asset trading platforms. see the section entitled “ stablecoins ’ role within the crypto - asset ecosystem ” in adachi, m. et al. ( 2022 ), “ stablecoins ’ role in crypto and beyond : functions, risks and policy ”, macroprudential bulletin, issue 18, ecb. 24. see the may 2023 report by the esrb task force on crypto - assets and decentralised finance entitled “ crypto - assets and decentralised finance ”. 25. a decentralised finance ecosystem is built around crypto lending that is collateralised by other cryptoassets, using smart contracts to implement margin calls. the failure of ftx had a large impact on the price of crypto - assets serving as collateral for crypto lending. this triggered cascading liquidations by crypto lenders because of the decrease in the value of the collateral. 26. see us securities and exchange commission ( 2023 ), sec files 13 charges against binance entities and founder changpeng zhao, 5 june. 27. in particular, mastercard, paypal and visa continue building capabilities and strategic partnerships to support crypto - assets ( as well as stablecoins ). 28. see, for example, jp morgan ’ s onyx coin systems product team, fidelity ’ s fidelity [UNK] account and citi ’ s collaboration with metaco to develop and pilot digital asset custody capabilities. 29. meta expressed interest in the metaverse and the potential integration of crypto - assets and blockchain technology within its virtual reality platform. the company has been exploring the concept of a blockchainbased digital currency called " facebook diem " ( previously known as libra ). twitter has integrated bitcoin tipping features. it allows users to send and receive bitcoin tips to content creators and other users on the platform. 30. see pymts ( 2023 ), circle says lack of direct emi access to eu central bank accounts stifles payments innovation. 31. circle ’ s usd 31 billion usdc stablecoin maintains around usd 25 billion of its reserves in short - term us treasury bills in the exclusive circle reserve fund, managed by blackrock. the fund is registered as a “ 2a - 7 ” government money market fund. circle ’ s objective for the fund was to secure access to the federal reserve ’ s reverse repurchasing facility through blackrock, allowing the company to move usdc ’

##em ’ s refinancing operations for the maintenance periods since august 2007 remained at around €450 billion, as in the first semester 2007. when overnight interbank rates in the united states and europe came under upward pressure, the first liquidity response during the turmoil was to try to keep short - term money market rates near policy rates with a more active liquidity management. this became clear on the morning of 9 august when the overnight rate increased very sharply and significantly signalling a degree of disruption of the money market. the ecb therefore conducted a finetuning operation with an overnight maturity, in which it injected liquidity into the market via a fixed rate tender with full allotment of all bids. during the following week, the ecb carried out three more liquidity providing fine - tuning operations, each with an overnight maturity and progressively smaller amounts. in addition to these fine - tuning operations, two supplementary longer - term refinancing operations with a three - month maturity, the first on 24 august 2007 and the second on 13 september were conducted to address the sharp drop of activity in the longer - term money market. in this way counterparties were able to reduce their net need for liquidity over a longer horizon. a special tender with full allotment of all bids occurred again on 18 december 2007, when, due to year - end liquidity tensions, it was deemed efficient to leave to the market to determine the exact allotment amount. this overall allotment amounted to eur 349 billion ( usd 503 billion at the exchange rate prevailing at the date ). in general, the ecb made more frequent use of fine - tuning operations than in “ normal times ”, both in order to inject further liquidity in addition to the one provided in the main refinancing operations but also to absorb excess liquidity, in order to steer the eonia close to the minimum bid rate. these measures, both fine - tuning and ltro operations have allowed the ecb to maintain control over short - term money market rates and to ensure orderly conditions in the euro money market, without requiring a structural change of the eurosystem ’ s operational framework for monetary policy implementation. all these measures have been supported by prompt communications, which helped reassuring the market on the readiness of the ecb to take adequate measures. some central banks conducted also other actions, which mainly included expanding the range of eligible collateral and of counterparties. the bank of japan and the ec