According to Odaily, Whale Alert has reported that the USDC Treasury destroyed 50 million USDC on the Ethereum blockchain today at approximately 00:17 UTC+8.

At 01:17 PM (Korean Time) today, Whale Alert reported that the USDC treasury address burned 50 million USDC. This is a significant event, as it demonstrates the commitment of the USDC team to maintaining the stability and integrity of the USDC stablecoin. The burning of USDC tokens reduces the overall supply of USDC in circulation, which can help to stabilize the price of USDC. It also demonstrates the USDC team's commitment to maintaining the 1:1 peg between USDC and the US dollar. The burning of USDC tokens is a positive development for the USDC ecosystem. It shows that the USDC team is committed to maintaining the stability and integrity of the USDC stablecoin. It also demonstrates the team's commitment to maintaining the 1:1 peg between USDC and the US dollar.

According to Odaily, tokenization platform Securitize has announced the launch of a conversion service between Circle's stablecoin (USDC) and the US dollar, specifically for BlackRock's USD Institutional Digital Liquidity Fund (BUIDL). This integration aims to reduce investment costs and simplify the subscription process for traditional financial investors in the BUIDL fund. The company has partnered with BlackRock to issue BUIDL tokens on the Ethereum blockchain. Blockchain infrastructure company Zero Hash will provide support for conversions between USD and digital assets. This service is targeted at qualified investors and aims to accelerate investments in the BUIDL fund.

Securitize Simplifies Tokenized Fund Investment with USDC-USD Conversion Service Securitize, a leading digital securities platform, has announced the launch of a USDC and dollar conversion service for investors in BlackRock's tokenized fund, BUIDL. This service aims to streamline the onboarding process and reduce costs for investors looking to participate in the fund. The USDC-USD conversion service allows investors to easily convert their stablecoin (USDC) into US dollars, providing them with greater flexibility and convenience. Securitize's decision to offer this service underscores its commitment to enhancing the tokenized securities market and making it more accessible to a wider range of investors.

Securitize, the platform for tokenizing real-world assets, has integrated Zero Hash to allow qualified investors to easily subscribe to BlackRock’s tokenized fund via the USDC stablecoin.

In an announcement Securitize said its partnership with the stablecoin infrastructure platform Zero Hash will allow institutional investors to buy the BlackRock USD Institutional Digital Liquidity Fund using USDC (USDC). However, users’ coins will be converted to U.S. dollars via Zero Hash.

Carlos Domingo, co-founder and chief executive officer of Securitize, stated in the press release that the company’s introduction of the new feature follows growing demand from clients.

The use of Zero Hash to convert USDC to USD allows for efficient transactions and ensures the process remains “natively on-chain,” Domingo noted.

Read more: BlackRock and Securitize back Ethena’s new stablecoin

BlackRock’s tokenized fund dominates

BUIDL is BlackRock’s first tokenized fund, which launched in March 2024 on the Ethereum (ETH) blockchain. At the time of writing, the fund is expanding in the real-world assets market with a total value of over $550 million in assets under management.

With the fund, investors have access to U.S. Treasury bills, cash, and repurchase agreements in an on-chain asset that provides a $1 per token value. Investors receive daily accrued dividends, which are sent to their wallets monthly.

According to rwa.xyz, the total value of real-world assets on-chain currently stands at over $12.8 billion. Of this, more than $2.2 billion is in tokenized treasuries, with $1.6 billion on Ethereum.

BlackRock’s BUIDL leads with a market cap of over $550 million, while the Ondo U.S. Dollar Yield and the Franklin Onchain U.S. Government Money Fund are the next two largest, with over $441 million and $437 million respectively.

You might also like: Dune unlocks Stellar insights with on-chain analytics integration

Coinspeaker Ripple Launches Stablecoin RLUSD to Challenge 90% Dominance of USDT, USDC

Crypto firm Ripple has introduced a new stablecoin pegged to the US dollar, named RLUSD, aiming to disrupt a market where the top two players control nearly 90% of the value, according to Reuters.  The RLUSD launch marks a significant milestone for Ripple, especially after its landmark victory against the Securities and Exchange Commission (SEC).

The RLUSD stablecoin will be accessible globally on various platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. Ripple’s entry sets the stage for a challenging endeavor to compete in a concentrated market dominated by Tether and USD Coin (USDC), which together hold nearly 90% of the total market capitalization.

Stablecoins are digital tokens designed to maintain a constant value, backed by traditional currencies like the US dollar or euro. They offer a stable medium for payments and converting crypto tokens into traditional currencies, protecting users from the price fluctuations commonly seen in cryptocurrencies like Bitcoin and Ether.

RLUSD Secures Expert Governance

Each RLUSD token is 100% backed by US dollar deposits, US government bonds, and cash equivalents, ensuring its stability and reliability. Ripple emphasizes that this backing provides confidence in RLUSD’s value, making it a trustworthy option for users worldwide.

In a strategic move to strengthen its governance, Ripple has appointed Sheila Bair, former chair of the US Federal Deposit Insurance Corporation (FDIC), to the advisory board of RLUSD. Bair’s extensive experience in financial regulation brings significant expertise to Ripple’s new venture.

Previously, Bair also served as the chair of the board at the government-backed mortgage finance company Fannie Mae and as the assistant secretary for financial institutions at the US Treasury Department. Her involvement is expected to guide RLUSD through the financial industry’s complex regulatory landscape.

“Stablecoins will play a key role in modernizing our finance infrastructure and broadening financial inclusion. As the digital assets industry grows, responsible innovation will be paramount to their adoption, prioritizing both consumer protection and financial stability,” said Bair.

Ripple Poised to Lead Stablecoin Market

Since 2014, the stablecoin sector has rapidly expanded to a market capitalization of $172 billion, yet USDC and USDT continue to dominate. Even PayPal, which introduced its stablecoin in 2023, is struggling to gain traction.

Despite these challenges, Ripple CEO Brad Garlinghouse believes RLUSD can compete with the leading stablecoin giants. He stated that with initial exchange partners, evident utility and demand for RLUSD, and a strong focus on regulatory compliance, Ripple’s stablecoin is poised to become the gold standard for enterprise-grade stablecoins. 

“Our payment solutions will leverage RLUSD, XRP, and other digital assets to enable faster, more reliable, and cost-effective cross-border payments,” said Garlinghouse.

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Ripple Launches Stablecoin RLUSD to Challenge 90% Dominance of USDT, USDC

According to the latest report from Binance Research: Stablecoins are becoming a pivotal aspect of blockchain technology, with their regulation shaping the future of distributed ledger technology (DLT) rules worldwide. Key Takeaways on Stablecoin RegulationRegulatory Evolution: The push for stablecoin regulation gained momentum in 2019 with Facebook's Libra project and accelerated after the Terra UST collapse in 2022.Types of Stablecoins: There are three primary types of stablecoins:Real-World Asset-Linked (Fiat-backed)Digital Asset-BackedAlgorithmic StablecoinsFiat-backed stablecoins are the most widely used and regulated.Regional Frameworks: Different jurisdictions like the EU, Dubai, Singapore, and UK have distinct stablecoin regulations.Balanced Regulation: Thoughtful regulation is essential to foster innovation and build a global financial framework that supports blockchain technology.The Evolution of Stablecoin RegulationThe Impact of Facebook’s Libra and Terra USTLibra’s Announcement (2019)Libra (now Diem) aimed to introduce a global digital currency, prompting regulatory concerns about potential disruption to traditional finance.Governments responded with frameworks to safeguard financial stability and protect consumers.The Collapse of Terra UST (2022)Terra's algorithmic stablecoin crash led to significant financial losses, underscoring the risks of undercollateralized stablecoins.Many jurisdictions, including the U.S. and EU, responded with stricter regulations and even bans on algorithmic stablecoins.Classifying StablecoinsFiat-Linked StablecoinsExamples: USDT, USDC, PYUSDThese stablecoins are backed by fiat currencies like the U.S. dollar and are subject to licensing, transparency, and anti-money laundering (AML) regulations.Regulatory frameworks aim to maintain reserve ratios and ensure timely redemption.Asset-Backed StablecoinsExamples: DAI, FRAXBacked by crypto or real-world assets like Bitcoin or U.S. Treasuries, these stablecoins provide stability but face limited regulatory scrutiny.Algorithmic StablecoinsExamples: UST (defunct)These stablecoins rely on smart contracts to maintain their peg but have faced significant regulatory challenges due to their volatility and collapse risks.Global Stablecoin Regulation by RegionEuropean Union (EU)Markets in Crypto-Assets (MiCA) framework mandates strict rules for fiat-backed stablecoins, including reserve management and redemption timelines.MiCA’s Ban on Algorithmic Stablecoins: To mitigate risks, the EU prohibits algorithmic stablecoins.United StatesLummis-Gillibrand Payment Stablecoin Act emphasizes stablecoin integration with the banking system, requiring strict reserve management.Multiple federal agencies like the SEC, CFTC, and OCC oversee stablecoin activities, creating a complex regulatory environment.United KingdomThe UK has adopted a phased approach, with stablecoins integrated under the Payment Services Regulation 2017.Future phases will cover algorithmic and commodity-backed stablecoins, with a focus on foreign stablecoins.UAEThe Central Bank of UAE (CBUAE) regulates stablecoins under the Payment Token Services Regulation, emphasizing transparency and restrictions on algorithmic tokens.The UAE supports dirham-pegged stablecoins but limits the use of foreign stablecoins for payments.JapanUnder the Payment Services Act, only banks and trust companies can issue stablecoins, ensuring secure backing and reliable redemption processes.SingaporeThe Monetary Authority of Singapore (MAS) framework governs single-currency stablecoins (SCS) pegged to the Singapore dollar or G10 currencies, ensuring robust reserve management and transparency.The Future of Stablecoin RegulationStablecoin regulations are evolving rapidly as governments balance innovation with consumer protection. Key regulatory developments to watch include:Integration with Traditional Finance: Stablecoins are becoming part of existing banking frameworks, enabling faster transactions and cross-border payments.Shift Toward Fiat-Linked Stablecoins: Given the risks associated with algorithmic models, many jurisdictions are focusing on fiat-backed tokens to foster trust and stability.Global Coordination: Regulatory clarity from regions like the EU, UAE, and Singapore is crucial in creating a globally interoperable framework.Conclusion: A Path Toward Global Financial InclusionClear and forward-thinking regulations will play a crucial role in fostering trust and stability in the growing stablecoin ecosystem. As more jurisdictions finalize their frameworks, the adoption of diverse stablecoins, including non-USD stablecoins, is likely to increase. With balanced regulation, stablecoins have the potential to reshape global finance, promoting financial inclusion and economic empowerment.Regulators and industry participants must collaborate to build frameworks that support innovation while ensuring consumer protection, paving the way for a secure and transparent digital financial future.

According to BlockBeats, on October 14, NAVI Protocol, a one-stop liquidity protocol within the Sui ecosystem, announced the upgrade of its wUSDC to USDC migration technology, significantly reducing slippage.

Additionally, NAVI Protocol's USDC pool will offer an APY boost to users providing assets within the next eight hours. The NAVX pool will also benefit from an APY increase.

Furthermore, cross-chain ETH from Sui Bridge LP has been launched on NAVI Protocol today. Starting from October 14, the new liquidity pool for ETH bridged through Sui Bridge is available for lending.

Coinspeaker Wanchain Integrates Solana into Its Cross-chain Infrastructure

Decentralized blockchain interoperability solution Wanchain recently demonstrated support for Solana SOL $153.4 24h volatility: 0.4% Market cap: $72.08 B Vol. 24h: $2.96 B by integrating the scalable Layer-1 blockchain into its cross-chain infrastructure.

Consequently, users can bridge assets between Solana and any of the 35 networks supported by the protocol. This new development comes amidst a growing adoption in the Solana ecosystem.

Solana Integration Kickstarts with USDC Transfers

According to OKG, the Solana network recorded a massive annual growth rate of 1,816% in daily active users as of March 2024. The integration of the L1 network with PayPal and Stripe significantly contributed to this enormous momentum for Solana.

USDC USDC $1.00 24h volatility: 0.1% Market cap: $34.68 B Vol. 24h: $3.97 B is the first token that would be available for transfer to and from Solana.

As the bridge is gradually established, Wanchain will develop more tokens as well as accessible routes. As announced, it will pursue a systematic addition to the bridge. The plan is to also introduce the exchange of native USDT USDT $1.00 24h volatility: 0.1% Market cap: $119.71 B Vol. 24h: $61.71 B to and from Solana as part of Wanchain’s XFlows protocol.

It is worth noting that the platform introduced USDT XFlows about two years ago as an upgrade. As of that time, the upgrade brought native-to-native USDT cross-chain transfers for Ethereum, BNB Chain, Polygon, and Arbitrum.

Owing to its non-EVM chain design, Solana has yet to successfully ink connections with some of the most prominent EVMs.

The Wanchain Bridge changes these connection shortcomings by allowing access between Solana and the likes of BNB Chain. In the long run, this will play a huge part in propelling Solana’s surging popularity among crypto users even further. Wanchain CEO Temujin Louie hinted at the team’s enthusiasm towards the integration.

“Solana’s ecosystem is attracting avid user engagement, and it’s important to serve growing communities with accessible solutions that make transferring assets as simple and efficient as possible,” Louie highlighted.

On a larger scale, Wanchain hopes that this move will facilitate more efficient asset exchange. The interoperability solution anticipates that it will serve as the basis for increased innovation between Solana and other blockchain ecosystems.

Wanchain Launched Bridge for Polkadot and Cardano

Only four months ago, it introduced a new bridge to connect Cardano and the Polkadot Relay Chain.

This allowed two prominent non-Ethereum Virtual Machine (EVM) chains to communicate with each other and implement hassle-free transfers of DOT to Cardano and vice versa. Their non-EVM feature made the bridge more commendable.

In addition to the Polkadot-Cardano brìge, Wanchain introduced the Convert n’ Burn program for its native Bridge. This program aims to cover the on-chain costs incurred by the bridge and create value for the entire Wanchain ecosystem.

At the time, the integration fueled some positive sentiment for both networks. Polkadot recorded a surge past 600,000 active wallet addresses within its ecosystem. In the same period, Cardano experienced a 40% increase in activity. With the latest development, Solana is expected to have a similar experience.

Apart from the attention this integration brings to Solana, it equally showcases Wanchain’s commitment to providing solutions to Web3’s most prominent ecosystems.

In the future, the decentralized interoperability solution plans to integrate more networks.

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Wanchain Integrates Solana into Its Cross-chain Infrastructure

The cross-border payment crypto company Ripple is approaching the much-anticipated launch of the stablecoin RLUSD, expected by the end of the year.

After presenting in recent months the new innovative solution with a value pegged to the US dollar, the first exchange partners are now revealed.

RLUSD should serve as a bridge off/on ramp FIAT and as a trading channel for RWA investments, in such a way as to revolutionize the stablecoin sector.

The first mintings have already started on the Ethereum and XRP Ledger chains, now we are just waiting for the official launch of Ripple to the general public.

Let’s see all the details below.

Ripple and the new stablecoin RLUSD

In April, Ripple announced for the first time the intention to launch its own stablecoin, whose value would mirror that of the US dollar.

The initial idea of the company was to compete with the market stablecoin leaders like USDT and USDC, offering an innovative cryptographic solution.

Now, months later, the new RLUSD currency seems closer than it appears.

Ripple has already conducted the first tests on the Ethereum and XRP Ledger blockchains, in preparation for the official distribution on the mainnet.

The stablecoin, according to what was reported by the CTO David Schwartz, should debut in the bull crypto market by the end of 2024.

Introducing Ripple USD (RLUSD): A 1:1 USD-backed stablecoin, offering transparency and stability on the XRP Ledger and Ethereum. Coming later this year.

Sign up to receive the latest stablecoin news, content and availability: https://t.co/ifguG77bO6

— Ripple (@Ripple) June 12, 2024

RLUSD will be guaranteed by deposits in USD and US Treasury securities, offering financial transparency through the exceptional oversight of a third-party company.

The Ripple solution was designed as an entry point to seize new hybrid opportunities between the DeFi and CeFi worlds.

Potentially, the resource could revolutionize the sector by bringing the capitalization of cryptographic stablecoins to 2.8 trillion dollars in capitalization by 2028.

According to Etherscan data, RLUSD currently has a supply already minted of 26.5 million units, but it is not tradable on any crypto exchange.

The holders are only 7, with all the addresses connected to the Ripple issuance structure.

A few hours ago, 6 million RLUSD were released by Ripple, suggesting a possible debut of the stablecoin in the coming weeks. 

It will be interesting to see with how much supply the coin will start to be distributed among the public.

Source: https://etherscan.io/token/0x8292bb45bf1ee4d140127049757c2e0ff06317ed#balances

Ripple prepares for the big launch of RLUSD: exchange partners announced

As mentioned, Ripple is likely completing the final paperwork before positioning RLUSD among the major stablecoins in the crypto market.

The blockchain company, a well-known provider of digital asset infrastructure for financial institutions, today announced its exchange partners and clients.

By doing so, thanks to these strategic partnerships, RLUSD will be available globally for institutions and users on major exchanges and global platforms.

These include brokers such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA and Bullish.

Brad Garlinghouse, CEO di Ripple, recently stated at a press conference that the stablecoin is ready to take on the connotation of the gold standard in the corporate field.

RLUSD will unlock in this sense a wide range of use cases at the financial level, such as real payments and decentralized finance. Great attention will be given to the front of cross-border payments, being the main focus of Ripple.

In this sense, the integration of the new stablecoin with the already present XRP will help make international transactions faster, more reliable, and more economical.

Ripple has also revealed that the market makers B2C2 and Keyrock will support the liquidity of RLUSD in this initial phase.

#Ripple #XRPCommunity

Any day now, @Ripple will launch their #RLUSD stablecoin that will start to soak up the $2.3 trillion M0 circulating around the world.

Speaker: Yam-ki Chan, @circle Asia Pacific pic.twitter.com/l68ngWLD4c

— Subjective Views (@subjectiveviews) October 15, 2024

The market is experiencing a period of uncertainty, with both bull and bear trends influencing investor decisions.

By virtue of the imminent launch, Ripple has also  assembled an advisory committee to guide the responsible introduction of RLUSD to the market.

Inside it, we find the former president of the Federal Deposit Insurance Corporation (FDIC) Sheila Bair, as well as the former CEO of the CENTRE consortium David Puth.

The crypto will be one of the few currencies issued under a New York Trust Company Charter, with strict oversight in support.

Regarding the news, Sheila Bair herself spoke to highlight the responsible component of RIpple in this last phase before the launch:

“As the digital resources industry grows, responsible innovation will be crucial for their adoption, prioritizing both consumer protection and financial stability.”

The disruptive potential of Ripple’s stablecoin: focus on RWA and FIAT on/off ramp channels

Not everyone is aware that Ripple’s RLUSD stablecoin will have additional features compared to the classic payment currency function.

The currency, in fact, will combine the stability of traditional legal currencies with the efficiency of blockchain technology, revolutionizing financial use cases.

Denominated in USD and developed thanks to the factors of trust, liquidity and compliance, RLUSD will leverage the breadth of the Tipple network, which includes over 90 markets worldwide.

It will be available 24 hours a day, 7 days a week, without the service interruptions typical of traditional centralized banks.

The company stated it wants to focus on exploring the RWA and on/off ramp FIAT sectors, still not well connected with the blockchain world.

Specifically, the stablecoin will need to serve as a stable bridge and reliable link between traditional fiat currencies and the crypto ecosystem. 

Users must indeed be able to rely on a stable currency for blockchain interactions, without worrying about infrastructural security and price volatility

On the other hand, RLUSD by Ripple aims to provide liquidity and settlement for the trading of RWA securities such as commodities, securities, and treasuries on the chain. Given the potential of this market niche increasingly considered by large financial institutions (like BlackRock), it is clear that Ripple wants to ensure its presence.

Potentially the currency could enter with merit into the ranking of the top 10 most capitalized crypto stablecoins in the world.

Some metrics of the stablecoin market 

The entry of Ripple into the stablecoin sector with its own invention RLUSD lays the foundation for a phase of expansion of the entire market.

Overall, all stable cryptocurrencies (pegged to a FIAT currency) are currently worth 180 billion dollars.

With Ripple, it is estimated that the market could multiply its value given the economic potential that is on the horizon.

According to data from The Block, over 99% of the entire capitalization is poured into USD backed stablecoins, while a minority share is allocated to those EURO backed.

The top 5 coins USDT; USDC, DAI, FDUSD, and USDe alone represent the majority of the market, with many other small stablecoins in the background.

In addition to those mentioned, no others exceed a capitalization of 1 billion dollars, highlighting a highly polarized market scenario.

Not even the recent debut of PayPal’s stablecoin (PayPal)(PYUSD) has managed to make the wealth of the market more distributed, despite the positive numbers recorded so far.

Probably RLUSD by RIpple will manage in the first months to achieve a prestigious position among the major stablecoin crypto.

The payment company indeed boasts excellent liquidity reserves with which to drive the expansion of the currency, in addition to a rich network of partners.

We can expect to see the name of Ripple at the top of the stablecoin industry in the coming months.