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BNB Chain issues list of 191 high-risk, untrustworthy DApps and fake tokens

BNB Chain, the blockchain developed by crypto exchange Binance, updated its red alarm list to include 191 high-risk projects and decentralized applications (DApps) currently hosted on the blockchain.

BNB Chain’s red alarm list — updated every Friday — includes projects and DApps deemed risky investments purely based on smart contract assessment. The 191 new projects on BNB Chain that have been added to the list are either suspected of issuing fake tokens, high or opaque tax fees or simply because their websites or Twitter handles don’t work.

The above screenshot shows a portal wherein users can scan any BNB Chain projects for risks. Out of the lot, three projects — CycGo, Piston token and Shorter Finance — were flagged after being suspected of being funded by assets originating from Tornado.

“Make sure to review our weekly Red Alarm list to familiarize yourself with suspicious actors on our network,” read BNB Chain’s announcement on the matter. It is important to note that BNB Chain’s proactive alert is not investment advice and does not represent the risk level of the underlying DApp projects. Instead, it is aimed at helping users in their research before making investment decisions.

On April 10, BNB Chain began testing BNB Greenfield, an in-house attempt to deliver decentralized storage solutions.

As reported, BNB Greenfield allows users to create wallets and manage data, while developers can exercise control over data assets.

Tether market cap eyes record high after regaining 65% stablecoin dominance

Tether has emerged as a clear winner amid the ongoing banking crisis and crypto crackdown in the U.S.

On April 17, the U.S. dollar-pegged stablecoin's circulating market valuation reached nearly $81 billion, just 1.5% below its record high of $82.29 billion from a year ago. It has grown about 20% year-to-date (YTD) already and is now eyeing new all-time highs.

Tether rivals hit new yearly lows

USDT's growth came as Tether ate up the market share of its stablecoin rivals, USD Coin and Binance USD. That is due to crypto traders' belief that Tether's operations have no exposure to the potential banking crisis contagion.

For instance, the circulating market capitalization of the USD Coin, the second-largest stablecoin, has dropped over 25% YTD to $31.82 billion, its worst since October 2021, primarily due to its exposure to the failed Silicon Valley Bank.

BUSD, on the other hand, has witnessed a 60% drop in market capitalization in 2023 to $6.68 billion, its lowest since April 2021, as the New York Department of Financial Services (NYDFS) ordered Paxos, a regional crypto firm, to stop its mint and issuance.

Moreover, the U.S. Securities and Exchange Commission (SEC) asserts that BUSD is a "security." Conversely, the U.S. Commodity Futures Trading Commission (CFTC) alleges that the stablecoin is a "commodity."

This capital shift likely helped Tether boost its dominance above 65% in the global stablecoin sector for the first time since May 2021, according to Glassnode data.

On April 16, the U.S. House Financial Services Committee published a draft version of its potential stablecoin bill to create definitions for issuers. It says that non-U.S. firms like Tether must register if they cater to Americans, albeit without mentioning the specific agency that would regulate stablecoins.

Exchange stablecoin supply lowest since June 2021

Despite Tether's market capitalization growth, its supply across crypto exchanges has been declining in 2023.

As of April 16, cryptocurrency exchanges had 12.94 billion USDT in their reserves compared to 17.89 billion USDT at the year's beginning. On the whole, the stablecoin supply across exchanges has dropped 42% YTD to $21.53 billion.

This dynamic coincides with the 21% YTD increase in the crypto market's valuation from $1 trillion in January to $1.21 trillion, suggesting that Q1 has seen a trend shift from "safe" stablecoins to risk-on cryptocurrencies.