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Curve Finance claims PancakeSwap copied its StableSwap code

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Curve Finance claims PancakeSwap copied its StableSwap code

A code dispute has surfaced between Curve Finance and PancakeSwap over the use of StableSwap technology.

Summary

  • Curve Finance says PancakeSwap copied parts of its StableSwap code without permission, calling it a license violation.
  • PancakeSwap responded that its team is reaching out to Curve to discuss the matter.
  • Both sides signaled they prefer cooperation and possible licensing over a legal dispute.

Curve Finance (CRV) has publicly accused PancakeSwap (CAKE) of copying parts of its code without permission.

The allegation was posted on X on March 6. Curve claimed PancakeSwap used code from its StableSwap implementation without following the license terms.

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Dispute over StableSwap code

In the post, Curve directly addressed PancakeSwap and said the exchange copied its code “without asking,” which it described as a violation of the software license.

Curve said the issue is both legal and technical. According to the team, similar situations in the past created problems for projects that reused the code without proper handling.

The post included a screenshot that appeared to highlight parts of the code in question. Curve suggested the file attribution listed PancakeSwap as the author even though the logic originated from Curve’s StableSwap system.

StableSwap is one of Curve’s main innovations. The automated market maker model is designed to allow low-slippage swaps between stablecoins and other tightly pegged assets. It uses a specialized mathematical formula that blends constant-product and constant-sum curves to keep prices stable during trades.

The system is widely used across decentralized finance. Curve’s smart contracts are open source, but the license requires proper attribution and compliance with the terms.

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PancakeSwap response and possible resolution

PancakeSwap responded shortly after the post. The exchange said its team would contact Curve directly to discuss the matter. Curve welcomed the response and said it would prefer co-operation over conflict.

“Better to be friends and build together,” Curve wrote in a follow-up message.

The issue appears connected to PancakeSwap’s recent “Infinity StableSwap” upgrade announced earlier in March. The update brings better pricing for stablecoin swaps, with lower slippage and dynamic fees.

Curve cautioned that there may be technical risks if StableSwap code is copied directly or improperly modified. Forks of comparable systems in earlier DeFi projects occasionally encountered vulnerabilities or exploits due to improper code implementation.

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As of right now, it appears that both teams are open to discussing a solution. Curve noted that PancakeSwap could still obtain a proper license and collaborate if it wants to use the technology without legal issues.

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Anchorage Digital adds Tron custody, opens U.S. institutional access to TRX trading

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Anchorage Digital adds Tron custody, opens U.S. institutional access to TRX trading

Anchorage Digital, the first crypto firm to get a U.S. banking charter, said it will add support for the Tron blockchain, starting with institutional custody for TRX, the network’s native token.

The announcement gives institutions a regulated way to hold TRX through the company’s platform and its self-custody wallet, Porto. Anchorage Digital said support for TRC-20 assets and native TRX staking be added later.

Tron has become one of the busiest networks for moving stablecoins and other digital assets. DeFiLlama data shows that the supply of stablecoins on the network has grown steadily over the last three years and now stands at $86 billion. That’s more than a quarter of the total stablecoin supply.

Anchorage is pitching the integration as a compliance-focused bridge between traditional institutions and a network that has seen heavy use in crypto payments. CEO Nathan McCauley said the addition brings “one of crypto’s largest ecosystems into an institutional framework.”

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The rollout will happen in stages. First comes custody for TRX, with plans to add Tron-based TRC-20 assets later. That’s followed by staking for institutions that want to earn rewards while taking part in network validation.

Anchorage already supports major networks including Ethereum and some of the biggest layer-2 networks such as Arbitrum, Optimism, Base and Linea. It also supports bitcoin and solana (SOL) tokens, and other major layer-1 networks like Avalanche and BNB Chain.

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Cathie Wood’s ARK Invest Partners with Kalshi to Leverage Prediction Market Intelligence

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

Key Highlights

  • Cathie Wood’s ARK Invest partners with Kalshi to integrate prediction market intelligence into investment strategy
  • Prediction market insights will support portfolio research, risk assessment, and hedging strategies
  • Cathie Wood describes prediction markets as “a natural next step for innovation in financial research”
  • Federal Reserve researchers and Cornell University academics have validated prediction market data’s utility
  • Kalshi recently achieved a $22 billion valuation following a $1 billion capital raise

Cathie Wood’s ARK Invest has revealed a strategic partnership with Kalshi, a regulated prediction markets platform, marking a significant shift in how institutional investors approach market intelligence.

According to the announcement, ARK Invest will integrate Kalshi’s prediction market data across three critical functions: enhancing its proprietary research with real-time crowd-sourced forecasts, monitoring key performance metrics such as trading activity, and implementing risk controls tied to specific market events.

The investment firm also intends to utilize Kalshi’s platform for hedging strategies designed to protect against adverse scenarios impacting its holdings, spanning both macroeconomic developments and industry-specific vulnerabilities.

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“We believe these signals can enhance our research process and provide valuable context around key drivers across disruptive sectors,” Wood stated in Thursday’s announcement.

Nick Grous, ARK’s Director of Research, characterized prediction markets as delivering “some of the purest expressions of risk around key economic and company-specific outcomes.”

ARK has actively collaborated with Kalshi to develop specialized markets aligned with the firm’s analytical priorities.

Kalshi CEO Tarek Mansour disclosed that multiple ARK-requested markets have already launched, including contracts tracking non-farm payroll data and deficit-to-GDP ratios.

Understanding Prediction Markets

Prediction markets function as trading platforms where participants buy and sell contracts based on future event outcomes. The fundamental premise holds that when participants risk actual capital, market prices become efficient aggregators of collective knowledge and unbiased probability assessments.

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Kalshi stands as one of America’s leading regulated prediction market operators. Its primary competitor, Polymarket, functions predominantly within the cryptocurrency ecosystem.

Throughout the previous year, prediction markets recorded over $10 billion in monthly transaction volume, attracting increasing institutional adoption.

Institutional Validation Growing

ARK Invest joins a expanding roster of established institutions recognizing prediction market value. Recently, Federal Reserve researchers released a study contending that Kalshi’s data offers superior real-time measurement of macroeconomic expectations compared to conventional forecasting instruments.

Federal Reserve analysts concluded that Kalshi markets deliver “a high-frequency, continuously updated, distributionally rich benchmark” valuable for both academic researchers and monetary policy officials.

Academic institutions have similarly engaged with prediction market analytics. Cornell University researchers examined Polymarket data to investigate trader behavior during significant political moments, including the 2024 presidential debate series and the attempted assassination of former President Donald Trump.

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Kalshi’s recent $1 billion funding round established the platform’s valuation at $22 billion, underscoring growing confidence in prediction markets as financial infrastructure.

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Ripple CEO Bets Big on Clarity Act Despite Coinbase Clash

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Crypto Breaking News

Key Insights

  • Garlinghouse remains confident the Clarity Act will pass despite industry divisions and Coinbase resistance.
  • SEC and CFTC recognition of assets like XRP signals growing regulatory clarity in the crypto sector.
  • Ripple sees limited need for multiple USD stablecoins, positioning for a compliant, institution-focused alternative.

Ripple CEO Brad Garlinghouse has expressed confidence that the US Senate’s stalled Clarity Act will eventually pass, even as opposition from Coinbase continues to complicate negotiations.

Speaking at the FII PRIORITY Miami summit, Garlinghouse emphasized that Ripple is not directly involved in the dispute. ‘Ripple doesn’t have a big dog in this fight,’ he said, noting the company is largely observing developments from the sidelines.

Regulatory Momentum Builds

The Clarity Act aims to introduce more transparent regulations concerning the digital assets, especially relating to the classification and regulation. It has drawn the attention of the crypto industry, which has long wanted regulatory certainty in the United States.

Garlinghouse pointed to growing institutional and political backing as a positive signal. ‘White House support pushing the Clarity Act forward has been profound,’ he stated, suggesting momentum remains intact despite setbacks.

However, Coinbase’s rejection of a recent compromise has slowed progress. The exchange has pushed towards more desirable terms, marking continuing divisions in the industry on how regulation is to be designed.

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SEC, CFTC and Existing Clarity

Garlinghouse also referenced existing regulatory developments, noting that assets like XRP have already seen classification progress. According to him, both the SEC and CFTC have acknowledged certain digital assets as commodities.

‘There is already some clarity,’ he said, adding that industry participants are growing impatient. ‘People are annoyed. They are exhausted. So, hopefully we get something done.’

Stablecoin Debate Intensifies

Beyond legislation, Garlinghouse addressed the proliferation of stablecoins, particularly those pegged to the U.S. dollar. He argued that the market does not need excessive duplication.

‘My head starts to hurt if you think about the proliferation,’ he said, referencing the growing number of USD-backed tokens, including USDC.

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He disclosed that Ripple had already minted a substantial share of USDC, implying that the company is equipped with the infrastructure to issue its own stablecoin. Having a strong balance sheet, Ripple aims to establish itself as a compliant, institution-oriented player.

Market Outlook

As regulatory discussions continue, XRP market sentiment is still closely linked to legislative progress and developments around ETFs. The implementation of the Clarity Act may help give a more transparent framework for institutional adoption.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Tether Hires KPMG for First Full USDt Audit: Report

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Tether Hires KPMG for First Full USDt Audit: Report

The Financial Times reported Friday that Tether has hired KPMG to conduct its first full audit of USDT’s financial statements and brought in PwC to help prepare its internal systems, citing people familiar with the matter.

The reported mandate follows Tether’s Tuesday announcement that it had formally engaged a Big Four firm for an inaugural financial statement audit, without naming the provider, and comes after years of pledges to deliver a full review of its books while relying instead on periodic reserve attestations from BDO Italia, the Italian member firm of the BDO global accounting network that has been producing USDt (USDT) assurance reports since 2022.

The move comes as Tether (USDT) weighs a major equity raise and a push into the US under the new federal stablecoin framework created by the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. 

USDT, a dollar-linked token with about $185 billion in circulation, is the largest stablecoin by market capitalization, according to CoinGecko. Tether said in January that it held more than $122 billion in direct US Treasury securities and about $141 billion in total Treasury exposure, including related instruments such as overnight reverse repurchase agreements.

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Related: Tether CEO slams S&P ratings agency and influencers spreading USDt FUD

A comprehensive audit by KPMG is expected to go beyond snapshots of reserves, covering Tether’s assets, liabilities and internal controls across its sprawling balance sheet, a process the company has billed as “the biggest ever inaugural audit in the history of financial markets.” 

Tether’s Big Four Announcement on Tuesday. Source: Tether

Tether said the Big Four firm was chosen through a competitive process and that it already operates at Big Four “audit standards,” but has not yet committed publicly to when the audit will be completed.

Cointelegraph reached out to Tether and KPMG but had not received a response by publication. PwC refused to comment on the matter.

KPMG audit and Tether’s funding ambitions 

Bloomberg reported in September 2025 that Tether was exploring raising as much as $20 billion in fresh equity, implying a valuation of $500 billion. Tether CEO Paulo Ardoino refuted these claims, telling Cointelegraph in February that such a figure had not been agreed upon, while maintaining its $500 billion valuation target based on the company’s profits.

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The company has previously paid a $41 million Commodity Futures Trading Commission (CFTC) fine over what the regulator called “untrue or misleading statements” about its reserves.

In a separate case, Tether agreed to an $18.5 million settlement with the New York Attorney General over allegations it concealed losses and misled investors about USDT’s backing. Under the NYAG deal, Tether was compelled to provide detailed quarterly reserve reports for two years and later dropped its opposition to the release of those materials. 

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