Gate News message, April 18 — According to Onchain Lens, a newly created wallet deposited $1.99 million USDC to Hyperliquid and opened a 5x leveraged long position in ASTER.

Singapore Gulf Bank launched a stablecoin minting and redemption service for corporate clients, allowing conversions between fiat and USD stablecoins with no fees on Solana for transactions over $100,000. This aims to enhance cash flow and boost USDC adoption.

Circle Internet Group's stock fell 1% after a class action lawsuit alleged it failed to prevent $230 million in stolen USDC during the Drift Protocol exploit. The lawsuit questions Circle's ability to halt the attackers' transactions, raising issues of responsibility for stablecoin issuers in breach scenarios.

Singapore Gulf Bank has launched stablecoin minting and redemption services, allowing clients to convert fiat to stablecoins directly through their accounts. The service features 24/7 instant settlement and initially supports USD Coin (USDC) with plans to expand to other stablecoins.

Circle faces a class action lawsuit for failing to freeze $230 million in stolen USDC after the Drift Protocol attack. Plaintiffs argue that Circle's protocols allowed attackers to move and convert the stolen funds without intervention, raising concerns about the company's responsibilities in monitoring cross-chain transfers.

Gate News message, a newly created wallet deposited $7.45M USDC into HyperLiquid and bought 169,838 HYPE at $43.86. Of that, 10,000 HYPE has been sent for staking.

Drift Protocol announced a recovery plan backed by $150 million after a $280 million exploit, transitioning from USDC to USDT, impacting 128,000 users. The plan links user balance restoration to ongoing trading, following criticism of Circle's response to the hack.

Gate News message, April 16 — According to Whale Alert, Circle has minted 250 million USDC on the Solana blockchain.

Circle CEO Jeremy Allaire discussed the potential for a yuan-backed stablecoin to enhance China's global currency use, despite regulatory challenges. He emphasized the dominance of US dollar-backed stablecoins in the market and the effectiveness of USDC during financial uncertainties.

A whale deposited 3,500 ETH worth $8.26 million into Aave V3, borrowed 8 million USDC, then purchased 3,386 ETH and redeposited it, now holding 6,886 ETH valued at around $16.22 million.