🌐 Chainlink Unveils Functions Web3 Platform

Chainlink Oracle Network launched the Functions platform, connecting decentralized applications (dapps) with traditional web platforms.

⚙️ Blockchain developers will be able to connect their dapps or smart contracts to “any” Web 2.0 platform, Chainlink blog says .

Programmers won't need to access cloud storage as the platform is integrated with providers like Amazon Web Services.

💻 The Functions beta is already running on the Sepolia (Ethereum) and Mumbai (Polygon) testnets.

Kemal El Mujahid, Chief Product Officer of Chainlink, said the launch of the new platform will remove major barriers to Web3 adoption .

💬 “We make it easy for developers to combine smart contracts with powerfulAPIand the Web 2.0 data sources they need to build amazing applications,” he said.

⚙️ The Ethereum team implemented the smart accounts feature

Ethereum developers activated the ERC-4337 standard through a smart contract called EntryPoint , which implements the concept of account abstraction.

ERC-4337 allows you to turn user wallets into smart contract accounts to make Ethereum addresses more convenient and eliminate the key human factor - loss of keys.

The account abstraction also makes it possible to store data in a standard smartphone security module, turning it into a hardware crypto wallet. In this case, any user can use:

🔸 two-factor authentication;
🔸 confirmation of the transaction by biometric data;
🔸 setting spending limits;
🔸 implementation of multi-signature;
🔸 programmable access recovery setting through a group of trusted persons, a third-party service or other options.

💬 “It gives you the same features as a bank, without the need for trust, as is the case with him,” Weiss said.

📑 More Tether FUD from WSJ

The Wall Street Journal’s report about stale allegations from long ago is wholly inaccurate and misleading. Bitfinex and Tether have world-class compliance programs and adhere to applicable Anti-Money Laundering, Know Your Customer, and Counter-Terrorist Financing legal requirements.

Bitfinex and Tether are proud partners of global law enforcement, and routinely and voluntarily assist the United States Department of Justice and other law enforcement organizations across the world in preventing money laundering, terrorism, and other crimes by bad actors.

These unfair attacks will not distract us from continuing with those efforts and offering the most liquid and reliable stablecoin experience, which the market has clearly recognized by making us the leaders in the industry.

👀 Analytical services USDTSCAN have recorded a shift of 49,000 BTC worth $1.07 billion confiscated within the US from the Silk Road darknet marketplace.

The funds went to two new wallets, a little less than 10,000 BTC - to the Coinbase exchange.

📉 As a result of the fall of the bitcoin rate below $20,000, the positions of traders in the amount of more than $300 million were forcibly closed in the futures market.

❗️Almost $200 million fell on Bitcoin and Ethereum.

🏦 The live Tether price today is $0,999986 USD with a 24-hour trading volume of $49 652 310 225 USD. We update our USDT to USD price in real-time.

⚖️ Tether is down 0,00% in the last 24 hours. The current CoinMarketCap ranking is #3, with a live market cap of $71 759 790 640 USD. It has a circulating supply of 71 760 806 525 USDT coins and the max. supply is not available.

🔹USDT is a stablecoin (stable-value cryptocurrency) that mirrors the price of the U.S. dollar, issued by a Hong Kong-based company Tether. The token’s peg to the USD is achieved via maintaining a sum of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills in reserves that is equal in USD value to the number of USDT in circulation.

‼️ Stablecoin USDC loses its peg to the US dollar amid the collapse of the SVB

📉 Stablecoin USD Coin (USDC) has lost its peg to the U.S. dollar and is trading at $0.92 at the time of writing, after its issuer Circle announced it was holding $3.3 billion in reserves at the government-shutdown Silicon Valley Bank (SVB).

🏦 USDC capitalization fell by 13% in less than a day. At the time of writing, the stablecoin has dropped to $38.1 billion.

On Friday, March 10, the California Department of Financial Protection and Innovation closed SVB due to "lack of liquidity and insolvency" and transferred it to the control of the US Federal Deposit Insurance Corporation (FDIC).

The American bitcoin exchange Coinbase has temporarily suspended the conversion of USDC into US dollars due to bank closures over the weekend. The platform added that it plans to resume the process on Monday.

One user called it “karma” — Bloomberg reported in February that Circle had filed a complaint with NYDFS regarding the quality of Binance USD (BUSD) stablecoin reserve management.

The CEO of the exchange, Changpeng Zhao, said he did not trust this information.

💬 “I still believe they didn't do anything to hurt BUSD. Whoever hurts one player hurts himself," he wrote.

🔥 Elon Musk allowed the purchase of Silicon Valley Bank

🏦 Billionaire Elon Musk announced his readiness to consider the possibility of acquiring Silicon Valley Bank (SVB), which was closed by the authorities.

He published the corresponding tweet in response to the proposal of Razer co-founder and CEO Min-Liang Tan to acquire SVB by Twitter and turn it into a digital bank.

💬 “I am open to this idea,” Musk wrote.

🗓 In March, at the Morgan Stanley conference, the head of Twitter spoke about the desire to create a "very powerful financial experience" that will be even better than the payment giant PayPal.

💬 “You want to be able to easily send money via Twitter to another account with a single click. You want to be able to earn interest,” said the billionaire.

💰 Circle will use corporate funds and “outside capital” to support USD Coin (USDC) if it fails to return part of the stablecoin reserves held in Silicon Valley Bank accounts in a timely manner and in full.

💬 “It is possible that SVB will not return 100% [of the funds] and that any transactions may take some time as the FDIC issues debt certificates and advance quotas to depositors. In such event, Circle, as required by law, will support the USDC and cover any shortfall with corporate resources, raising outside capital as needed,” the statement said.

Amid the news, the stablecoin has somewhat regained its peg and is trading near $0.96 at the time of writing.

🏦 Justin Sun announced his readiness to support the creation of a bank for the crypto industry

The collapse of Silicon Valley Bank (SVB) speaks to the need for a "safe bank" for the digital asset industry. This was stated by the founder of Tron Justin Sun.

💬 “Recent incidents highlight the potential damage caused to many in the industry. The time has come to create a bank capable of meeting the needs of the crypto industry,” Sun wrote.

He noted that he is open to ideas and cooperation on this issue. In turn, the founder of Tron is ready to provide “funding, management and operational support.”

💬 “A robust banking infrastructure integrating traditional finance and cryptocurrencies is essential to enable wider adoption of digital assets,” he added.