🦎🚀 A new stablecoin enters the fray! 📒

Friday, April 5, 2024

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Time to enjoy the weekend, Geckos!

It's been quite an eventful week, but we've made it to the end. Time to recharge and get ready for another big week!

In today's news:

Ripple enters the stablecoin game 🥊
Every Doge has its day 🐕

Read on!

24h Hot Searches Worldwide 🔥

GALA (-2.9%)
StrikeX (-2.8%)
Catcoin (-5.7%)
WiFi Map (-5.2%)
Artrade (-10.7%)
Moon Tropica (+17.1%)
Wormhole (-17.7%)

Most Profitable Crypto Narratives

The memecoin narrative recorded the highest gains by far in Q1 at 1313%, followed by RWA (+286%) and AI (+222%).

In contrast, Layer 2 was the least profitable major narrative, with just a 40% return in Q1.

Ripple enters the stablecoin game 🥊

The creators of XRP are launching their own stablecoin!

Ripple Labs have just announced their intent to launch a USD-pegged stablecoin in a bid to challenge the dominance of USDT and USDC.

According to their press release, the yet-to-be-named stablecoin will be fully backed by a basket of US treasuries, as well as US dollars and cash equivalents.

In line with other major stablecoin issuers, Ripple will also provide monthly attestations of the stablecoin's underlying assets, which will be audited by a third-party firm.

Ripple CEO Brad Garlinghouse added that the introduction of the stablecoin ''drive more usecases, liquidity and opportunities for developers and users'' within the XRP community.

While the stablecoin will initially be launched on Ethereum and the XRP Ledger, Ripple already plans to support other blockchains and DeFi protocols.

Soon after the press release was published, the price of XRP surged by 5.7% from $0.577 to a peak of $0.61 but is now trading just above $0.58.

Editor's Take:

It seems as if every project is launching its own stablecoin these days. Jokes aside, newer stablecoins have yet to make a real dent in the market share of USDT and USDC. If anything, USDT's dominance has continued to grow steadily, so it will be interesting to see if XRP has what it takes to make a difference.

Frax, a veteran DeFi protocol, has also launched its own Ethereum liquid staking product in the past year. Find out how to stake and earn ETH with Frax Ether in this video.

Watch now

Every Doge has its day 🐕

Doggy see, doggy do.

As a tribute to the successful Runestones airdrop that was conducted just a month ago, the Doge Runestone project recently hosted its own airdrop on the Dogecoin network.

Over 30K Doge Runestone NFTs were airdropped to eligible Doginals wallets and are currently going for around 170 DOGE (~$32) on secondary marketplaces.

Robo AI, the team behind the airdrop, is also working on their own DRC-420 protocol on Doginals to accommodate more complex forms of Dogecoin-based media.

As described by a representative from the project, the protocol would be the first of its kind on the Dogecoin blockchain.

What is the Solana Virtual Machine (SVM), and how does it enable thousands of transactions per second?

Learn more

In Other News...

Opening the floodgates. Ethena Labs adds Bitcoin as a backing asset for its USDe synthetic dollar, opening the gates to more than $25B of BTC open interest for Ethena to delta hedge.
Ellipsis Labs raises $20M in Series A, led by Paradigm. Ellipsis Labs develops Phoenix, a Solana on-chain order book decentralized exchange.
Stablecoin to FIAT. Paypal users can now swap PYUSD for dollars to make international payments via Xoom.
Binance NFT marketplaces axes support for Bitcoin Ordinals. Trading of Bitcoin Ordinals on Binance's NFT marketplace will end on April 18, with users advised to withdraw assets before April 10.
First CEX registered in Canada. Coinbase secures Canadian registration, achieving regulatory progress that it can't manage to find at home in the U.S.
Binance's next launchpool token. Saga gaming token launch set as Binance users stake $3.9B for rewards.

Here are the top trending coins for this week!

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