In recent months, the cryptocurrency market has witnessed a resurgence of Bitcoin, drawing particular attention to the decentralized finance (DeFi) sector. One of the prominent discussions is about the potential "carry trade" related to interest income from staked USDe (sUSDe) of Ethena and borrowing stablecoins from the Aave platform. This strategy takes advantage of the high yield of nearly 30% of sUSDe, compared to Aave's borrowing interest rate of under 20%.
The price of Bitcoin nearing $97,000 has caused traders to closely monitor upcoming economic reports and comments from Fed Chair Powell, which could significantly impact volatility. Meanwhile, Ethereum has seen notable activity with net inflows into ether ETFs in the United States, and other cryptocurrencies like Aptos and TRX have also reported growth.
There is a certain caution in traditional markets with the increased selling from insiders, indicating that the risk trend may be rising. The article also notes the resurgence of older cryptocurrencies, dubbed "dino coins", such as XLM and BCH, regaining momentum as veteran projects in the current market.
Ripple is preparing to launch the Ripple USD stablecoin (RLUSD) on December 4 after receiving approval from the New York Department of Financial Services. This stablecoin is backed 1:1 by US dollar deposits and is designed to complement Ripple's existing cryptocurrency, XRP. Ripple emphasizes that RLUSD is primarily intended for large institutions and aims to fill the gap in the regulatory-compliant stablecoin market for institutional use.
While RLUSD is undergoing beta testing on Ripple's XRP Ledger (XRPL) and Ethereum, initial listings have appeared on leading cryptocurrency platforms. Ripple plans to expand RLUSD to other blockchains and DeFi protocols. Meanwhile, XRP has performed well, recently ranking as the third largest cryptocurrency by market capitalization. This launch is highly anticipated, but Ripple has warned against any unofficial tokens claiming to be RLUSD before the official release.
