Stablecoins

Palau's National Payment Service Project with Ripple

Wednesday. August 21 at 2:30 AM

1 min. read

The Ministry of Finance in the Republic of Palau has announced the successful completion of Phase 2a of its National Government Payment Service Project. This phase focused on integrating a stablecoin system powered by Ripple's blockchain technology. The Palau Stablecoin Program aims to create a convenient and cost-effective national payment ecosystem tailored for Palau's unbanked and underbanked population. The collaboration with Ripple involved exploring the integration of a tokenized USD into Palau's financial infrastructure. Achievements include creating a regulatory framework through the Payment Service Bill and enhancing technical infrastructure for wider accessibility. Phase 2b will further develop the ecosystem with a focus on financial, legal, and business frameworks. The Ministry of Finance is dedicated to expanding the ecosystem by integrating more stakeholders and ensuring scalability and security. XRP was trading at $0.6086 at the time of reporting.

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Tether to Relocate to El Salvador

Tuesday. January 14 at 5:00 AM

Stablecoin issuer Tether has announced its plans to move its headquarters and subsidiaries to El Salvador after obtaining an operating license in the country. The company cited El Salvador's progressive policies, favorable regulatory environment, and growing Bitcoin community as reasons for the relocation. Tether's CEO, Paolo Ardoino, expressed that this move will enable them to establish a new base, encourage collaboration, and focus on emerging markets. The decision to move followed reports of Ardoino and Tether's COO, Claudia Lagorio, acquiring real estate and becoming citizens of El Salvador in 2024. Since El Salvador's President Nayib Bukele declared Bitcoin as legal tender in 2021, Tether has been actively involved in the country, including contributing to renewable energy projects. Despite the positive impact of BTC adoption, Bukele acknowledged that the expected benefits have not fully materialized. The government currently holds over 6,000 BTC, valued at more than $550 million. Bukele, known for his controversial leadership style, has received both praise for reducing crime rates and criticism for alleged human rights violations.

Stablecoins

Ripple's RLUSD Stablecoin Expansion

Thursday. January 9 at 2:00 AM

Ripple's president, Monica Long, anticipates the listing of Ripple USD (RLUSD) stablecoin on major crypto exchanges soon. In an interview with Bloomberg on Jan. 7, Long confirmed Ripple's efforts to secure additional exchange listings for RLUSD. The stablecoin is currently available on various platforms like Bitso, MoonPay, and CoinMina. RLUSD, pegged 1:1 to the US dollar, was launched on Dec. 17 and has a market cap of $71.8 million. The majority of trading volume for RLUSD is on Bullish exchange. Long highlighted the growing demand for stablecoins, emphasizing their role in the crypto market. Additionally, Ripple partnered with Chainlink to integrate price feeds for RLUSD on Ethereum and the XRP Ledger. The collaboration aims to provide accurate pricing data for DeFi applications. Long also mentioned the possibility of an XRP exchange-traded fund in the future, with companies like WisdomTree already filing for approval.

Stablecoins

Ethena Labs Unveils 2025 Roadmap for Telegram-based Payment App

Saturday. January 4 at 5:00 AM

Ethena Labs recently revealed its roadmap for 2025, introducing a payment and savings app on Telegram that utilizes the sUSDe stablecoin. The platform aims to offer a neobank experience within the messaging app, enabling users to send, spend, and save sUSDe directly. Integration with Apple Pay will allow for seamless transitions between savings and mobile payments. Ethena plans to transform into Ethena Network to compete with Tether, focusing on on-chain financial innovation. The launch of iUSDe in February, built on sUSDe, will feature token-level transfer restrictions. Ethena's goal for the first quarter of 2025 includes partnering with traditional finance institutions to distribute iUSDe. The company has experienced significant growth, becoming the second-fastest protocol to reach $100 million in revenue. Ethena also introduced USDtb, a stablecoin backed by BlackRock's BUIDL fund, and partnered with World Liberty Financial. The roadmap hints at upcoming stablecoin-powered products like perpetual products and prediction markets.

Stablecoins

Transition in Legal Leadership at Tether and Bitfinex

Saturday. January 4 at 4:00 AM

Tether and Bitfinex's General Counsel Stuart Hoegner has retired, with Michael Hilliard taking over. Hoegner's retirement is separate from MiCA implementation. Hilliard, who has worked with Hoegner for years, will now serve as the legal chief. Tether stated that Hilliard's understanding of the firms' operations and legal challenges has been crucial. The change comes amidst MiCA regulations in Europe, leaving stablecoin issuers uncertain. ESMA has not clarified USDT's status under MiCA. Despite Coinbase delisting USDT, it continues trading in the EU. USDT's market cap saw a decline but remains dominant in the market. Tether recently moved a significant amount of Bitcoin into its reserve. The transition signifies a significant change in leadership and regulatory challenges for Tether and Bitfinex.

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