Binance Square
Home
Notification
Profile
Trending Articles
News
Creator Center
Settings
LIVE
LIVE
Shanu11
--・463 views
According to a report by the Financial Times, San Francisco-based company Ripple is on track to launch a dollar-backed stablecoin. With such a move, the company, which is best known for its association with the controversial XRP cryptocurrency, plans to build a bridge between crypto and traditional finance, making it possible to use blockchain technology for trading securities. As noted by Ripple, the stablecoin market has ballooned to a whopping $150 billion. Tether's USDT stablecoin alone is worth $106 billion, according to the latest data provided by CoinGecko. The new stablecoin will be fully backed by dollar deposits, cash equivalents, and government bonds. Ripple claims that it will be conducting attestations on a monthly basis. Ripple has pitched the new product as an "enterprise-grade" stablecoin with a "compliance-first mindset." More use cases Ripple's upcoming stablecoin will be launched simultaneously on Ethereum and the XRP Ledger. In the future, the stablecoin's issuance will also be expanded to other blockchains, according to the company's announcement. The company believes that its new product will be able to attract more liquidity while generating more use cases. In his statement, Ripple CEO Brad Garlinghouse described his company's foray into the stablecoin sector as "monumental" for the XRP Ledger community. #Ripple #xrp #XRP/USDTđŸ”„đŸ”„:

According to a report by the Financial Times, San Francisco-based company Ripple is on track to launch a dollar-backed stablecoin.

With such a move, the company, which is best known for its association with the controversial XRP cryptocurrency, plans to build a bridge between crypto and traditional finance, making it possible to use blockchain technology for trading securities.

As noted by Ripple, the stablecoin market has ballooned to a whopping $150 billion. Tether's USDT stablecoin alone is worth $106 billion, according to the latest data provided by CoinGecko.

The new stablecoin will be fully backed by dollar deposits, cash equivalents, and government bonds. Ripple claims that it will be conducting attestations on a monthly basis.

Ripple has pitched the new product as an "enterprise-grade" stablecoin with a "compliance-first mindset."

More use cases

Ripple's upcoming stablecoin will be launched simultaneously on Ethereum and the XRP Ledger. In the future, the stablecoin's issuance will also be expanded to other blockchains, according to the company's announcement.

The company believes that its new product will be able to attract more liquidity while generating more use cases.

In his statement, Ripple CEO Brad Garlinghouse described his company's foray into the stablecoin sector as "monumental" for the XRP Ledger community.

#Ripple #xrp #XRP/USDTđŸ”„đŸ”„:

Disclaimer: Includes third-party opinions. No financial advice. See T&Cs.
0
Relevant Creator
LIVE
Shanu11
@Square-Creator-ce6843276

Explore More From Creator

The next Bitcoin halving is on the horizon, drawing closer with each passing block and anticipated to take place anywhere between April 18 to April 22, 2024, at the milestone of block 840,000. Following this event, the reward for mining a block will halve from 6.25 bitcoins to 3.125 bitcoins. The following is a thorough exploration of what you need to understand regarding the fourth Bitcoin halving. Navigating Through Bitcoin’s Imminent Reward Halving As of now, fewer than 2,900 blocks remain until the forthcoming Bitcoin halving event. To grasp the concept of halving, it’s beneficial to first understand how new bitcoins come into existence, primarily through the process of bitcoin mining. This involves entities, known as miners, validating blocks packed with transactions awaiting confirmation. In their pursuit to secure bitcoin rewards, miners engage in a computational contest, applying their processing power in a method referred to as ‘Proof-of-Work’ (PoW). Upon successfully discovering a block and validating the held transfers, miners are rewarded with 6.25 newly created bitcoins, in addition to collecting transaction fees from each transfer processed. While the discovery of blocks occurs on average every ten minutes, this duration can vary. #bitcoinhalving #HalvingHorizons!
--
The court sentenced Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, to 25 years in prison. This verdict comes after a tumultuous period marked by fraud, perjury, and witness tampering allegations. FTX’s Sam Bankman-Fried Sentenced to 25 Years in Prison Despite arguments from Sam Bankman-Fried‘s defense team portraying him as a misunderstood genius, Judge Kaplan’s findings painted a starkly different picture. Kaplan highlighted Bankman-Fried’s false testimonies, stating he lied about his knowledge of FTX customer deposit expenditures. As a result, Bankman-Fried received a 25-year sentence in a federal penitentiary for committing fraud against clients and backers of the cryptocurrency exchange FTX. Additionally, Kaplan noted Bankman-Fried’s attempts at witness tampering, further complicating the founder’s legal battle. Marc Mukasey, Bankman-Fried’s attorney, attempted to soften his client’s image, emphasizing his non-malicious intentions. Mukasey described Bankman-Fried as an “awkward math nerd” with passions for video games, veganism, and animal welfare, arguing that his client never intended to harm anyone #trendingtoic #btc
--
‘Ripple is well-positioned to pay a significant civil penalty,‘ says SEC The SEC’s filing on a proposed $1.95 billion in fines and penalties for Ripple suggested the firm needed an incentive to stop violating laws beyond “just the cost of doing business.” A United States Securities and Exchange Commission (SEC) brief detailing proposed fines and penalties for blockchain firm Ripple describes a different narrative than the one pushed by the company’s executives. In a March 25 filing in U.S. District Court for the Southern District of New York, attorneys for the SEC proposed Ripple pay $876,308,712 in disgorgement and $198,150,940 in prejudgment interest and a $876,308,712 civil penalty — roughly $1.95 billion total. According to the regulator, the fines and penalties were appropriate based on Ripple’s “defiance of the law,” continuing to sell XRP after legal warnings. “Ripple is well-positioned to pay a significant civil penalty,” said the SEC. “And one is warranted here both because a civil penalty should not be just the cost of doing business for a securities law violator, as the Second Circuit has held, and because the need for deterrence is clear given Ripple’s enormous amount of unregistered sales of XRP over the last three years.” #ripple #xrp #XRP/USDTđŸ”„đŸ”„:
--
A British computer expert, who inadvertently misplaced a hard drive containing 7,500 bitcoins, has initiated a legal action to compel the Newport City Council to permit him to search through the landfill where the storage device is believed to be buried. Anticipating a further increase in the value of the cryptocurrency, the expert said he only wants to be given the chance to find the lost coins. Hedge Fund Investors Support Howells James Howells, a British computer expert whose ex-partner accidentally discarded a drive containing 7,500 bitcoins (BTC), has initiated a legal action to compel Newport City Council to permit him to search a landfill where he believes the cryptocurrency is located. A group of hedge fund investors is reportedly financing Howells’ potentially expensive lawsuit. According to a report in the Daily Mail, the investors stand to receive a portion of the lost BTC if and when Howells successfully recovers them. In addition to financing the lawsuit, which is slated to be filed in the High Court, the hedge fund investors have assembled a team of search specialists and data recovery engineers. As reported by Bitcoin.com News in September 2023, even Howells’ offer of a reward amounting to 25% of the cryptocurrency asset’s value failed to persuade Newport City Council officials. The rejection of his offer was the last straw for Howells, who has been in conflict with the council for a decade. He also cited the council’s refusal to discuss the issue as one reason for his decision to pursue legal action. Computer Expert Declares He Won’t Back Down While the BTC on the hard drive would be valued at just over $525 million at current prices (4:40 p.m. EST, March 25, 2024), Howells is quoted in the Daily Mail as saying the value of the bitcoins will far exceed a billion dollars. He added that his sole wish is to be given an opportunity to recover the lost coins. “Some experts believe that by the end of the year the price will rise to $25,000[0] per coin. That would make my hard drive worth £1.5billion. #bitcoin #bome #pepe
--
According to a last-minute development, the details of which are not yet clear, the SEC will demand a fine of $ 2 billion from Ripple (XRP) developer Ripple Labs. Ripple Chief Legal Officer Stuart Alderoty announced the development as follows: “As you will see when the SEC's summary is made public tomorrow, they are asking the judge for $2 billion in fines and sanctions. Our answer will be available next month, but as we have all seen time and time again, this is a regulator that operates on statements that are false, ill-defined and designed to mislead. They stayed true to their form here too. Rather than faithfully enforcing the law, the SEC continues to seek to punish and intimidate Ripple and the industry in general. We believe that the court will approach the solution phase fairly.” However, Ripple CEO Brad Garlinghouse said the following about the development: “The SEC, led by Gensler, has repeatedly acted outside the law, admonished by judges for “gross abuse of the authority entrusted to it by Congress” (DEBT Box case) and for acting “without faithful adherence to the law” (Ripple case). Let's also not forget Gensler's indifference to the FTX scam. The SEC plans to ask the judge for $2 billion in a case that contains no allegations (let alone findings) of fraud or recklessness. There is absolutely no precedent for this. “We will continue to disclose what the SEC is when we respond to this.” Ripple co-founder Chris Larsen said the following about the development: “The balance of the SEC, managed by Gensler, has been disrupted. The fact that the SEC alone considers itself above the law and drags the USA further behind other G20 countries will not and should not go unnoticed in an election year.” *This is not investment advice. #xrp #XRP/USDTđŸ”„đŸ”„:
--

Latest News

Bitcoin(BTC) Drops Below 67,000 USDT with a 4.88% Decrease in 24 Hours
--
Ethereum(ETH) Drops Below 3,300 USDT with a 6.02% Decrease in 24 Hours
--
BNB Drops Below 600 USDT with a 1.26% Decrease in 24 Hours
--
Bitcoin(BTC) Drops Below 68,000 USDT with a 3.63% Decrease in 24 Hours
--
Ethereum(ETH) Drops Below 3,400 USDT with a 3.52% Decrease in 24 Hours
--
View More
Sitemap
Cookie Preferences
Platform T&Cs
Sitemap
Platform T&Cs
ba-one-trust-cookie