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Author: Lele Jima

Ripple Stablecoin Potential Launch Date Revealed

Ripples stablecoin is gearing up for its highly anticipated mainnet launch, with FOX Business revealing its potential launch date. FOX Business journalist Eleanor Terrett reported that the New York Department of Financial Service (NYDFS) had signaled its intention to approve RLUSD for its mainnet launch. Citing sources familiar with the matter, the journalist claimed that the San Francisco-based company is targeting December 4 for the mainnet launch of the stablecoin. https://twitter.com/EleanorTerrett/status/1862603679284572610Recall that Ripple introduced RLUSD in April 2024 and proceeded with its beta launch in August, rolling out the stablecoin on XRP Ledger (XRPL) and Ethereum. Ever since, the stablecoin has been in beta, with no precise date for a mainnet launch. The wait for RLUSDs mainnet launch might end soon, as sources claim Ripple is eyeing December 4 as the possible launch date following NYDFS approval. At press time, neither Ripple nor NYDFS has issued an official statement backing this claim. RLUSD Use Case For context, Ripple focuses on leveraging blockchain technology to offer faster and cheaper cross-border settlements for financial institutions. Interestingly, the company uses XRPLs native token, XRP, as a bridge currency between two fiats to settle these transactions. However, the token is embroiled in an intense legal battle between the U.S. SEC and Ripple. Even though a federal court declared XRP a non-security, the continuation of the case in the Court of Appeals for the Second Circuit still puts the token under regulatory scrutiny. The anticipated launch of RLUSD could serve as an alternative to XRP across Ripples payment solutions. Financial institutions seeking to utilize Ripples payment solution without exposure to regulatory uncertainty and volatility can choose RLUSD instead of XRP. Furthermore, customers can also adopt the stablecoin as a store of value upon its mainnet launch. Once approved, RLUSD would strive to dominate the stablecoin market, valued at $190 billion, rivaling top players like Tether and Circle. Ripple Navigates NYDFS Strict Regulation In the absence of stablecoin regulation at the federal level, Ripple pursued regulatory approval for RLUSD through the state level. The NYDFS adopts a strict approach to regulating cryptos, including stablecoins. Companies seeking to launch stablecoins within its jurisdiction must meet certain conditions, including obtaining a limited-purpose trust charter. Ripple already met this requirement by acquiring the NYDFS-regulated entity Standard Custody & Trust Company in June. This move also helped to accelerate NYDFS approval of the stablecoin, according to sources with direct knowledge of the matter. Upon approval, Standard Custody will issue RLUSD to the stablecoins exchange partners, including Moonpay and Uphold.

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Ripple Stable Coin 107% Backed by US Treasury Bills, Cash Deposit, December Report Shows

Author: Elendu Benedict

United States

Source: The Crypto Basic

Jan 30, 2025 03:35

Ripple Stable Coin 107% Backed by US Treasury Bills, Cash Deposit, December Report Shows

Reserve reports for the Ripple USD (RLUSD) for December show secured financial instruments like US debt and cash deposits fully back the stablecoin.RLUSD maintains its peg with the US dollar through a 1:1 reserve backing as a centralized, fiat-collateralized stablecoin. A recent report shows that the RLUSD stablecoin is 107% backed by US Treasury bills and cash equivalents.RLUSDs Secured ReserveThe recently released audit report reveals details of RLUSDs reserve. Notably, prominent public accounting firm BPM conducted the audit on Standard Custody and Trust Company, a subsidiary of Ripple Labs and issuer of the stablecoin.According to the report, the accounting firm audited the firms report on the RLUSD stablecoins reserve on December 20 and 31, 2024. BPM examined and confirmed Ripple USDs reserve and distribution on those dates.The audited report disclosed RLUSDs outstanding supply and the market value of reserves on both dates. Specifically, on December 20, the stablecoins supply stood at $72,300,301, while the reserve value amounted to $78,212,154.Meanwhile, on December 31, RLUSDs had a supply of $77,208,201. In addition, reserve increased to $83,214,671, representing 107% of the outstanding supply. A detailed breakout shows that the stablecoins excessively backed reserve is invested in secured US-based financial instruments.As of December 31, the Ripple USD reserve consists of US Treasury bills, government money market funds, and cash deposits held by US-regulated financial institutions. In that order, the stablecoin issuer committed $30,095,603, $30,119,460, and $22,978,696 into the instruments.RLUSD ReserveRLUSD ReserveRLUSD Stabilizes Amid Initial FluctuationMeanwhile, the stablecoins market price has stabilized around the $1 valuation as correlation with the US dollar and supply continues to grow. This comes after initial price fluctuations in its early days.For context, RLUSDs valuation reached $1,200 at some point before launch as market users scrambled to acquire the stablecoin. Ripple CTO David Schwartz explained that the price abnormality came as a user was willing to pay that high for the stablecoin, which briefly adjusted its price to match the order.RLUSD also spiked 6% earlier in the month after XRP crossed $3. Again, Schwartz explained the anomaly, attributing the price uptick on the XPMarket to market dynamics among decentralized exchanges (DEXs).Meanwhile, the recent sustained stability could also be attributed to the growing liquidity from adoption among networks and exchanges. For context, the Root Network recently added support for RLUSD trading, joining the ever-increasing list of protocols offering the stablecoin to clients.Per XRMarket, RLUSD now has a market cap of $13.8 million, ranking 7th in the stablecoin ranking.

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TON Now Targets US Market as Donald Trump Administration Promises Reform

Author: Olivia Stephanie

United States

Source: The Crypto Basic

Jan 15, 2025 03:40

TON Now Targets US Market as Donald Trump Administration Promises Reform

The TON Foundation, which has close ties to Telegram Messenger LLP, is shifting its focus to the United States. This stems from expectations of a favorable regulatory environment under the forthcoming Donald Trump administration. The move aims to capitalize on opportunities in the worlds largest economy as the blockchain industry anticipates potential policy shifts. Notably, the president-elect awaits inauguration on the 20th of this month.Per a Bloomberg report, the foundation announced on Tuesday the appointment of Manuel Stotz as its new president, replacing Steve Yun, who will remain a board member. Stotz, a seasoned investor and founder of Kingsway Capital Partners Ltd., will oversee efforts to strengthen TON's position in the U.S. market. The transition aligns with the foundations emphasis on leveraging a more conducive regulatory environment in the United States.Leadership Transition The appointment of Stotz marks a major leadership change for the TON Foundation. With extensive experience in digital assets, Stotz will guide the foundation's initiatives in the U.S., a market that presents substantial growth opportunities for blockchain technology. As the TON Foundation sets its sights on U.S. expansion, Toncoin (TON), its native token, experienced notable price activity. On the day of the announcement, Toncoin changed hands at $5.35, reflecting a 4.05% increase in 24 hours, despite a 5.70% decline over the past week.Prospects Under TrumpThe TON Foundation's shift aligns with emerging discussions on crypto policy under the anticipated Trump administration. David Sacks, Trumps incoming AI and Crypto Czar, is engaging with industry stakeholders to address critical regulatory concerns. Key priorities include tackling issues like de-banking and revising accounting rules that classify digital assets as liabilities for banks. These measures could significantly impact the operational environment for blockchain firms in the U.S.Reports indicate that Trump may address these issues through executive orders immediately upon assuming office.In preparation for his administrations policy focus, a luncheon titled America First: The Future of Space, AI, and Tech was held on December 20 at Mar-a-Lago. The event brought together leading tech investors and policymakers to discuss innovation and regulatory strategies.

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