Matt and Nic return for another week of news and deals. In this episode: 
- USDC gains ground on USDT
- Stable liquidity is sticky
- Why fiat-backed stables are still more censor resistant than bank deposits
- Do stablecoins make L1s unforkable
- Will the emergence of crypto prime brokers pressure crypto yields?
- Voyager files for Chapter 11
- Should investors also be clients of lending firms they invest in?
- Circle’s origins as a spot crypto broker
- 3AC files for Chapter 15
- Genesis confirms they had 3AC exposure and DCG absorbed the losses
- EU agrees on tentative MiCA regulation
- MiCA avoids the PoW ban
- Did the EU write model stablecoin regulation?
- The WSJ pushes back at Gary Gensler on the spot BTC ETF
- The SEC’s double standard in metal ETFs versus a BTC ETF
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