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Ripple has received approval from the New York State Department of Financial Services (NYDFS) to launch its Ripple USD (RLUSD) stablecoin, with CEO Brad Garlinghouse announcing it will go live soon. The launch was initially delayed due to "unexpected developments," but Ripple remains committed to regulatory compliance.As the stablecoin market reaches a supply of $192.8 billion, competition intensifies, particularly against Tether USD (USDT), which dominates with nearly $141 billion. To succeed, RLUSD may need to offer attractive returns to users, similar to recent incentive programs seen with other stablecoins.
UBS is set to revamp its wealth management business in the U.S., restructuring into six divisions to better serve affluent clients rather than just the ultra-wealthy. Effective January 1, the bank will shift from two national divisions to four regional ones, alongside its UBS International and Wealth Advice Center. This move aims to enhance decision-making and responsiveness to client needs, as the U.S. market is seen as a crucial growth area for UBS.
UBS Group AG is restructuring its US wealth management unit to enhance profitability, expanding from two divisions to four regional units, alongside a team for international clients and an advice center. This move aligns with CEO Sergio Ermotti's strategy for US growth, particularly following the integration of Credit Suisse. Additionally, UBS is launching a new Ultra-High Net Worth Plus segment for clients with assets exceeding $50 million.
UBS is restructuring its US wealth management division to attract a wider range of affluent clients, moving beyond its focus on ultrawealthy individuals. The plan includes creating six divisions targeting various wealth tiers and expanding banking services to enhance profitability. The bank aims to close the profit margin gap with competitors like Morgan Stanley and Merrill Lynch, while pursuing a national banking charter to offer additional financial products.
Chainlink has integrated with Coinbase’s Project Diamond, enhancing the management of tokenized assets for global institutions. This collaboration will utilize Chainlink’s Cross-Chain Interoperability Protocol to ensure data connectivity between various blockchain networks and existing financial systems.Project Diamond, regulated by the Financial Services Regulatory Authority of the Abu Dhabi Global Market, aims to facilitate institutional adoption of digital assets. Chainlink Labs is also establishing a presence in Abu Dhabi to expand its operations in the MENA region, anticipating a $10 trillion tokenized asset market by 2030.
UBS AG has announced the Call Settlement Amounts for seven Exchange-Traded Notes (ETNs) as part of its Medium Term Notes, Series B. Each ETN is solely obligated by UBS AG, with the Call Settlement Amount reflecting the Redemption Amount defined in the relevant securities. Additional details, including links to the updated prospectus and changes regarding "Early Redemption," are available for investors.
Goldman Sachs CEO David Solomon indicated the firm is open to engaging in Bitcoin and Ethereum, contingent on changes in regulatory frameworks. While the bank has developed infrastructure for digital assets and offers consultancy services, legal constraints currently prevent direct trading. Solomon noted that a favorable regulatory environment could prompt the firm to expand its involvement in the cryptocurrency market.
Ripple has secured final approval from the New York Department of Financial Services for its RLUSD stablecoin, which will be backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. CEO Brad Garlinghouse announced that RLUSD aims to penetrate the US market and compete with Circle's USDC, targeting large institutional players. This launch coincides with a significant rally in Ripple's XRP token, which has surged 400% since the US elections.
Goldman Sachs is poised to enter the cryptocurrency market, particularly Bitcoin and Ethereum, if US regulations become more favorable, according to CEO David Solomon. As Bitcoin reached $100,000, the firm holds approximately $710 million in Bitcoin ETFs and is actively developing blockchain solutions for institutional clients. Despite regulatory challenges, Solomon remains optimistic about future growth opportunities in the digital asset space.
Italy has abandoned plans to raise the cryptocurrency capital gains tax from 26% to 42% due to significant opposition from lawmakers and industry stakeholders. Instead, proposals suggest capping the tax at 28% or maintaining the current rate, aiming to foster a supportive environment for the digital asset sector. Lawmakers advocate for progressive taxation and higher exemption thresholds to protect small investors while promoting innovation in the growing crypto market.
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Ripple receives approval to launch RLUSD stablecoin in New York
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