Good Afternoon Dinar Recaps,

RIPPLE ADVANCES STABLECOIN INITIATIVE, ISSUES ANOTHER 350K RLUSD

Ripple mints 350,000 RLUSD to enhance testing on XRP Ledger and Ethereum, aiming for regulatory approval and improved ecosystem integration.

▪️Ripple mints 350,000 RLUSD stablecoins in 24 hours on XRPL and Ethereum.

▪️RLUSD stablecoin undergoes private beta testing for security and efficiency.

▪️XRP Ledger enhancements improve RLUSD's security and efficiency in beta testing.

Ripple has expanded its stablecoin operations by minting an additional 350,000 units of its RLUSD stablecoin within a span of 24 hours. This activity was carried out in two separate transactions, one consisting of 300,000 RLUSD and the other 50,000 RLUSD. The process was monitored by the Ripple stablecoin tracker, a community-driven XRP Ledger account that tracks the issuance and redemption of these stablecoins.

Ripple Sets Pace with Massive 350K RLUSD Stablecoin Mint
According to the Ripple stablecoin tracker, the recent minting marks a significant step in the testing phase for RLUSD. The issuance occurred through two separate transactions, one for 300,000 RLUSD and another for 50,000 RLUSD. This testing phase is crucial for ensuring the RLUSD meets the highest standards of security, efficiency, and reliability before its full-scale launch.

The minting demonstrates Ripple’s commitment to advancing its stablecoin offerings and enhances the liquidity and functionality of the RLUSD. Most recently, the XRP company reported issuing a record 485 RLUSD stablecoins, its largest single batch yet.

The private beta testing of the RLUSD aims to streamline the integration process across different blockchain platforms. This phase is vital for gaining regulatory approvals and for ensuring that the RLUSD can operate across various blockchain environments.

XRPL Upgrades Enhance Stablecoin Efficacy
The recent enhancements in the XRP Ledger are also pivotal to the optimal functioning of the RLUSD. Two major amendments, fixEmptyDID and fixPreviousTxnID, were activated on the XRPL mainnet, improving the ledger’s efficiency.

These updates will boost the stability and reliability of Ripple’s stablecoin operations. Concurrently, these will impact RLUSD’s performance and its integration within the broader ecosystem.

These technical upgrades facilitate a more robust framework for Ripple’s stablecoin initiatives. This will make the infrastructure supporting RLUSD align with the latest blockchain innovations.

In addition, the legal environment surrounding digital currencies remains a significant aspect of Ripple’s operational strategy. Recent developments in the Ripple vs. SEC case have brought to light the challenges faced by blockchain enterprises.

Insights from legal experts suggest that the SEC’s potential appeal against a favorable ruling for Ripple in the XRP lawsuit may have limited success.

XRP price reacted positively to the recent mint of RLUSD, surging to $0.622. The increase reflects a 5.44% gain over the last 24 hours, accompanied by a 60%  rise in trading volume. However, recent CoinGape analysis have hinted at a potential 25% crash on on XRP price if SEC appeals before the October 7 deadline.

@ Newshounds News™

Source:  CoinGape

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NEW HOME SALES DECLINE IN AUGUST, YET YEAR-OVER-YEAR GROWTH REMAINS STRONG

▪️U.S. new home sales hit 716,000 in August 2024, exceeding the forecast of 699,000 but marking a 4.7% drop from July's figures.

▪️Year-over-year, new home sales jumped 9.8% compared to August 2023, signaling sustained housing market strength.

▪️August inventory climbed to 467,000 units, representing a 7.8-month supply, hinting at potential downward pressure on prices.

▪️Despite year-over-year gains, rising inventory and slower sales indicate a slightly bearish short-term housing outlook.

New Home Sales Fall in August, But Year-Over-Year Growth Persists
New residential home sales in the U.S. declined in August 2024, coming in below both the previous month’s figures and market expectations. However, despite this monthly dip, year-over-year data reveals a significant rise in activity.

Sales of New Homes Exceed Expectations in August
New single-family home sales in August 2024 came in at a seasonally adjusted annual rate of 716,000 units. This is a 4.7% decrease from the revised July figure of 751,000.

However, it exceeded economists’ forecast of 699,000 units, suggesting demand remains robust despite the monthly drop. Additionally, August 2024 sales showed a significant 9.8% increase compared to August 2023’s 652,000 units, highlighting continued year-over-year growth.

Home Prices Show Mixed Trends
The data also revealed mixed signals in home prices. The median sales price for new homes in August was $420,600. While this figure suggests the majority of home sales were occurring at relatively high price points, the average sales price jumped significantly higher, reaching $492,700. The gap between median and average prices highlights that a portion of the market consists of high-end sales, skewing the average price upward.

Inventory and Supply
At the end of August 2024, there were approximately 467,000 new homes on the market, representing a 7.8-month supply at the current sales pace. This indicates a relatively balanced market in terms of supply and demand, as a six-month supply is generally considered healthy. However, with sales slowing from the prior month, it suggests a potential buildup of inventory that could pressure future pricing if demand doesn’t rebound.

Market Forecast: Slightly Bearish Outlook
Given the month-over-month decline and higher-than-expected inventory levels, the outlook for the new home sales market leans bearish in the short term. The 4.7% drop from July, coupled with the rising inventory, suggests some cooling off in demand, which could impact pricing and sales volume in the coming months. However, the solid year-over-year growth hints that the market’s longer-term trend remains positive.

@ Newshounds News™

Source:  FX Empire

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$1,100,000,000,000 POURS INTO US BANKS AMID HIGH INTEREST RATES AS JPMORGAN CHASE, BANK OF AMERICA PAY PITTANCE TO DEPOSITORS: REPORT

US banks have reportedly raked in more than $1 trillion after two and a half years of the Fed’s “higher for longer” interest rate policy.

Data from the Federal Deposit Insurance Corporation (FDIC) shows the high interest rate regime allowed thousands of US banks to reap higher yields on their deposits at the Fed, reports the Financial Times.

And although a number of analysts and market observers thought the banks would pass on a significant portion of the higher interest rates to their customers, that didn’t happen.

In the second quarter of 2024 when the Fed was paying banks 5.5% in interest on deposits, savers were getting an average annual rate of 2.2%, according to regulatory data that includes accounts that do not pay any interest.

At JPMorgan Chase, savers received an annual interest rate of just 1.5% while Bank of America depositors collected 1.7% in interest per year.

With low interest for depositors, banks gained $1.1 trillion in additional revenue, about 66.67% of what the Fed paid in interest during the last two and a half years. Meanwhile, savers received only $600 billion.

When the Fed lowered interest rates this month, some banking giants were quick to further reduce the interest paid to wealthy depositors, with JPMorgan and Citi announcing 50 bps cuts in line with the Fed’s own actions.

@ Newshounds News™

Source:  DailyHodl

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ETHENA ANNOUNCES USTB STABLECOIN BACKED BY BLACKROCK'S BUIDL

Reserves for UStb will be invested in BUIDL, which in turn holds U.S. dollars, U.S. Treasury bills, and repurchase agreements.

▪️Ethena has announced a new stablecoin that invests its reserves in Blackrock's real-world asset fund called BUIDL.

▪️The team said UStb can support its synthetic stablecoin USDe during tough market conditions by allowing Ethena’s governance to close USDe hedging positions and reallocate assets to UStb.

Ethena announced today that it's developing a new stablecoin called UStb, which invests its reserves in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).

Its the second stablecoin from Ethena, as earlier this year it launched USDe, a synthetic stablecoin that derives its value from the cash-and-carry trade, an arbitrage strategy between an asset and its derivative to maintain its $1 peg.

In a blog post, the team explained that UStb will be a "wholly independent product" with a different risk profile compared to USDe.

The team also wrote that UStb helps USDe manage risk during tough markets by allowing Ethena's governance to reallocate backing assets to UStb when needed.

USDe has brought about some concern from industry stakeholders who say that while the trade is safe, volatility in the markets – which crypto is known for – can quickly cause it to unwind.

In a thread on X, the team addressed some of these concerns, pointing out that while USDe has remained stable despite recent bearish conditions, it can dynamically adjust its backing between basis positions and liquid stable products and may incorporate UStb during periods of weak funding rates if needed.

Ethena said in the post that UStb will be listed on centralized exchanges like Bybit, Bitget, and any future exchanges that Ethena partners with, where USDe is already used as margin collateral.

More details on UStb will be available in the coming weeks, Ethena said.

@ Newshounds News™

Source:   CoinDesk  

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🌍 JIM SAID WHAT? ROCKS IN HEAD OR FACTS? | Youtube

Jim discusses historical information on our Constitution and rights and how we got to where we are today.  Must hear this information.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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