Daily Market Wrap | Mar. 11

Hot Topics

• U.S. senators negotiate stablecoin yield compromise to advance stalled CLARITY Act, assuring no deposit risk at ABA summit.
• Jefferies analysts warn stablecoin growth could cause 3-5% core deposit runoff over five years, eroding U.S. bank earnings by ~3% via higher funding costs and fee pressure.
• Multicoin Capital predicts "Internet Labor Markets" (ILM)—networks paying crypto for work like data labeling or bandwidth—will drive crypto's next adoption wave by earning rather than buying tokens.

Market Updates

• Aave experiences ~$27M in liquidations on March 10 due to a temporary wstETH pricing glitch in its CAPO risk oracle, causing unfair under-collateralization.