Ethereum
Crypto News Digest by U.Today
Valeria Blokhina
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Ripple moves closer to stablecoin launch with ticker reveal
Emi Yoshikawa, vice president of strategy and operations at Ripplerecently adopted the X platform for reveal the ticker symbol of Ripple’s upcoming stablecoin: “RLUSD”. The name of the stablecoin was initially announced at the XRPLApex summit in Amsterdam, Netherlands, by Brad Garlinghouse, CEO of Ripple. The fintech giant has announced plans to launch its own stablecoin in April; However, very few details about RLUSD have been revealed since then. We know that it will be backed by the US dollar and issued on XRP Ledger. The exact launch date has not yet been announced, as Ripple intends to obtain all required licenses before the stablecoin can officially go live. It’s understandable why the company is trying to play it safe: the SEC, Ripple’s long-time legal opponent, has already targeted a stablecoin issuer, Paxos, by filing a Wells notice against it.
SHIB praised by Forbes as “more than cute”, reacts a Shiba Inu manager
Like recently sharing by Lucie, Shiba Inu marketing manager, on her X handleForbes, the largest American business magazine, mentioned the SHIB token in his article dedicated to cryptocurrencies memes. Among other things, such as a recently signed partnership with Zama.ai, Forbes dubbed Shiba Inu the “cutest of all doges.” Yet that’s not the only praise the meme token has received from major media outlets; the article states that Shiba Inu is “a great example of how meme coins are developing real utility and even setting the technological tone for other digital currencies.” Lucie wrote that she was delighted to see an “objective source recognizing the hard work of SHIB developers”, with many members of the SHIB community sharing her enthusiasm in the comments.
Coinbase Sees Ethereum Outflow of Over $1 Billion – What’s Happening?
According to a recent report by CryptoQuant, Coinbase saw the biggest releases of the year. Data shows that over 336,000 ETH, worth around $1.17 billion, was withdrawn from the platform yesterday, June 12. The scale and frequency of these withdrawals indicate that the driving forces behind these withdrawals are unknown whales or institutional actors. The exact reason for this massive withdrawal is still debated. However, historical trends and market behavior provide some guidance. Similar mass Bitcoin withdrawals were spotted on Coinbase ahead of the introduction of Bitcoin spot ETFs earlier in the year. This has led to speculation that ETH’s current outflow could be caused by anticipation of possible Ethereum spot ETFs in the near future.
About the Author
Valeria Blokhina
Valeria is the Community Manager at U.Today. She is passionate about crypto and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news from the world of crypto and blockchain.