Daily Brief Financials: China SCE, Curve DAO Token, Bakkt and more

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• China SCE
• MGM China Holdings
• Softbank Group

• Curve recently made waves with the release of crvUSD, its new stablecoin.
• However, another under-the-radar development at Curve could cause an even more significant shift in the DeFi landscape: a new TriCrypto pool [1].
• This pool contains three high-volume Ethereum assets—ETH, USDT, and wBTC—and could potentially challenge Uniswap’s market share

• 1Q23 revenue grew 4% Y/Y in a tough market. Expense control improved with opex, excluding a non-recurring restructuring charge, down 11% Y/Y.
• These results do not include Apex Crypto, but the 2Q23 report and beyond will include it.
• The acquisition of Apex Crypto closed on April 1 and significantly changes Bakkt’s trajectory. With the combined custody solutions from Bakkt and trading capabilities from Apex, the company will be positioned to become the crypto infrastructure provider of choice.