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 Sponsor notes: Subscribe to the Coin Metrics State of the Network newsletter