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Ripple's CTO, David Schwartz, cautioned against FOMO surrounding the upcoming launch of Ripple USD (RLUSD), emphasizing that while it aims to maintain a $1 peg, initial price fluctuations may occur. He urged potential buyers to view RLUSD as a stable tool for cross-border payments rather than a speculative investment, following reports of inflated prices on trading platforms. With the stablecoin market growing rapidly, Ripple seeks to establish itself alongside major players like Tether and Circle, targeting institutional users to enhance global transaction efficiency.
Ethereum's price could surge to $8,800, driven by increased banking integration and robust network growth, with a notable 71.5% rise in 2024. Recent data shows a spike in new wallet creations and active addresses, alongside significant ETH outflows from exchanges, indicating strong investor interest. Institutional adoption is also on the rise, highlighted by major firms launching Ethereum-related services and products, further solidifying its role in the financial sector.
FTX plans to start repaying customers and creditors in early 2025, following the approval of its reorganization plan effective January 3, 2025. The initial repayments will be distributed within 60 days, facilitated by Kraken and BitGo, with customers required to complete KYC verification and tax forms.
Ripple is set to launch its US dollar-pegged stablecoin, Ripple USD (RLUSD), on December 17, available on platforms including Uphold, Bitso, and MoonPay, with plans for further expansion. Each RLUSD token will be fully backed by US dollar deposits and audited reserves, aiming to enhance adoption amid evolving US regulations. The stablecoin is positioned for use in cross-border payments and DeFi integration, although its availability in the EU remains uncertain due to new regulations.
The Credit Suisse branch at Bahnhofplatz in Baden will close on March 3, 2025, as part of the merger with UBS, consolidating operations at a new location on Badstrasse 12. Customers will continue their banking relationship without changes for now, with the combined branch operating Monday to Friday. The Bahnhofplatz site has a long history of banking tenants, and the move reflects UBS's ownership of the new location.
UBS shares experienced a decline, falling 0.3% to CHF 28.39, with a trading volume of nearly 2 million shares. The stock's 52-week high is CHF 29.57, while the low stands at CHF 22.53. Analysts anticipate a dividend of USD 0.819 for 2024 and expect earnings of USD 1.75 per share.
Swiss Banking reflects on a challenging 2024, emphasizing the need for a unified approach to political and regulatory challenges in 2025, including banking stability, anti-money laundering, and digital currencies. The focus will be on implementing strategic priorities and enhancing the financial sector's innovative capabilities. Additionally, the adaptation of ESG guidelines and the management of nature-related financial risks are set to continue shaping the regulatory landscape.
Liechtensteinische Landesbank (LLB) shares have shown a positive trend, reaching 74.75 euros on December 16, marking a 0.34% daily increase. With a market capitalization of 2.3 billion euros and a year-on-year performance of 10.78%, shareholders are urged to consider their options as new analysis suggests a critical decision point for buying or selling.
El Salvador's Central Reserve Bank has granted Bitget a Bitcoin Service Provider license, allowing the exchange to offer Bitcoin-related services in the country. This comes as the nation celebrates an unrealized profit of approximately $362 million from its Bitcoin holdings, valued at over $632 million. Bitget is also seeking a Digital Assets Service Provider license to expand its offerings and plans to establish a local team to enhance support for users in the region.
Ripple's new stablecoin, Ripple USD (RLUSD), will debut for global trading on December 17, following approval from the New York Department of Financial Services. Backed 1:1 by US dollar deposits and short-term government securities, RLUSD aims to enhance cross-border payments and integrate with decentralized finance protocols.Key appointments to its advisory board include former Reserve Bank of India governor Raghuram Rajan and former Federal Reserve Bank of Boston COO Kenneth Montgomery, who will guide the stablecoin's regulatory and operational strategies.
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