Curious about the weekend's crypto news? Read @WISE CRYPTO NEWS 's news digest and stay informed!
Contents
XRP Ledger ready to adopt tokenized gold, silver in Q3, 2024
Cardano on verge of "most significant" milestone in its history
Ancient ETH whale wakes up, moves money to Kraken
Take a closer look at the weekend's top three news stories with @WISE CRYPTO NEWS .
XRP Ledger ready to adopt tokenized gold, silver in Q3, 2024
As became known from the official X announcement, Meld Gold has established a partnership with Ripple, a San Francisco-based fintech company. As part of the partnership, Meld Gold will launch two new #Stablecoins backed by silver and gold on $XRP
Ledger. Per the company's Medium post, each token will represent one gram of the precious metal held by leading custody providers MKS Pamp and Imperial Vaults. The tokens are expected to go live on #XRPledger in Q3, 2024. Meld Gold CEO Michael Cotton underscored the importance of this release, saying "Integrating XRPL as the second blockchain alongside Algorand is another step towards delivering unmatched access to assets such as gold and silver with industry-leading technologies."
Cardano on verge of "most significant" milestone in its history
In a recent X post, Cardano founder Charles Hoskinson stated that June will be the month that Cardano Node reaches 9.0. This means that Cardano is ready for the Chang fork, and 70% of stake pool operators (SPOs) are now supposed to install the new node. Then, Cardano can be pushed into the Age of Voltaire with the help of the occurring hard fork. Hoskinson believes that the Voltaire phase is "the most significant milestone in the history of Cardano and for the industry as a whole," as in that phase, Cardano is expected to boost the level of the ecosystem's decentralization and transparency. "Cardano will be a decentralized civilization spanning the entire world with millions of residents. We'll have the most advanced blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide us," wrote the founder.
Ancient ETH whale wakes up, moves money to Kraken
According to Colin Wu's report from Saturday, June 8, an unknown Ethereum whale who received 67,000 ETH from the Ethereum Foundation address back in 2015 transferred 15,200 ETH to Kraken. The transaction occurred on June 7 and is evaluated at $56.1 million. Most of the transfer was immediately exchanged for 4.81 million DAI, averaging $2,725 per ETH. Per Wu's X post, this address received 200,000 ETH (probably participating in the ICO) in the Ethereum Genesis block. Currently, the account still holds about 41,000 ETH worth an astonishing $152.3 million. It was only the third transaction of this account since 2022. In 2020-2021, the account sent a large amount of crypto to centralized #exchanges : it moved approximately 150,000 $ETH , or about $553 million, in six transfers.
#BTC #IOprediction

Yesterday, a lively debate erupted under a cool archival video from the early years of the internet. The summary is that one side claims crypto has no real application other than speculation, while the other side defends crypto.
I thought it would be useful to summarize the conclusions in a separate post and back them up with links to support the facts.

The First Application of Blockchain/Crypto: Money!
Even the title page of the main document of the first cryptocurrency, Bitcoin, clearly states the project's purpose - a system of international peer-to-peer payments (essentially, if simplified - a sort of Western Union).
If it's about money, then let's ask the question: How do we use money on a daily basis? Most often, we:
Store it Pay with it Try to multiply it
Crypto addresses all three of these tasks on a new level.
1) 🏦Storing Money
You can now store money not in banks, where there are blockages, sanctions, and restrictions on withdrawals and conversions, but in your own wallets! This alone is enough to see how cool, innovative, and much safer this is!
To clarify, according to various estimates, the total number of crypto asset users as of December 2023 is already 575 million people! By 2024, it will reach 850-950 million users!
In other words, if more than half a billion crypto users worldwide isn't enough, then other arguments fall away!
2) 💸Paying/Transferring Money
Try making an international transfer or withdrawing more than $10-$20k USD. Or try not sending another document to the bank proving you are not a terrorist. It will immediately become clear who really owns your money.
Over 90% of daily crypto turnover is NOT BTC, ETH, and various altcoins! These are stablecoins! Currently, $46 billion USD out of $49 billion USD of total daily crypto turnover worldwide is people paying each other with stable tokens! NOW! ☝️
The fact that housewives aren't yet using this is not an indicator. They don't use many things now either, like insurance products. They will start when platforms like Stripe, Robinhood, PayPal, and Telegram begin integrating, which is already happening. And, as before, it will all go unnoticed.
3) 📈Multiplying Money
No comment needed. Housewives are barely making ends meet. What kind of investments!? Those who do invest have long seen higher returns on crypto products than on traditional financial instruments and quietly earn at their leisure.
Examples from different historical cycles, on various products - in rising, falling, or sideways markets - have been constantly posted on this channel for many years. With a genuine desire to understand, you can always scroll back, find everything, and compare!
Conclusion
With arguments and counterarguments, I suggest moving to the comments below.
Have a great week everyone! 🤝
#CryptoAdoption #BlockchainTechnology #DigitalCurrency #Stablecoins #CryptoInvestment

😡I WAS SO MAD but then i figured MiCA (AKA the master mfers) is actually making crypto safer than traditional finance.

🧵Below is a thread comparing requirements and regulations for banks (AKA the mfers) and #Stablecoins issuers.

🪙Nature of reserves
💎Stablecoins: Reserves are tied to the issued tokens & to be held in liquid and safe assets (like fiat currencies).
🏦#Banks include a mix of central bank deposits and (supposedly) high-quality liquid assets (government bonds, cash), designed to meet short-term liquidity needs and long-term stability.
🧐If a stablecoin issuer releases 10 million #tokens, they must hold 10 million euros or equivalent liquid assets in reserve, while a bank only needs to hodl 10% of it (1 million euros) at the central bank !

💰Segregation of funds
💎Stablecoins: Strict segregation between reserve assets and operational funds to protect against misuse.
💰Banks: While operational funds and reserves are managed separately, banks have more flexibility in using their assets, provided they meet regulatory ratios.
🧐A stablecoin issuer must maintain separate accounts for reserve funds and operational funds, ensuring clear segregation and protection.
In contrast, banks can use their reserves more dynamically as long as they maintain the required liquidity and capital adequacy ratios.

📂Audit and transparency
💎Stablecoins: Frequent and detailed audits specific to reserve adequacy are mandatory. Issuers must provide transparency reports detailing the reserve assets.
🏦Banks: Regular supervisory reviews and stress tests are conducted ; these audits cover various aspects of operations beyond reserves.
🧐Example: A stablecoin issuer might release a quarterly audit report from an independent auditor confirming that the reserves are intact and properly managed.
Meanwhile, banks undergo comprehensive financial audits and stress tests to ensure overall stability and compliance with regulatory requirements.

💸Redemption and liquidity
💎Stablecoins: Holders have direct redemption rights to exchange stablecoins for fiat currency at any time, at par value
🏦Banks: Deposit insurance schemes and central bank facilities ensure depositor confidence and liquidity but there is no direct 1:1 redemption for all liabilities
🧐Example: A user holding 1 million stablecoins should be able to exchange them for 1 million euros without any loss in value, whereas banks benefit from deposit insurance that protects depositors up to a certain limit (100k in France).

🏁Conclusion🏁
While both stablecoin issuers under #MiCA and traditional banks are required to maintain reserves, banks generally have it easier compared to stablecoin issuers.
Banks have more flexibility in the types of assets they can hold as reserves and greater latitude in how they manage these assets, provided they meet regulatory ratios.
They benefit from well-established deposit insurance schemes and central bank facilities that ensure liquidity and depositor confidence, without the need for direct 1:1 redemption for all liabilities.
In contrast, stablecoin issuers face stricter requirements for reserve backing, segregation of funds, frequent audits, and direct redemption rights, making their regulatory burden more stringent and demanding.
#TetherUSD #USDC