeFi synergies generated by users depositing or borrowing EURC on Aave. If consensus is reached, this proposal will be upgraded to the TEMP CHECK snapshot phase.

Philippine cryptocurrency exchange Coins.ph has partnered with New York-based blockchain infrastructure platform Paxos Trust Company to facilitate more efficient cross-border remittances using PayPal USD (PYUSD). With PYUSD now available on Coins.ph, the partnership aims to provide more convenient fund transfers for Filipinos, particularly those receiving money from overseas.

Stablecoin protocol Raft announced that based on the feedback we have received, we have edited the recovery plan to include all veRAFT holders in the recovery plan. The proposal will be open for feedback and suggestions until 23:59 UTC on November 22, 2023.

Former chief executive of the Hong Kong Monetary Authority and chairman of Circle Coin Technology Group, Chen De-lin, pointed out that most stablecoins on the market are backed by US dollars. As Hong Kong is a financial center with virtual asset regulatory regulations, it is worth studying the launch of a Hong Kong dollar stablecoin. With the rapid development of Web 3.0 and digital payment applications globally, stablecoin smart contracts can support a large number of new transaction scenarios. However, the stablecoin market is currently dominated by US dollar assets such as USDT and USDC. Considering that the Hong Kong dollar is pegged to the US dollar and Hong Kong is a financial center, it is not ideal to not promote a Hong Kong dollar stablecoin.

Chainalysis said that during the cryptocurrency bear market, stablecoin activity remained resilient, but most of the growth occurred outside the United States. (CoinDesk)

Concordium is about to launch EUROe stablecoin, which is a fully regulated MiCAR-compatible, euro-backed stablecoin developed by Finnish fintech giant Membrane Finance. EUROe is backed by the euro at a 1:1 ratio, ensuring that users can confidently deposit and redeem euro and ensure a seamless and extremely low-cost conversion process. To achieve integration with Concordium, Membrane Finance will first release a smart contract that controls the issuance, minting, and redemption of EUROe stablecoin as CIS-2 tokens on the Concordium blockchain.

On November 11th, Raft, a stablecoin protocol, announced on social media that they are developing a comprehensive recovery plan and will release detailed information within the next week to compensate affected users. Currently, the Raft contract has been suspended, but all stablecoin R issuers can fully repay to retrieve their collateral. Meanwhile, Raft officials recommend against speculative trading of R due to the existence of unsupported R in circulation. In future plans, Raft's current version will be phased out and Raft DAO will focus on launching a new and secure version. Earlier, Raft stablecoin protocol was attacked this morning, resulting in damages of approximately $3.3 million. Attackers minted stablecoin R and sold it to exhaust the liquidity of automated market makers while extracting collateral from Raft. This caused a sharp drop in the stablecoin R price, which began to deviate from its anchor at 2:50 Beijing time and fell by a maximum of 86.59% on the same day.

Stablecoin project Raft has released an update on the attack event, stating that it is developing a comprehensive recovery plan to compensate users affected by the event. Raft will release detailed recovery plans in the next week.

DeFi platform Raft suffered a hacker attack early this morning, resulting in a loss of about 3.3 million US dollars worth of ETH. Coinmarketcap data shows that Raft's stablecoin R, which is pegged to the US dollar, immediately dropped by 50%, but later rebounded to around 70 cents and is currently trading at 0.89 US dollars, with a 24-hour decline of 10.64%. Raft co-founder David Garai confirmed the attack on X platform, stating that the hacker minted R tokens and then sold them to exhaust the liquidity of the automated market maker, while extracting collateral from Raft.