U.Today has prepared the top three news stories over the past day.
Ripple to launch dollar-backed stablecoin
In a recent X thread, Ripple revealed its plans to launch a dollar-backed stablecoin later this year. Valued at $150 billion, the stablecoin market is rapidly expanding, the company wrote, underscoring the "clear demand for trust, stability, and utility." With this move, Ripple aims to bring crypto and traditional finance closer together, enabling securities trading by using blockchain technology. The company's new stablecoin will be 100% backed by dollar deposits, cash equivalents and government bonds. To provide transparency, Ripple will be conducting attestations on a monthly basis. The company then added that, due to its strong belief in the multichain future of crypto, the new stablecoin will be launched on both Ethereum and the XRP Ledger; later, the stablecoin's issuance will also be expanded to other blockchains. For now, the exact date of Ripple's stablecoin release remains unclear; before being made available to customers, the stablecoin will have to be approved by regulators.
"$1 million Bitcoin" advocate Samson Mow likens Bitcoin ETFs to Matrix's Neo
Samson Mow, CEO at Jan3 and Bitcoin enthusiast, has recently shared a curious comparison of Bitcoin to Neo, the main protagonist from “The Matrix” movie, on his X handle. Mow illustrated his X post with a scene in which Neo is diving into Agent Smith and explodes him from within by using his powers. In the CEO's opinion, the scene represents the current situation on the market, where Bitcoin has dived into the legacy financial system with the help of spot ETFs, and they are now working inside it. "I wonder what happens next," concluded Mow, possibly hinting at Bitcoin's similar potential to "explode" the legacy financial system, changing it forever. Mow's previous statements maintain the same kind of bullish sentiment; according to his best known claim, Bitcoin will definitely reach the $1 million price mark in the near future, and newly introduced spot ETFs are bringing that moment of triumph closer.
Shiba Inu soars 1,058% in key metric as SHIB whales make epic moves
According to data provided by IntoTheBlock yesterday, Shiba Inu witnessed a positive 1,058% increase in large holder netflow, showing a notable change in whale activity on the market. Such a significant spike in this metric might indicate strong purchasing activity, as whales appear to be accumulating SHIB. This epic move by whales could be caused by several factors. Thanks to the recent decline in the meme coin's price, whales may have an opportunity to purchase large amounts of SHIB at a discount. Such behavior is typical for large holders, or whales, wishing to strengthen their positions by taking advantage of market corrections. At the time of writing, SHIB is changing hands at $0.0000268, down 2.09% over the past 24 hours, per CoinMarketCap.
Tomiwabold Olajide
Gamza Khanzadaev
Yuri Molchan
