USDStablecoin Weekly Market Recap: Ripple, Tether, Ethena Innovations
Ripple Launches RLUSD Stablecoin with Regulatory Approval, Aims for Cross-Border Payments
Ripple has officially launched its stablecoin, RLUSD, now live on global exchanges like Uphold, Moonpay, Coinmena, Archax, and Bitso, backed by U.S. dollar deposits, government bonds, and cash equivalents. The launch follows regulatory approval from the New York Department of Financial Services. Initially, RLUSD price fluctuated by 20% but has stabilized around $1. Ripple aims to leverage RLUSD for cost-effective cross-border payments, anticipating the stablecoin market could rise to $2 trillion by 2028. Following the launch, XRP's price experienced a dip, then rebounded to $2.59, reflecting the evolving dynamics within the cryptocurrency market.
Tether Invests in StablR to Boost European Stablecoin Adoption and Compliance
Tether has invested in StablR to boost stablecoin adoption and liquidity in Europe, focusing on compliance with the EU's Markets in Crypto-Assets (MiCA) regulations. StablR, with its EURR and USDR stablecoins, recently obtained an Electronic Money Institution license, positioning itself as a significant player in the growing market, currently valued at nearly $400 million for euro-pegged assets. The partnership integrates Tether’s Hadron tokenization platform, enhancing asset conversion and compliance capabilities. This collaboration aims to drive innovation in Europe’s digital asset ecosystem as the MiCA framework becomes effective on December 30, 2024, fostering a regulated environment for digital assets.
Ethena Launches USDtb Stablecoin Backed by BlackRock’s BUIDL Fund
Ethena has launched its new stablecoin, USDtb, backed by over 90% reserves in BlackRock’s BUIDL fund, primarily investing in U.S. government debt, cash, and repos, ensuring a reliable 1:1 peg to the U.S. dollar. The remaining 10% is held in stablecoins for liquidity. Unlike Ethena’s existing synthetic dollar token, USDe, which can be volatile, USDtb provides a more stable alternative and is positioned to assist in stabilizing USDe during unfavorable market conditions. Strategic partnerships with Securitize and custodians like Coinbase Institutional enhance USDtb's credibility, targeting institutional investors in the growing DeFi landscape.
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