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The protocol said the subnet will be a suite of institutional blockchain deployments and tooling specifically designed for financial services.

ALSO: In his latest Money Reimagined column, CoinDesk Chief Content Officer Michael Casey ties the recent political and regulatory backlash toward the crypto industry to the alleged misdeeds of disgraced FTX CEO Sam Bankman-Fried. Will the current climate drive digital-asset innovation and leadership away from the U.S.?

The stablecoin offers greater transparency than competitors like USDT but that proved of little value as it was depegged during the recent banking crisis, says J.P. Koning.

The total locked value of assets on the platform has risen over 300% since the start of this year, DefiLlama data shows.

The price increase addresses the question of whether ether would rise or fall following the completion of the hard fork.

HashKey has also expanded its OTC service by expanding its liquidity coverage and range of tokens in the spot market.

The exchange said hackers transferred the crypto assets from a hot wallet to an unidentified wallet.

Liquid staking tokens also rise on Wednesday. Bitcoin holds steady above $28,000.

Plus, investments in blockchain games and metaverse projects totaled $739 million for the quarter.

Binance has no interest in buying Huobi due to its rumored ties to China, according to a person familiar with the situation.