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Cardano is exploring a potential integration with the newly launched RLUSD stablecoin, which could significantly impact the value of its native asset, ADA. Founder Charles Hoskinson has praised the RLUSD team and highlighted the importance of a robust stablecoin ecosystem for Cardano's growth. While RLUSD is currently available on Ethereum and the XRP Ledger, discussions are ongoing about its integration into Cardano's Midnight sidechain, which could enhance cross-chain communication and financial stability.
The cryptocurrency market is evolving, with Stellar (XLM) and Ripple (XRP) poised for growth, while Chainlink (LINK) and Rexas Finance (RXS) are emerging as game-changers targeting a $20 billion market cap. Rexas Finance aims to disrupt traditional asset ownership through tokenization, enhancing liquidity and investment opportunities. With a successful presale raising $34.9 million, RXS is positioned for significant growth, potentially offering returns of up to 7,000% by 2025.
Ripple Labs has partnered with Chainlink to enhance the utility of its RLUSD stablecoin in the DeFi ecosystem by utilizing Chainlink's price feeds for reliable pricing data. This integration aims to improve RLUSD's adoption in decentralized applications, ensuring real-time, high-quality market data while mitigating price inaccuracy risks. Following its launch in December after regulatory approval, RLUSD has achieved a market cap exceeding $72 million and is available on multiple exchanges.
Ripple Labs has transferred 380 million XRP, valued at over $915 million, to an unknown wallet, igniting speculation about the impact on XRP's price ahead of the RLUSD stablecoin launch. This follows previous large transfers and comes as Ripple prepares to enhance its presence in the financial ecosystem, competing with major stablecoin issuers. XRP's price has seen a slight increase, reflecting optimistic market sentiment surrounding the upcoming stablecoin.
XRP, linked to Ripple Labs Inc., surged to become the third-largest cryptocurrency following Donald Trump's election victory, rising 15% to $2.50. Its market capitalization skyrocketed to over $137 billion, a significant increase from less than $30 billion on November 5, according to CoinGecko data.
The upcoming election is pivotal for Senate control, with crypto advocacy gaining momentum as 1.8 million supporters mobilize in swing states. Coinbase's CEO Brian Armstrong emphasizes the importance of favorable lawmakers, having pledged over $75 million to political efforts, while Ripple Labs and other crypto firms also contribute significantly to campaigns. The Stand With Crypto Alliance is actively grading candidates, targeting those opposed to crypto-friendly legislation, as the industry seeks to influence policy amidst increasing regulatory scrutiny.
Ripple CEO Brad Garlinghouse expressed optimism about a more pro-crypto Congress following the upcoming election, regardless of the outcome. He criticized the current administration's approach to crypto regulation, highlighting a need for a reset and encouraging fintech startups to incorporate outside the U.S. Garlinghouse also endorsed John Deaton, who is challenging Sen. Elizabeth Warren, known for her critical stance on the crypto industry.
Ripple CEO Brad Garlinghouse will address the ongoing legal battle with the SEC and the upcoming presidential election at DC Fintech Week in Washington, D.C. His discussion will cover Ripple's recent partial victory in the lawsuit, the SEC's appeal, and the company's entry into the stablecoin market with Ripple USD (RLUSD). Garlinghouse will also highlight his contributions to the Fairshake pro-crypto political action committee, emphasizing Ripple's influence on U.S. crypto regulation.
Ripple CEO Brad Garlinghouse asserts that the launch of an XRP exchange-traded fund (ETF) is "inevitable," following a prolonged legal battle with the US Securities and Exchange Commission over the classification of securities. He highlighted the significant demand for cryptocurrency investments, noting that since the approval of Bitcoin ETFs in January, $17 billion has been invested, marking it as the fastest-growing ETF in history.
Fairshake, a political action committee backed by major cryptocurrency firms, is set to spend over $40 million in the final weeks of the 2024 US elections, adding to the $140 million already deployed in various Congressional races. This funding has significantly impacted the race for Ohio's Senate seat, where Republican challenger Bernie Moreno has closed the gap on incumbent Democrat Sherrod Brown, making the contest highly competitive.
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