{"id":75120,"date":"2023-03-06T18:37:20","date_gmt":"2023-03-06T16:37:20","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75120"},"modified":"2025-09-10T09:50:37","modified_gmt":"2025-09-10T06:50:37","slug":"bloomberg-babel-finance-to-issue-a-stablecoin-to-settle-debts","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bloomberg-babel-finance-to-issue-a-stablecoin-to-settle-debts\/","title":{"rendered":"Bloomberg: Babel Finance to issue a stablecoin to settle debts"},"content":{"rendered":"<p>The crypto-financial-services provider Babel Finance plans to issue a stablecoin to settle debts with creditors. Bloomberg reports this.<\/p>\n<p>According to the publication, in the restructuring plan co-founder Yang Zhou presented the DeFi project Babel Recovery Coins. It allegedly envisages two assets\u2014the stablecoin HOPE and the Light Token.<\/p>\n<p>The first is 50% backed by Bitcoin and Ethereum and is expected to reach parity with the dollar through arbitrage trades.<\/p>\n<p>According to Bloomberg, the company plans to file for creditor protection in the High Court of Singapore, seeking a standstill on further action for up to six months.<\/p>\n<p>In May 2022, <a href=\"https:\/\/u1f987.com\/en\/news\/babel-finance-raises-80-million-at-a-2-billion-valuation\">Babel Finance raised $80 million<\/a> at a $2 billion valuation.<\/p>\n<p>A month later the company <a href=\"https:\/\/u1f987.com\/en\/news\/babel-finance-one-of-asias-largest-crypto-lenders-suspends-withdrawals-and-payments\">halted withdrawals<\/a> from its own products due to a lack of liquidity.<\/p>\n<p>Subsequently, Babel Finance representatives <a href=\"https:\/\/forklog.news\/odin-iz-krupnejshih-kriptokreditorov-v-AZii-babel-finance-dogovorilsya-o-vyplate-chasti-dolgov\/\">denied reports of insolvency<\/a> and spoke of reaching \u201cpreliminary agreements\u201d on paying part of the debts.<\/p>\n<p>In July, it became known that the crypto lender <a href=\"https:\/\/u1f987.com\/en\/news\/babel-finance-loses-over-280-million-trading-client-funds\">lost $280 million<\/a> in trading client funds.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crypto-financial-services provider Babel Finance plans to issue a stablecoin to settle debts with creditors. Bloomberg reports this.<\/p>\n","protected":false},"author":1,"featured_media":75121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2314,807],"class_list":["post-75120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-babel-finance","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=75120"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75120\/revisions"}],"predecessor-version":[{"id":75122,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/75120\/revisions\/75122"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/75121"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=75120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=75120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=75120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}