Ripple’s latest developments have sent shockwaves through the crypto industry, with its XRP Ledger introducing new features and sparking debate over its inclusion in national crypto reserves. Meanwhile, stablecoins have reached a market cap of over $200 million, and regulatory news is abuzz with lawsuits and probes into major players.
The past week has seen significant developments in the world of cryptocurrency, with Ripple at the forefront of the news. The company announced that ‘Ondo Finance would offer tokenized treasuries on its XRP Ledger,’ marking a major milestone for the platform. Additionally, XRP Ledger will introduce clawback features, enhancing liquidity for Ripple’s dollar-pegged stablecoin ‘RLUSD.’
Ripple is a real-time gross settlement system (RTGS) and exchange network for cryptocurrencies, specifically XRP.
It was founded in 2012 by Chris Larsen and Jed McCaleb.
Ripple operates on a distributed ledger called the XRP Ledger, which allows for fast and secure transactions.
The XRP token is used to facilitate cross-border payments and has gained popularity as a settlement currency among financial institutions.
Ripple CEO Brad Garlinghouse has been actively lobbying for XRP to be included in any national crypto reserve, sparking debate among Bitcoin enthusiasts who argue that the reserve should be bitcoin-only. This move is part of the new Trump Administration’s pro-crypto agenda, which aims to promote growth and adoption in the industry.
Other notable developments include Cardano‘s rollout of a hard fork ‘Plomin,’ enabling decentralized governance, and Avalanche‘s December upgrade resulting in a 75% drop in transaction costs for users. Movement Labs has also unveiled a developer mainnet ahead of its much-anticipated L1 launch in February.
Meanwhile, stablecoins have surged past a $200 million market cap, with ‘Tether announcing a profit of $13 billion in 2024.’ This healthy stockpile will enable further investments and growth in the industry. MicroStrategy, a pioneer in corporate bitcoin treasuries, has added to its holdings and outlined plans to raise more capital.
A stablecoin is a type of cryptocurrency that is pegged to a fiat currency, such as the 'US dollar.'.
Its value remains relatively stable and is not subject to market fluctuations like other 'cryptocurrencies'.
Stablecoins are designed to provide a low-volatility store of value or medium of exchange.
They can be used for cross-border transactions, reducing the need for traditional currencies.
Examples of popular stablecoins include Tether (USDT), TrueUSD (TUSD), and DAI.
In regulatory news, Solana‘s memecoin powerhouse ‘Pump.fun’ has been hit with a class-action lawsuit alleging securities violations. French authorities are also expanding their probe into money laundering and tax evasion against Binance. Robinhood CEO Vlad Tenev has joined BlackRock‘s Larry Fink in calling for tokenized equity, while Fairshake, an industry SuperPAC, continues to gain traction.
Finally, the parents of disgraced FTX founder Sam Bankman-Fried have expressed interest in seeking a presidential pardon for their son, citing the recent pardon handed to ‘Silk Road founder Ross Ulbricht.’ However, as noted by Shaurya Malwa, the cases are very different and Joseph Bankman and Barbara Fried may face an uphill task.
It’s been an exciting few days in crypto, and we’ll have plenty more updates for CoinDesk readers next week. As always, stay tuned!
- coindesk.com | Weekly Recap: Ripple Makes Waves and Stablecoins Surge
- sg.finance.yahoo.com | Weekly Recap: Ripple Makes Waves and Stablecoins Surge
