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BNY Mellon, a grand institution old enough to remember wigs and duels (and holding a paltry $53 trillion in custody—quite the piggy bank!), will swaddle these stablecoin assets and keep the show going with transaction banking worthy of the Comédie-Française. Minting? Redemption? All performed between sips of afternoon tea. 🍵

What’s behind this sudden surge in corporate crypto buying?

Enter Paradigm, the latest hero in this saga, who bravely announced on Monday that they’ve joined the fray. Not alone, of course. They’ve got a whole squad backing them up, including the DeFi Education Fund, the Blockchain Association, Crypto Council for Innovation, the Digital Chamber, the Solana Policy Institute, the Bitcoin Policy Institute, and the Uniswap Foundation. What a party, right? It’s like the Avengers, but for crypto developers. Together, they’ve thrown their collective weight behind Lewellen, saying, “Hey DOJ, stop being so dramatic!”

Aave, that great bastion of DeFi, hath seen its price increase by 6.41% in the past 24 hours, its market capitalization swelling to a most impressive $4.54 billion, based on a circulating supply of 15 million tokens. 📊

The lowdown:

Only a measly $25 million of USDf’s reserves are on-chain, while a whopping $610 million is held off-chain in unspecified assets. According to Falcon’s own data, a mere 15% of reserves are stablecoins, with the remaining 85% vaguely listed as “other.” 🤨

But wait, there’s hope! Enter the Finder panel, a glittering assembly of crypto oracles, furrowing their brows over Cardano’s “strategic focus on scalability and network upgrades.” Translation: the developers are tinkering under the hood. One jazzy addition, named Leios (which sounds suspiciously like a Greek salad), is apparently going to make transactions so speedy and efficient you’ll barely have time to finish complaining about gas fees. If the upgrade works, swarms of developers and users could pour in—assuming they aren’t still recovering from the last bull run.