XRP’s price fell by around 4% on Friday after Ripple allegedly moved 200 million XRP tokens to an unknown wallet, fueling suspicions within the crypto community about the company’s intentions for its native token.
XRP experienced a slight decline on Wednesday, partially reversing Tuesday’s gains. Meanwhile, Ripple President Monica Long discussed increased institutional interest in digital assets, the company’s plans to launch a US dollar stablecoin, and the potential for XRP-spot ETFs.
To circumvent international sanctions and facilitate cross-border transactions with Chinese counterparts, Russian companies are increasingly turning to stablecoins like Tether (USDT), leveraging their speed, cost-efficiency, and ability to bypass traditional banking channels.
According to Sen. Cynthia Lummis, co-author of the latest U.S. Senate’s stablecoin regulation proposal, Circle Internet Financial would have a distinct advantage over global stablecoin leader Tether under the proposed regulations, as U.S. consumers are likely to favor companies overseen by U.S. regulations.
Bitcoin has shaken off last week’s market jitters, briefly trading above $72,000 on Monday. Meanwhile, stablecoins were in the spotlight, with VanEck and Ripple Labs getting involved in new offerings, and a jury in New York finding Terraform Labs and its founder, Do Kwon, liable for civil fraud charges.
Tether, the issuer of the USDT stablecoin, has authorized the issuance of another billion coins on the Tron blockchain, just two days after a similar release of 1 billion USDT.
Binance has introduced the Futures NEXT platform, allowing users to predict which tokens will be listed on the futures market and earn rewards for correct forecasts.
Hong Kong’s central bank will launch a sandbox allowing institutions to trial stablecoin issuances to shape future policy and licensing around pegged crypto assets.
The UK government aims to enact new legislation regulating stablecoins and crypto staking within the next 6 months, signaling a sense of urgency.
