Stablecoins evolved as one of the most popular types of cryptocurrencies, with a market capitalization of $173.42 billion. The title of most traded cryptocurrencies is held by fiat-backed stablecoin Tether (USDT), followed by Bitcoin and others.
Blockchain activity watchers and analysts argue that the yet-to-be-launched stablecoin of Ripple ‘RLUSD’ might debut on the market soon. This claim is due to the recorded surge of activities on the XRP Ledger (XRPL) and Ethereum blockchain.
The data also highlights a surge in minting activities, indicating that the stablecoin might be launched soon. The co-founder of XRP Cafe, an NFT marketplace on the XRP Ledger, noted in an X post dated September 25, 2024, that Testing activity is increasing, and a launch on XRP Ledger and ETH is coming closer.
Monica Long, the president of Ripple, asserted while discussing with media personnel that “ The stablecoin ‘RLUSD’ will debut in the market by the end of this year; the regulatory clearance is awaited.
Adding the president noted that the stablecoin launch will not harm the market share/position in payments.
We believe stablecoins and XRP have different use cases for payments and other transactions. For example, DEXs on XRPL will be able to use RippleUSD very efficiently, while XRP will continue to be used for transactions with long-tail, smaller market cap crypto assets,” long quoted.
In a decision over a ripple lawsuit filed by the U.S. SEC, the court ruled that XRP was not a security. The case focused on gathering funds by selling XRP, which was termed unregistered security by the regulatory commission.
As of writing, XRP/USD was trading at $0.58963 with an intraday trading volume of $1,040,616,187, which makes it the 8th most traded in the crypto market. In a quarter, the trading prices of XRP grew by 24.26% and surged by roughly 18% in the past 52 weeks.
Market Other News Updates
In an official release, PayPal Holdings Co announced that it enables the buying, selling, and holding of crypto services for business account holders in the U.S. However, the services will not be available for the ones in New York City.
The police of Hong Kong noted in a statement dated September 25, 2024, that shops set up and operated by fraudsters looted millions from 13 investors. Defrauding gained significant traction when a 43-year-old crypto mogul was processing a third transaction and was held in a room by the involved bad actors.
The Senior Inspectors said, “After the victim handed over the cash to a female receptionist at the counter, she falsely claimed she needed to count the money and exited into a separate room.”
Crypto Market Price Updates
At the time of writing, the cryptocurrency market capitalization was at $2.25 trillion, with a nominal addition of 0.82%. Simultaneously, the fear and greed index by CoinMarketCap was at 48, denoting ongoing neutral sentiment in the market.
In the past 24 hours, Bitcoin prices surged more than 1.26%, reaching above the market of $64k, when writing was trading at $64,321. Its intraday trading volume fell more than 2.50%, reaching $25.60 billion, although its market capitalization grew to $1.27 trillion, adding 1.06%.
WorldCoin tops the intraday gainers list, adding 17.52%, reaching $2.13, followed by Starknet (STRK) at $0.4969 with a surge of 16.07%. Similarly, the loser’s list is ruled by Bittensor (TAO) as it lost 3.68% intraday, reaching $553.04, followed by Sei (SEI) at $0.4501, with a decline of 3.45%.
The total crypto market volume over the last 24 hours is $67.53B, which makes an 8.74% decrease. The total volume in DeFi is currently $4.17B, 6.17% of the entire market trading volume.
