이 기사 공유하기
Babel Finance Mulls Crypto-Backed Stablecoin to Repay $766M: Report
The firm's sole director is hoping to roll out a DeFi platform to begin paying back creditors.
작성자 Oliver Knight
Troubled Hong Kong crypto lender Babel Finance is planning to issue a crypto-backed stablecoin in unison with a decentralized-finance (DeFi) platform in an attempt to repay creditors following a $766 million loss last year, according to a Bloomberg report.
The lender froze withdrawals last June, citing "unusual liquidity pressures" following a market downturn that spawned out of the $60 billion collapse of the Terra network.
STORY CONTINUES BELOW
Babel has filed a moratorium extension that would prevent creditors from making claims for at least another six months, according to a press release. The filing, according to Bloomberg, alleges that co-founder Wang Li racked up $524 million in proprietary trading losses, with another $224 million being lost after lenders liquidated collateral that underpinned loans issued to Babel.
Yang Zhou, co-founder and sole director of Babel Finance, has teamed up with several former employees to build Hope - a DeFi platform that will feature a stablecoin of the same name.
According to a proposal, the hope stablecoin will be backed by bitcoin (BTC) and ether (ETH), which will see it maintain its peg to $1 as traders can benefit from arbitrage opportunities when the value dips below or rises above the peg.
It draws comparison with the terra USD (UST) stablecoin that prompted the market collapse last year, because that token was also backed with crypto as opposed to fiat currencies and equivalents like USD coin (USDC) and tether .
UPDATE (March 6, 2023, 15:48 UTC): Adds link to Babel Finance press release in reference to moratorium application.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
