Flex Yang left Babel Finance in October 2021 to pursue personal projects in the crypto industry, one of which was HOPE.
HOPE, which is pegged to the value of the US dollar, will initially use Bitcoin and Ether as collateral. Later, users will be able to purchase HOPE to interact with DeFi ecosystem applications.
According to media reports, some well-known investors have invested in the stablecoin project. Yang himself invested $10 million in the project.
Hope’s DeFi ecosystem will be built around the Ethereum-based HopeSwap product.
In July 2022, The Block received access to proposals for restructuring the loan service Babel Finance. It turned out that the company lost $280 million of client funds.
In March 2023, the collapse of Silicon Valley Bank (SVB) led to an unprecedented collapse in the value of the dollar-pegged stablecoin USDC. The stablecoin company Circle burned almost $3 billion worth of USDC. As a result, USDC returned to $0.97 after a hard fall to $0.88. USDC was one of the first casualties of the SVB collapse, as the failing bank held about $3.3 billion worth of Circle’s assets. As a result, USDC lost its peg to the dollar for a couple of days.
Source: Bits
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