Seeds of Wisdom RV and Economic Updates Saturday Afternoon 1-11-25
Good Afternoon Dinar Recaps,
RIPPLE'S RLUSD EXPANSION PLANS UNVEILED FOR MAJOR EXCHANGES, INCLUDING COINBASE LISTING STRATEGY
Ripple’s newly launched U.S. dollar-pegged stablecoin, RLUSD, is gaining momentum following its debut on Ethereum and the XRP Ledger last month.
Approved by the New York State Department of Financial Services (NYDFS), RLUSD has already been listed on Bitstamp, and Ripple is now in discussions with major exchanges like Coinbase to broaden its availability.
Jack McDonald, Ripple’s Senior Vice President of Stablecoins, outlined the technical and strategic challenges of exchange listings during an interview.
“It’s not just a handshake agreement,” he explained, emphasizing the need for exchanges to adapt to different blockchain protocols. Ripple’s CTO, David Schwartz, hinted at eventual expansion to additional networks, further increasing the stablecoin’s reach.
Challenges in securing listings with major exchanges
Despite Ripple’s approval from NYDFS providing a regulatory edge, McDonald acknowledged the complexities of securing support from major exchanges like Coinbase and Binance, which often maintain exclusivity with certain stablecoins.
For instance, Coinbase’s close partnership with Circle’s USDC presents challenges, though McDonald believes Coinbase might gradually diversify its stablecoin offerings.
Volume and demand are also critical factors. Exchanges assess the cost-benefit of listing new assets, considering both technical integration and the ongoing support required. “They want to make sure that there is demand for it,” McDonald noted.
Looking ahead, McDonald predicts that institutional-backed issuers with strong compliance frameworks will dominate the stablecoin market. Smaller players may struggle to meet regulatory costs, leading to a consolidation of market share among established names. Liquidity, regulatory approval, and institutional relationships are likely to play pivotal roles in determining market leaders.
Ripple’s focus on robust compliance and institutional support positions RLUSD as a key player in this evolving landscape, with further listings expected to drive adoption in 2025.
In addition, Ripple collaborates with Chainlink to improve RLUSD adoption
@ Newshounds News™
Source: Traders Union
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XRP LEGAL BATTLE BEGINS ON WEDNESDAY
The SEC, the US Securities and Exchange Commission, has until January 15, 2025, to submit its initial brief on the Ripple case. The court had previously decided that XRP was not a security in and of itself when the appeal was filed.
The financial watchdog contesting some of the ruling’s findings, including how Ripple’s XRP sales on cryptocurrency exchanges and the private XRP sales of Chris Larsen and Brad Garlinghouse, two of the company’s executives, should be categorized. The upcoming brief will most likely revolve around those arguments.
SEC chair Gensler, who has spearheaded the agency’s vigorous targeting of the cryptocurrency sector, will resign on January 20. Donald Trump, the president-elect, will take office on the 20th.
Gary Gensler will be replaced as SEC Chair by Paul Atkins, suggesting possible adjustments to the agency’s stance on crypto regulation. The case may likely be resolved given Gensler’s departure.
Media reports predict that the SEC may cut back on or drop some crypto lawsuits. The SEC may instead prefer settlements, also known as “consent decrees,” which provide industry clarity and permit negotiated resolutions.
These settlements may help the industry meet regulatory requirements without completely abandoning cases by encouraging the SEC to create more precise guidelines and regulations.
Brad Garlinghouse, the CEO of Ripple, voiced optimism, pointing out that Atkins could “bring common sense back to the agency.” “XRP may solidify its non-security status and possibly start a bullish price trend if the SEC withdraws its appeal as a result of this leadership change.
@ Newshounds News™
Source: FX Leaders
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