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Ripple to Roll Out RLUSD Stablecoin on Dec. 17, Adds Former Central Bankers to Advisory Board

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Ripple, an enterprise-focused blockchain service closely related to the XRP Ledger (XRP), said it will start making its highly-anticipated U.S. dollar stablecoin accessible to users on Tuesday, Dec. 17 following the token’s regulatory approval.

RLUSD will be initially listed on several exchanges and crypto platforms including Uphold, MoonPay, Archax and CoinMENA, the company said in a press release, with further listings on Bitso, Bullish, Bitstamp, Mercado Bitcoin and Independent Reserve, Zero Hash and others in the coming weeks.

The company also announced two additions to its stablecoin advisory board: Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former first vice president and COO of the Federal Reserve Bank of Boston. The pair join board members announced in October including Sheila Bair, former chair of FDIC, and Chris Larsen, co-founder and executive chairman and co-founder of Ripple.

The launch follows Ripple CEO Brad Garlinghouse’s announcement last week that RLUSD sealed «final approval» from the New York Department of Financial Services, paving the way for rolling out the stablecoin for the public from its test phase. RLUSD is fully backed by U.S. dollar deposits, U.S. government bonds and cash equivalents and aims to keep a steady price at $1.

With RLUSD, Ripple aims to compete for a piece in the rapidly growing stablecoin market, currently dominated by Tether’s $140 billion USDT and Circle’s $40 billion USDC tokens. Stablecoins are a key piece of infrastructure bridging digital asset markets and traditional finance, serving as liquidity for trading, vehicle for blockchain-based transactions and increasingly as a payment method across borders. Traditional financial institutions such as banks and payment companies including PayPal, Visa and Societe Generale have also entered the stablecoin space as regulators around the world put rules and guidelines in place for the asset class, bringing much-desired regulatory clarity.

“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide,» Ripple CEO Brad Garlinghouse said in a statement. «As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.»

RLUSD will be initially available in the Americas, Asia-Pacific, UK and Middle East regions via its distribution and exchange partners, Jack McDonald, senior vice president of stablecoin at Ripple, said in an interview with CoinDesk. He was CEO of Standard Custody & Trust, a company acquired by Ripple earlier this year that holds a New York Trust license.

The token won’t be accessible in the E.U. in the beginning as Ripple does not hold the necessary license under the bloc’s MiCAR regulations, but the company is «actively exploring» ways to enter the bloc’s market, he added.

RLUSD volatility warning

RLUSD, which aims to hold a $1 price, may see an unusual price volatility due to early demand from traders and limited supply.

«There may be supply shortages in the very early days before the market stabilizes,» David Schwartz, chief technology officer at Ripple, warned in an X post. He said that some traders «are willing to pay» as much as $1,200 token price to buy a fraction of RLUSD.

«Please don’t FOMO into a stablecoin,» he added. «This is not an opportunity to get rich.»

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Nasdaq Tells SEC Precise Crypto Labeling Will Be Everything in Future Regulation

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Nasdaq, the operator of one of the premier U.S. stock exchanges and a crypto index, is advising the U.S. regulators to carefully focus on defining digital assets in four buckets that will clearly determine which agency acts as referee, according to a 23-page letter sent to the Securities and Exchange Commission’s crypto task force.

«While a stock by any other word would still be a stock, the existing market ecosystem can readily absorb digital assets by establishing the proper taxonomy and calibrating certain rules to reflect what is truly new and novel about digital assets,» the letter argued in response to the invitation issued by the task force’s chief, Commissioner Hester Peirce, to weigh in on future regulations.

The four future categories of digital assets, in Nasdaq’s view, should be:

  • financial securities (tokens tied to assets that are securities under existing definitions, like stocks, bonds and exchange-traded funds (ETFS), which Nasdaq said should be treated just the same as their underlying assets);
  • digital asset investment contracts (tokenized contracts that check all the securities boxes under a «clarified version» of the Supreme Court’s so-called Howey test);
  • digital asset commodities (meeting the U.S. definition of commodities)
  • other digital assets (stuff that doesn’t fall anywhere else and shouldn’t have rules for securities or commodities imposed on it)

The securities categories belong in the hands of the SEC, which will be working with its cousin agency, the Commodity Futures Trading Commission, that will handle the commodities. Those agencies — presumably directed at some point by a new crypto law hatched by Congress — will figure out the precise border between their jurisdictions.

The letter, signed by John Zecca, the company’s chief regulator executive, argued that «digital assets that constitute financial securities must trade as they do today.»

Nasdaq also suggested that the two agencies should formulate a kind of crossover trading designation for platforms that can handle digital asset investment contracts, commodities and other types of assets under one roof.

In the letter, Nasdaq underlined its digital-asset credibility, saying its «trading and clearing services, market and trading surveillance, and central securities depository technology support digital assets platforms on six continents.» It contended that the regulators should consider imposing safety measures or further constraints on firms that want to handle investors’ activity from top to bottom, which is the common approach of existing crypto firms.

Read More: SEC ‘Earnest’ About Finding Workable Crypto Policy, Commissioners Say at Roundtable

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Want to Have Dinner With the U.S. President? All You Would Need Is to Hold $420 Worth of TRUMP

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The team behind the Trump memecoin said Thursday that the top 220 holders on its list, where the smallest wallet holds $420 worth of TRUMP, are eligible to win dinner with President Donald Trump, contrary to rumors that a six-figure token stash was required.

“We want to clarify a few things people seem confused by on X and in the Media,” the team’s X account posted. “You need $300K+ to participate (You Don’t); That we’re unlocking into this competition (We’re Not).”

TRUMP surged 70% this week, trading at around $12 as of Thursday, mainly driven by hype around the so-called “Dinner with Trump” event, according to CoinDesk’s earlier reporting.

Some users on X claimed that only holders with more than $300,000 in tokens could participate. Others speculated that the wallet ranked 220 on a blockchain explorer was the minimum cutoff.

The team dismissed both claims, stating that users must register via the official leaderboard and that only time-weighted holdings during the competition will count.

Currently, the leaderboard’s top wallet, under the pseudonym “Sun,” holds over 1.1 million TRUMP tokens, worth nearly $14 million. The 220th spot was held by “HAR,” with just 35.3 TRUMP tokens, or about $420 in dollar terms.

Twenty five wallets are listed as VIPs on the leaderboard, where the cut-off holder sits on over $400,000 worth of TRUMP.

The team also addressed concerns about token unlocks affecting the leaderboard, stating that both the cliff unlock and subsequent daily unlocks would remain inaccessible for 90 days, outlasting the competition itself.

“We want to say again that the tokens from the initial cliff unlock and the following 3 months of daily unlocks will remain locked, each for an additional 90 days,” it said.

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CoinDesk 20 Performance Update: SUI Surges 13.7% as Index Trades Higher from Thursday

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CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2774.43, up 1.5% (+40.48) since 4 p.m. ET on Thursday.

Eighteen of 20 assets are trading higher.

9am CoinDesk 20 Update for 2025-04-25: chart

Leaders: SUI (+13.7%) and BCH (+7.1%).

Laggards: POL (-1.9%) and ADA (-0.5%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

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