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- Ripple Launches RLUSD Stablecoin
Ripple Launches RLUSD Stablecoin
News on the Blockchain
December 18, 2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 766
Market Cap: $3.68T (-1.21%)
24h Volume: $190.36B (-8.25%)
Bitcoin Dominance: 56.7%
Ethereum Dominance: 12.6%
ETH Gas Price: 10.78 Gwei
Fear & Greed Index: 80/100 (Extreme Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin | $105,280.06 | -0.93% | $2.08T | $69.83B |
Ethereum | $3,870.59 | -3.48% | $466.22B | $35.01B |
Tether | $0.9998 | +0.03% | $140.57B | $155.57B |
BNB | $716.15 | -0.99% | $103.13B | $2.33B |
Solana | $218.70 | +2.28% | $104.79B | $6.49B |
💹 Market Highlights:
Total DeFi Volume: $12.48B (6.55% of total 24h volume)
Stablecoins Volume: $175.21B (92.04% of total 24h volume)
Coin with Highest % Change: PENGU ($0.03137, +527.71%)
📈 Preview On Today’s News:
- Ripple Launches RLUSD Stablecoin to Compete in Expanding Market
- U.S. Sanctions UAE-Based Crypto Network Funding North Korean WMD Programs
- Ohio Advances Bitcoin Reserve Legislation, Joining Texas and Pennsylvania
Keep reading below for more!
Today’s News:
1)
Ripple Launches RLUSD Stablecoin to Compete in Expanding Market
On December 17, 2024, Ripple Labs officially launched its RLUSD stablecoin across global cryptocurrency exchanges, facilitating near-instantaneous peer-to-peer payments on platforms such as MoonPay, B2C2, Keyrock, Coinmena, and Archax. The introduction of RLUSD includes robust measures for transparency and security, with Ripple partnering with an independent auditing firm to verify reserve assets and committing to monthly publication of these attestations. Additionally, Ripple has enhanced its advisory board by appointing two high-profile former central bankers to support the stablecoin's rollout. Following final approval from the New York Department of Financial Services, RLUSD is set to challenge leading stablecoins like Tether’s USDT and Circle’s USDC in the competitive market. The launch has also positively impacted Ripple’s native XRP cryptocurrency, which has surged by 2% in the past 24 hours and is expected to continue its upward trajectory.
RLUSD Launch and Transparency: Ripple Labs introduced the RLUSD stablecoin on major global exchanges, ensuring transparency through independent audits of reserve assets and appointing former central bankers to its advisory board.
Market Impact and Growth Potential: Approved by the New York Department of Financial Services, RLUSD aims to compete with top stablecoins like USDT and USDC, and its launch has already boosted Ripple’s XRP by 2%, with expectations for further growth.
2)
U.S. Sanctions UAE-Based Crypto Network Funding North Korean WMD Programs
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned a North Korean-linked cryptocurrency laundering operation operating out of the United Arab Emirates (UAE). The sanctions target two Chinese nationals, Lu Huaying and Zhang Jian, along with the UAE-registered front company, Green Alpine Trading, LLC, for facilitating the transfer of millions in illicit funds to Pyongyang. This network, orchestrated by China-based agent Sim Hyon Sop, utilized a complex system of crypto exchanges, money mules, and shell companies to obscure the origin of stolen cryptocurrency, which was then used to finance North Korea’s weapons of mass destruction and ballistic missile programs. The sanctions freeze all U.S.-linked assets of the involved parties and prohibit U.S. entities from engaging with the network, effectively disrupting North Korea’s ability to use digital assets to evade international sanctions and support its military ambitions.
Sanctions Imposed: OFAC sanctioned two Chinese nationals and a UAE-based company for laundering millions in cryptocurrency to fund North Korea’s WMD and missile programs, disrupting their crypto laundering operations.
North Korea’s Crypto Strategy: The network used digital assets and a web of proxies to obscure illicit funds, enabling the regime to bypass international sanctions and finance its military endeavors.
3)
Ohio Advances Bitcoin Reserve Legislation, Joining Texas and Pennsylvania
An Ohio House of Representatives lawmaker, Derek Merrin, has introduced HB 703, the Ohio Bitcoin Reserve Act, proposing the establishment of a Bitcoin fund within the state’s treasury. This initiative makes Ohio the third US state to consider such legislation within a little over a month, following similar bills in Texas and Pennsylvania. The bill grants the state treasurer the authority to purchase Bitcoin as part of asset allocation without mandating it, aiming to protect state finances against the devaluation of the US dollar and embrace emerging financial technologies. Merrin, a prominent supporter of cryptocurrency, anticipates the bill will serve as a framework for future legislative sessions and highlights Bitcoin’s potential to revolutionize finance and strengthen state reserves. The bill will need to be reintroduced in the next General Assembly session starting January 2025, as it will not carry over from the current session ending on December 31, 2024.
Ohio's HB 703, the Bitcoin Reserve Act, seeks to empower the state treasurer to invest in Bitcoin, positioning Ohio alongside Texas and Pennsylvania in adopting cryptocurrency for state reserves.
The legislation aims to safeguard state finances against the declining value of the US dollar and leverage Bitcoin’s potential to transform financial systems, reflecting a growing trend of state-level crypto adoption.
