Category: Crypto market

Ripple Minted 28.2 Million RLUSD

Posted on by Olumide Adesina

Ripple, a blockchain company and stablecoin issuer has created an extra 28.2 million Ripple tokens (RLUSD).

The company minted $25 million worth of RLUSD on Ethereum, the largest token mint size since its December 2024 launch.

 

Ripple’s supply of RLUSD has doubled in less than two months.  RLUSD’s total market valuation is worth about $170 million, according to data from Coingecko. The XRP Ledger (XRPL) has 44.05 million RLUSD tokens, while Ethereum (ETH)  has 125.64 million RLUSD tokens.

XRP has produced more than 34 million tokens on XRPL and Ether, the RLUSD Mint is taking place in the context of the March Dot events.  The DFSA was given approval to provide regulated cryptocurrency services and payments inside the Dubai International Finance Center (DIFC).

Ripple will be the first blockchain-based payment service provider with the DFSA’s approval.

Brad Garlinghouse, CEO of Ripple, stated, “The crypto industry is about to enter a period of growth, driven by greater regulatory clarity and growing institutional adoption.”.

A 2024 Ripple business survey found that 64% of Middle Eastern and African (MEA) financial leaders believe that blockchain-based currencies have an advantage over fiat in cross-border transactions due to quicker payments and settlement times.

The CEO of the DIFC Authority, His Excellency Arif Amiri, welcomed Ripple to the United Arab Emirates, stating, “We are thrilled that Ripple is strengthening its ties to Dubai by securing a Ripple DFSA.

David Schwartz, Ripple’s Chief Technology Officer, acknowledged that legal or regulatory requirements could stop or reverse RLUSD transactions.

The GENIUS Act (Guiding and Establishing National Innovation for Stablecoins) was introduced by Senator Bill Hagerty.  Stablecoin issuers must use technology that permits the freezing or seizure of assets when required by law,

Ripple: BlackRock Might Join XRP ETFs Race

Posted on by Olumide Adesina

Investors eagerly awaiting the release of an XRP ETF, is starting to become apparent. The timeline for its approval by the SEC, the US financial regulator, is becoming clearer, which could help investors position themselves optimally.

To date, the SEC has received at least fifteen applications for XRP Spot ETF  from Grayscale, Franklin Templeton, WisdomTree, and Bitwise.

Blackrock is anticipated to submit an application for an XRP-traded fund (ETF) in the wake of Ripple’s ongoing legal battle as stated by Nate Geraci, ETF Shop president

The conclusion of the Securities and Exchange Commission (SEC). Geraci added that BlackRock might submit its proposal for the Solana ETF at any moment. He also observes the financial behemoth dabbling in cryptocurrency index exchange-traded funds (ETFs).

The ongoing legal dispute between Ripple Labs and the Securities and Exchange Commission (SEC) and the potential approval of exchange-traded funds (ETFs) with an XRP focus are two significant developments involving Ripple’s XRP token that are getting closer to resolution.

 Ripple Labs has been the target of a lawsuit from the SEC, accusing the company of offering unregistered securities by selling XRP tokens.

This legal dispute has been the primary focus of the cryptocurrency industry because it has implications for the classification and control of digital assets in the United States.

The Ripple-based token market value could see a turnaround following a favorable court ruling.​ Analysts believe these events could trigger a significant influx of institutional capital, increasing demand and influencing the price of XRP.​

If ETFs are allowed and institutional demand reaches the levels seen after the launch of Bitcoin futures contracts in early 2024, XRP could reach a market capitalization of $ 200 billion.

There have been rumors that the SEC is withdrawing its appeal in the Ripple case; internal debates seem to center on XRP being classified as a commodity rather than a security.

A classification like this would enable XRP to be associated with commodities like gold or oil, possibly circumventing some of the regulations that are currently in place for securities.

Ripple now addresses the SEC’s accusations in its brief and possibly sets the stage for a decision.

The cryptocurrency investment community is closely monitoring the future of ETFs that focus on XRP in addition to the court proceedings. Nine businesses, including well-known asset managers Franklin Templeton, Bitwise, ProShares, and Grayscale, have submitted applications to the SEC to develop XRP ETFs by March 12, 2025.

These financial products aim to give institutional and individual investors controlled exposure to XRP,  increasing its availability and potentially market liquidity.

Grayscale flings to convert its current XRP Trust into an ETF-conscious reaction to the changing regulatory landscape and investor demand. The SEC’s position in this area is cautious but generally positive.

The current U.S. government’s overall pro-cryptocurrency stance and the agency’s acceptance of the applications have raised hopes for quick approval, even though no licenses have been issued yet.

 

 

Forex Brief March 18: Can the Risk Rally Push Dax 40 to New Record Highs?

Posted on by Skerdian Meta

Stock markets have reversed higher in the last two days, and the German Dax index is heading to the record high again after the pullback, which might be reached today if risk sentiment remains positive.

German stock index DAX 40 is approaching all time highs again
German stock index DAX 40 is approaching all time highs again

Continue reading “Forex Brief March 18: Can the Risk Rally Push Dax 40 to New Record Highs?” →

Standard Chartered Less Bullish on Ethereum

Posted on by Olumide Adesina

Standard Chartered, a British-based multinational Bank,  released revisions to Ethereum’s price forecast. The firm reduced its Ethereum price target by 60%, citing the digital asset’s waning dominance in several industries and heightened competition from layer 2 blockchains.

The altcoin forecast was reduced from the initial estimate of $10,000 for the end of 2025 to $4,000. According to the bank, the Dencun upgrade in March 2024 marked a turning point for Ethereum.

The Dencun upgrade resulted in lower fees and higher net issuance, thereby helping Ethereum hold onto market share. However, data on blockchain “GDP” shows that not only have Ethereum’s fees dropped but layer 2 solutions especially Base, reduced its share of blockchain activity

According to the British-based Bank, Ethereum’s market valuation dropped by $50 billion because of GDP losses to Base, and it predicts further declines as Base establishes itself as a dominant layer 2 platform.

Ethereum’s fees-to-GDP ratio has decreased to a level comparable to Base and the OP Mainnet. Geoff Kendrick, Global Head of Digital Assets Research at StanChart, stated that Ethereum has effectively commodified itself within its own layer 2 framework.

Furthermore, Kendrick pointed out that although Ethereum’s security leadership might enable it to hold onto an 80 percent market share for tokenized real-world assets, this possibility is no longer enough to sustain a favorable medium-term outlook.

“We believe that the Ethereum Foundation could only accomplish this by taking proactive steps to change its commercial direction, like taxing layer 2s. We don’t think this is possible,” he added.

Email Scams threaten Crypto Industry

Posted on by Olumide Adesina

The crypto community has been duped by fraudulent emails posing as crypto exchanges into creating wallets using pre-generated recovery phrases under scammers. Attacks using social engineering have also increased; hackers have hacked Kaito AI’s social media accounts to influence token prices, and malware-laden spoof Zoom calls have targeted cryptocurrency founders.

 

Furthermore, physical attacks and high-profile security breaches are becoming more common, Kaito AI and its creator Yu Hu were the targets of a social media hack in which hackers took over the project’s X account and disseminated misleading information. The attackers warned users that their money wasn’t secure and said  Kaito wallets were compromised.

On-chain investigator DeFi Warhol disclosed that the hackers established a short position on KAITO before making the false announcements, affirming that posts were part of a larger plan to manipulate the price of KAITO tokens. The criminals intended to cause panic selling to crash the token’s price and profit from the market decline.

Phishing scams that users of popular exchanges like Coinbase and Gemini are on the rise in the cryptocurrency industry. Phishing emails purporting to be from these platforms have been sent by cybercriminals advising users to switch to self-custodial wallets.

The emails include pre-generated recovery phrases that scammers control but also offer comprehensive instructions to download the genuine Coinbase Wallet or Gemini’s wallet service. Once users set up wallets using these phrases and transfer their assets, the threat actors can instantly drain their funds.

Coinbase warned its users not to trust pre-generated recovery phrases. The American-listed crypto exchange advised caution and reaffirmed that it would never send such messages.

Ripple’s XRP Trademark “Ripple Custody”

Posted on by Olumide Adesina

Ripple Labs, is taking calculated steps to increase its market share in the cryptocurrency custody market. According to a newly submitted trademark application for “Ripple Custody,” the fintech company is preparing to provide crypto storage options for individuals and organizations.

The trademark application follows Ripple’s launch of a custody service in October 2024, the company’s first foray outside of its usual payment settlement focus.

The service was created to boost Ripple’s role in the larger crypto ecosystem and diversify its sources of income.

The trademark application submitted to the USPTO outlines four primary use cases for the new brand.

According to one of the most important descriptions, the mark applies to “financial services, namely, custodial services like maintaining storage and cryptocurrency for financial management purposes. ” This action demonstrates Ripple’s intention to join the expanding crypto custody market, which has grown more competitive as institutional interest in digital assets has increased.

Cryptocurrency custodians lower the risks of cyberattacks, unauthorized access, and private key loss offering safe storage options for digital assets. Institutional investors, who need strong security measures and regulatory compliance, find these services especially beneficial.

Demand for crypto custody has increased, particularly since spot Bitcoin exchange-traded funds (ETFs) were authorized by the US Securities and Exchange Commission (SEC) in early 2024. Institutional-grade custody solutions are more important than ever because ETFs attract billions in inflows.

Many financial firms may face competition from Ripple’s entry, especially if it uses blockchain technology and the current network of financial partners.

Ripple’s entry into the custody services market may be a logical next step for the company with its track record of offering enterprise solutions for cross-border payments,

North Korea holds more Bitcoin than El Salvador, Bhutan

Posted on by Olumide Adesina

North Korea accumulated 13,562 Bitcoins, worth more than $1 billion. They currently hold the third-largest share of Bitcoin held by governments. The state-sponsored Lazarus Group’s cyber heists are primarily to blame for this accumulation.

The Lazarus Group is leading sophisticated hacks against cryptocurrency platforms, and North Korea has relied on cybercrime as a financial lifeline.

North Korea deliberately converts stolen cryptocurrency into Bitcoin because of its high liquidity and decentralization.

The Bybit hack in February 2025 was one of the biggest cryptocurrency thefts in history, with hackers primarily stealing Ethereum before converting a sizable portion to Bitcoin. Because of this, Bitcoin is a desirable way to get around international sanctions.

North Korea has more Bitcoin reserves than Bhutan and El Salvador combined, trailing only the United States (198,109 BTC) and the United Kingdom (61,245 BTC) in government Bitcoin holdings.  Bitcoin is in North Korea’s possession due to cyber theft rather than purchases or seizures.

The accumulation of Bitcoin strengthens North Korea’s financial position from a geopolitical perspective. The country used cryptocurrency to finance military operations, espionage, and weapon development.

The timing of the Bybit hack, which took place just before the US announced its Strategic Bitcoin Reserve (SBR) initiative, suggests that Pyongyang may be responding to trends in global Bitcoin accumulation.

Forex Brief March 17: FED, ECB, BOE to Add More Drama to Stock markets This Week!

Posted on by Skerdian Meta

This week we have the BOJ, SNB, FED, ECB ad BOE holding policy meetings, which will add to the volatility in stock markets and forex.

Let's see how much Powell can shake markets on Wednesday
Let’s see how much Powell can shake markets on Wednesday

Continue reading “Forex Brief March 17: FED, ECB, BOE to Add More Drama to Stock markets This Week!” →

South Korea has no plans For Bitcoin

Posted on by Olumide Adesina

The Central Bank of South Korea has stated that it has no intention of adding Bitcoin to its foreign exchange reserves. In response to a written question from Representative Cha Gyu-geun of the National Assembly’s Planning and Finance Committee, Bank of Korea officials rejected adding Bitcoin to its foreign exchange reserves.

Yonhap media outlet claimed that during a policy seminar on March 6, some Korean Democratic Party members pushed the central bank to investigate Bitcoin’s possible role in the nation’s financial system.

The central bank warned that “transaction costs to cash out Bitcoins could rise drastically” if the cryptocurrency market experiences instability, citing Bitcoin’s high volatility as a key concern.

The International Monetary Fund’s requirements for foreign exchange reserves, which include assets that maintain liquidity, market stability, and a credit rating of investment grade or higher, are not met by Bitcoin.

Globally, national cryptocurrency reserve discussions have gained traction, particularly the fruition of the U.S. Strategic Bitcoin Reserve.  Czech Republic and Brazil, have even indicated that they are amenable to the concept.

However, the Bank of Korea insisted that a “cautious approach” is required, pointing out that other organizations with a similar skeptical attitude include the European Central Bank, the Swiss National Bank, and the financial authorities of Japan.