Stablecoin issuer Circle has expanded its digital Euro Coin (EUROC) to the Avalanche network, making it the second blockchain platform to support the euro-backed stablecoin after it launched on Ethereum last year.

Prominent non-fungible token (NFT) market Binance NFT has announced the launch of a new feature enabling holders to secure Ethereum (ETH) loans using their NFTs as collateral, called Binance NFT loan.

Digital Currency Group’s (DCG) prime brokerage subsidiary, TradeBlock, is set to initiate the formal process of terminating its operations, a direct result of the ongoing economic conditions and a less-than-favorable regulatory climate for cryptocurrency in the United States, as of May 31.

Top stories in the Crypto Roundup today:

• Circle Brings Euro Stablecoin to Avalanche Network
• Binance NFT Launches Loan Service with NFT Collateral
• Digital Currency Group’s Institutional Trading Unit Becomes Latest Crypto Winter Casualty
• Crypto Market Movers – RNDR, ARPA, KAVA

Circle Brings Euro Stablecoin to Avalanche Network

Stablecoin issuer Circle has expanded its digital Euro Coin (EUROC) to the Avalanche network, making it the second blockchain platform to support the euro-backed stablecoin after it launched on Ethereum last year.

The firm has said that the integration of EUROC into Avalanche-based applications should be a seamless process, especially for those that are already utilizing the USDC stablecoin.

According to Circle, several Avalanche applications have expressed a keen interest in incorporating support for Euro Coin. Anticipated to be part of this integration are a range of decentralized finance applications on the Avalanche network including Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets, and Trader Joe.

The move also allows holders of Circle Accounts to harness the liquidity of Euro Coin on Avalanche for various applications, such as cryptocurrency trading, custody, lending, and to facilitate or accept payments.

Joao Reginatto, VP of Product at Circle, noted that the initial launch of Euro Coin on Ethereum was carried out with an aim to render the euro more accessible across different geographic and time boundaries for any individual with internet access.

Binance NFT Launches Loan Service with NFT Collateral

Prominent non-fungible token (NFT) market Binance NFT has announced the launch of a new feature enabling holders to secure Ethereum (ETH) loans using their NFTs as collateral, called Binance NFT loan.

The new feature is designed to provide NFT holders with an alternative way to leverage the value of their assets, without having to sell them. The structure of the loan service is overcollateralized, open-term, and peer-to-pool, with different Loan-to-Value (LTV) ratios for each NFT collateral-loan pair position.

The service offers fast access to cash, no transaction costs, guaranteed liquidity, and attractive interest rates. However, at the start, only Ethereum (ETH) loans and NFTs from BAYC, MAYC, Azuki, and Doodles collections can be used as collateral. Binance NFT plans to add more assets and NFTs for borrowing and lending later.

Digital Currency Group’s Institutional Trading Unit Becomes Latest Crypto Winter Casualty

Digital Currency Group’s (DCG) prime brokerage subsidiary, TradeBlock, is set to initiate the formal process of terminating its operations, a direct result of the ongoing economic conditions and a less-than-favorable regulatory climate for cryptocurrency in the United States, as of May 31.

A spokesperson for the firm was quoted saying that due to the state of the “broader economy and prolonged crypto winter, along with the challenging regulatory environment for digital assets in the US, we made the decision to sunset the institutional trading platform side of the business.”

DCG and its associated companies have faced significant obstacles amid the sustained crypto winter. TradeBlock's closure follows the shuttering of DCG's wealth-management division in January 2023.

Last year, DCG disclosed that it suffered losses exceeding $1 billion. These losses were largely tied to the knock-on effect of the collapse of the cryptocurrency hedge fund Three Arrows Capital.

In a more recent setback, DCG defaulted on a $630 million debt repayment to the embattled cryptocurrency exchange Gemini. The exchange is considering a forbearance agreement with DCG, which would provide the borrower with a temporary reduction in payments.

Crypto Market Movers – RNDR, ARPA, KAVA

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

ARPA Network (ARPA) - ARPA Chain is a Layer-2 solution that can make blockchain networks more private and efficient. It uses Secure Multi-Party Computation (SMPC) and secret-sharing to keep data secure and accurate while computing.

Kava (KAVA) - Kava is a decentralized finance (DeFi) platform built on the Cosmos blockchain. It is designed to enable users to earn interest on their digital assets and also borrow cryptocurrencies using its stablecoin, USDX. Kava uses the Tendermint consensus algorithm and has a feature called "Hard Protocol" that enables users to borrow and lend cryptocurrencies.

Render token (RNDR) - The Render Network is designed to connect users looking to perform render jobs with people who have idle GPUs to process the renders. Owners would connect their GPUs to the Render Network in order to receive and complete rendering jobs using OctaneRender.

State of the Crypto by Top Tier Exchange Volume

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