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Ripple to Roll Out RLUSD Stablecoin on Dec. 17, Adds Former Central Bankers to Advisory Board

The stablecoin will become broadly available to crypto users on the XRP Ledger and Ethereum networks beginning on Tuesday.

Ripple, an enterprise-focused blockchain service closely related to the XRP Ledger (XRP), said it will start making its highly-anticipated U.S. dollar stablecoin accessible to users on Tuesday, Dec. 17 following the token’s regulatory approval.

RLUSD will be initially listed on several exchanges and crypto platforms including Uphold, MoonPay, Archax and CoinMENA, the company said in a press release, with further listings on Bitso, Bullish, Bitstamp, Mercado Bitcoin and Independent Reserve, Zero Hash and others in the coming weeks.

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The company also announced two additions to its stablecoin advisory board: Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former first vice president and COO of the Federal Reserve Bank of Boston. The pair join board members announced in October including Sheila Bair, former chair of FDIC, and Chris Larsen, co-founder and executive chairman and co-founder of Ripple.

The launch follows Ripple CEO Brad Garlinghouse’s announcement last week that RLUSD sealed “final approval” from the New York Department of Financial Services, paving the way for rolling out the stablecoin for the public from its test phase. RLUSD is fully backed by U.S. dollar deposits, U.S. government bonds and cash equivalents and aims to keep a steady price at $1.

With RLUSD, Ripple aims to compete for a piece in the rapidly growing stablecoin market, currently dominated by Tether’s $140 billion USDT and Circle’s $40 billion USDC tokens. Stablecoins are a key piece of infrastructure bridging digital asset markets and traditional finance, serving as liquidity for trading, vehicle for blockchain-based transactions and increasingly as a payment method across borders. Traditional financial institutions such as banks and payment companies including PayPal, Visa and Societe Generale have also entered the stablecoin space as regulators around the world put rules and guidelines in place for the asset class, bringing much-desired regulatory clarity.

“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide,” Ripple CEO Brad Garlinghouse said in a statement. “As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”

RLUSD will be initially available in the Americas, Asia-Pacific, UK and Middle East regions via its distribution and exchange partners, Jack McDonald, senior vice president of stablecoin at Ripple, said in an interview with CoinDesk. He was CEO of Standard Custody & Trust, a company acquired by Ripple earlier this year that holds a New York Trust license.

The token won’t be accessible in the E.U. in the beginning as Ripple does not hold the necessary license under the bloc’s MiCAR regulations, but the company is “actively exploring” ways to enter the bloc’s market, he added.

RLUSD volatility warning

RLUSD, which aims to hold a $1 price, may see an unusual price volatility due to early demand from traders and limited supply.

“There may be supply shortages in the very early days before the market stabilizes,” David Schwartz, chief technology officer at Ripple, warned in an X post. He said that some traders “are willing to pay” as much as $1,200 token price to buy a fraction of RLUSD.

“Please don’t FOMO into a stablecoin,” he added. “This is not an opportunity to get rich.”

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Avalanche Blockchain’s Largest-Ever Upgrade, ‘Avalanche9000,’ Is Live

The technical changes are designed to attract developers to the ecosystem and let them create their own customized blockchains, known as subnets.

Avalanche, a layer-1 blockchain launched in 2020 that’s now the tenth-largest by total value locked (TVL), activated its highly anticipated Avalanche9000 upgrade Monday, marking the ecosystem’s biggest technical changes to date.

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The network has been prepping for these changes for months, with new features that will cut the costs for sending transactions, operating validators and building applications on the network.

Leaders at Avalanche have previously told CoinDesk that part of the goal with the upgrade is to attract developers to Avalanche and encourage them to create customized blockchains using its technology, known as subnets, or “L1s”.

The upgrade, also referred to as the Etna upgrade, consisted of seven improvement proposals. The two biggest changes that were implemented were known as ACP-77 and ACP-125.

https://x.com/avax/status/1868710879535214878

ACP-77 is a proposal that introduces a new type of validator, so users can launch their own subnets. These new nodes are less costly to operate, with the aim of therefore bringing in more people to spin them up and create their own Avalanche-based networks.

ACP-125 lowers the base fee on Avalanche’s main network that runs smart contracts, known as the C-chain, from 25 nAVAX (about $0.00000098) to 1 nAVAX ($0.00000004.) The goal is to make it cheaper to compute on that network. One nAVAX equals one-billionth of one AVAX. (Avalanche has two other main chains:the P-chain, where users can stake AVAX and operate validators; and the X-chain, which is used for sending and receiving funds.)

The Avalanche Foundation announced that ahead of the upgrade, it raised $250 million in a token sale, led by Galaxy Digital, Dragonfly and ParaFi Capital.

SEC Approves Crypto Wallet Maker Exodus to List on NYSE American After Denying It in May

Exodus will list under its current ticker on NYSE American at the open of trading on Dec. 18

Crypto wallet company Exodus Movement (EXOD) has been approved to list on the NYSE American, the New York Stock Exchange’s sibling market.

Exodus, which will be listed under its current ticker at the open of trading on Dec. 18, was originally meant to be listed on NYSE American in May, but the U.S. Securities and Exchange Commission (SEC) said it was still reviewing the company’s registration.

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The approval of Exodus’ uplist may be a sign of a change in the regulatory sentiment toward cryptocurrency following President-elect Trump’s victory in November’s election with the promise of running a pro-crypto administration.

“We expect this uplisting will raise Exodus’ corporate profile, while also enhancing liquidity for our current and future shareholders,” CEO of Exodus JP Richardson said.

Exodus stock, currently listed on the OTC Markets (OTCQX), rose as much as 10.5% before pairing all of thegains.

Ripple’s RLUSD Stablecoin Attracts Frenzy Bids for 800 XRP Ahead of Release

While RLUSD’s price will always be redeemable for $1, some onchain “collectors” are likely bidding to be the first to hold the much-awaited Ripple stablecoin.

Ripple’s upcoming RLUSD stablecoin is attracting bids upto 836 XRP on onchain marketplaces ahead of its Tuesday release, a sign of frenzy among enthusiasts who may want to be the first to hold the token.

These bids range from 500 XRP to as much as 836 XRP as of Asian morning hours on Tuesday, CoinDesk viewed on the Xaman application. Each XRP exchanges hands for just under $2.5, data shows.

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“There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD.,” Ripple Labs CTO David Schwartz said in a Monday post. “Tools will show you the highest price anyone is willing to pay, even if it’s just for a tiny bit. Maybe someone wants the “honor” of buying the first bit of RLUSD on the DEX.”

“But rest assured, the price will come back to very close to $1 as soon as supply stabilizes. If it doesn’t, something is very seriously wrong,” Schwartz added.

Speculators often engage in high-priced transactions for small quantities of a new token or NFT to gain early access or to capitalize on the novelty of holding the first batch.

As such, RLUSD might not have enough liquidity to maintain its peg effectively in the first few hours after it goes live, meaning there may be some price discrepancies from the intended $1 peg. However, each token will be redeemed for only a dollar, and it is unlikely to remain depegged for an extended period.

RLUSD will go live on the XRP Ledger (XRP) on Tuesday, as CoinDesk reported, with initial listings on several exchanges and crypto platforms, including Uphold, MoonPay, Archax, and CoinMENA.

IP-Backed Meme Token CAT Bags Binance Spot Listing, Spiking Bullish Sentiment

Open interest in the token’s future products nearly doubled to over $60 million, showing a bump in expectations of further volatility with a bullish bias.

IP-backed memecoin Simon’s Cat (CAT) surged 50% Monday after becoming the first cat-themed token to get a coveted Binance spot listing — amid some meme tokens taking the plagiarism heat.

CAT zoomed from $0.000039 to a record peak of $0.000067 in early Asian hours Tuesday, data shows, before paring gains. Trading volumes rose tenfold from $55 million to over $500 million.

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Open interest in the token’s future products nearly doubled to over $60 million, showing a bump in expectations of further volatility with a bullish bias.

Binance said Monday it would offer airdrops of CAT to users of their Earn products who staked specific amounts of BNB tokens last week. It would then list 1000CAT (where a single token holds a thousand CAT) at 09:00 UTC later on Tuesday.

CAT is the official token of Simon’s Cat, an animated series about a hungry house cat and its adventures, with over 20 million followers across YouTube, Facebook, and Instagram.

Comparisons with other cat-themed memecoins like Popcat, MOG, and MEW often place CAT at a perceived undervaluation due to its spot listings and IP backing, among other reasons. Data shows it is the fourth-largest by market cap in that category, one that’s led by MOG at $1.1 billion as of Tuesday.

Well-followed trader @theunipcs — who famously turned $16,000 to $18 million on a BONK trade — is among the most vocal supporters of CAT and expects it to become the largest cat-themed meme token in the coming months.

“A $CAT flippening of $POPCAT to become the top cat memecoin is highly likely,” the trader said in a Monday post. “(It has) the best mainstream recognition for a cat memecoin brand, the best unit bias among major cat memecoins, strong and official IP, 99% of CT is sidelined, so a hated rally is likely”

one voice has consistently told you for months that a $CAT flippening of $POPCAT to become the top cat memecoin is highly likely

and that voice has consistently been shut down by people who would rather marry their bags than make money

but you don't have to listen to me anymore… https://t.co/CxCaTNTuMQ pic.twitter.com/aBYI95WUsh

— Unipcs (aka 'Bonk Guy') 🎒 (@theunipcs) December 16, 2024

Are IP memecoins the future?

CAT’s spot listing comes as non-IP memecoins increasingly see legal heat.

IP, or intellectual property, can include characters from memes, video games, or any cultural phenomenon that have officially been trademarked or copyrighted before their tokens were offered to the public.

Tokens backed by IP have a clearer legal standing regarding usage rights. The creators or owners of the IP can legally license the use of their characters or concepts, reducing the risk of legal challenges like cease and desist orders or lawsuits for unauthorized use of copyrighted material, which can abruptly devalue non-IP-backed tokens.

Tokens are starting to face the risk of legal action from IP holders if they do not own or securing rights to the IP they emulate or represent. Non-IP tokens like chillguy (CHILLGUY) and pnut (PNUT) face challenges despite being popular and widely traded.

On Monday, Mark Longo, the owner of Peanut the Squirrel which inspired the PNUT token, issued a cease-and-desist letter to Binance, accusing it of trademark infringement for listing and offering the PNUT memecoin.

Longo claimed Binance used his “Peanut the Squirrel” trademark and mascot likeness without permission, noting he has been using the PNUT brand for educational and animal welfare initiatives since 2017.

The cease-and-desist warning of potential legal action and sought penalties of up to $150,000 per infringement. PNUT’s prices are down 5% in the past 24 hours, in line with a broader market lull.

As such, CAT is officially licensed to the mainstream Simon’s Cat brand and is the first major cat memecoin on the BNB Chain, backed by the company’s IP which earned $5.8 billion in revenue last year.

That drives the token’s investment thesis for traders such as @theunipcs.

“The reality is that T1 CEXs (Binance/Coinbase/Upbit/etc) and major entitites will not touch memecoins with IP issues with a ten-foot pole,” he noted in a November post. “Because while the memecoin is likely decentralized and launched by an anon, these CEXs are real entities that could be held liable for IP violations and it’s just not worth the drama for them.”

“Official Simon’s Cat channels have promoted and will continue to promote the $CAT memecoin. This is an advantage no other cat memecoin in the space has right now,” he added at the time.

In the world of memecoins, CAT’s IP could prove to be its nine lives.

British Columbia Maintains Bitcoin Mining Ban Despite Vancouver’s ‘BTC-Friendly City’ Motion

The Province home to Vancouver – which is exploring becoming a bitcoin-friendly city – maintains a ban on mining to preserve power for clean energy initiatives/

While Vancouver’s City Council has passed a motion to explore becoming a ‘bitcoin-friendly city’, British Columbia still has a province-wide ban on mining BTC until December 2025.

B.C.’s bitcoin mining ban began in December 2022 to address energy concerns, and it faced a legal challenge from Conifex Timber, which the B.C. Supreme Court upheld in early 2024, citing the policy’s reasonableness and alignment with public utility regulations.

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BC Hydro, the largest electricity utility in the province, relies heavily on hydroelectric power, which generates over 90% of its electricity.

Vancouver’s motion – introduced to the council by Mayor Ken Sim – focuses on bitcoin’s financial benefits and mentions the benefits of bitcoin mining, but it can’t influence mining because of electricity regulation and BC Hydro’s operations fall under provincial jurisdiction.

“The Province still has a ban on cryptocurrency mining and is continuing its work towards a permanent cryptocurrency mining policy,” a spokesperson for BC Hydro said.

Earlier this year, B.C.’s legislature passed an updated version of the Energy Statutes Amendment Act, which was first drafted following B.C. Hydro’s temporary suspension of bitcoin mining connections to the provincial grid.

The updated Act specifically enables the provincial government to bypass the BC Utilities Commission, the Provincial electricity regulator, giving it direct authority to regulate electricity service specifically for crypto.

Conifex Timber, which had bitcoin mining farms in the province scheduled for connection to the grid, argued in court that these conditions were “unduly discriminatory and unreasonable,” but ultimately, a Provincial judge disagreed.

“One question arising out of the move towards regulating electricity with respect to crypto-mining projects is whether the Province could begin to regulate the availability of electricity for other industries in a similar manner,” lawyers at McCarthy Tetrault, a Canadian law firm, wrote in a May 2024 post.

During the debate over the updated Act, lawyers from McCarthy Tetrault noted that the leader of the provincial Green Party argued in the legislature that Liquified Natural Gas and emerging technologies like AI should face similar energy regulations as bitcoin mining due to, what the party views as their high energy use and limited economic benefits.

Local bitcoin mining bans are not unique. New York State has a moratorium, with an exception for renewable energy. However, some states, like Arkansas and Montana, have bills that protect bitcoin miners from what they call “discrimination.”

Pennsylvania recently scrapped its mining ban to advance other energy conservation bills.

Bitcoin Traders No Longer Chasing Record Price Rally Like Before, Options Data Show

The way options are currently priced indicates a more measured bullish sentiment compared to what we’ve witnessed recently.

While bitcoin (BTC) continues to reach new lifetime highs, the latest options market trend indicates that traders aren’t chasing the uptrend with the same zeal as before.

On Monday, BTC’s price rose above $107,000, surpassing the previous peak on Dec. 5 and taking the cumulative post-U.S.-election gain to over 50%, CoinDesk data show.

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The rally follows President-elect Donald Trump’s assurance that the U.S. will build a bitcoin strategic reserve similar to its strategic oil reserve. Analysts expect the winning streak to continue next year, with prices ranging between $150K to $200K by the end of the following year.

However, the current pricing of options trading on Deribit indicates that traders aren’t chasing the rally like they used to, signaling a more cautious outlook for the short term.

At press time, the 25-delta risk reversal for options expiring on Friday was negative, indicating the relative richness of put options that provide protection against price drops. Puts expiring on Dec. 27 were trading at a slight premium to calls, while the risk reversals extending to the end of March end expiry demonstrated a call bias of less than three volatility points.

That starkly contrasts the trend we’ve observed over the past few weeks, where traders aggressively chased new price peaks, driving short-term and long-term call biases to over four or five volatility points. In fact, short-term risk reversals frequently displayed a stronger call bias than their longer-term counterparts.

The latest block trades coming through on Deribit, as tracked by Amberdata, also show a bearish lean. The top trade so far today has been a short position in the Dec. 27 expiry call at the $108,000 strike followed by long positions in the $100,000 strike puts expiring on Dec. 27 and Jan. 3.

The cautious sentiment could be due to concerns that on Wednesday the Federal Reserve will signal fewer or slower rate hikes for 2025 while delivering the widely expected 25 basis points rate cut. Such an outcome could accelerate hardening of the bond yields, strengthening the dollar and denting the case for investing in riskier assets. Perhaps, sophisticated BTC traders are positioning for a correction.

Revolut to Strengthen Crypto Fraud Protections With Added Security, Risk Scores

The Revolut Pay enhanced due diligence API will be rolled out to crypto customers from start of 2025.

Fintech giant Revolut plans to extend its battle-tested security wrapper, Revolut Pay, to crypto customers from the start of 2025 to improve protection against fraudulent attacks.

As it stands, Revolut says, there is limited visibility into card transactions and bank transfers its crypto customers make with exchanges, potentially exposing them to higher levels of fraud due to card mechanisms having limited anti-scam protections.

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A 12-month pilot of firms using Revolut Pay’s enhanced due diligence, direct API integration and end-to-end control over the payment process showed crypto customers were exposed to about 50% fewer attempts to defraud them, Revolut said in a statement.

These enhancements include know-your-customer (KYC) name matching, fraud warning screens, proof of crypto delivery and the ability for crypto merchants to receive transaction risk scores.

Crypto has more than its fair share of fraudulent activity and scams, whether that involves identity theft, phishing scams and even the involvement of AI deep fakes and so on.

“In the crypto space, there’s a little bit of an issue with fraud outcomes,” said Alex Codina, general manager for merchant payments at Revolut in an interview. “Now, crypto firms, either exchanges or on-rampers, can integrate Revolut Pay as a payment method and by doing that we allow our users to directly buy crypto on those checkouts in a safer manner.”

Match your customer

Under the hood, the integration with third-party exchanges or on-ramps starts with KYC matching, so validating that the person who is buying on Revolut side is the same person who is KYC’d on the exchange’s side.

“If those names don’t match the transaction is rejected. In the card world, this would be the equivalent of a stolen card or something like that,” Codina said.

Beyond that, firms are in a running battle to combat a sophisticated array of investment scams, whereby customers are duped into thinking they need to perform some transaction or other to qualify for a fictitious reward of some kind, he added.

“These are the hardest ones to deal with,” Codina said. “Basically what we do is assess the risk score of the transaction based on information on our users, like if they have traded crypto in the past or not with Revolut, with a third party, and assess the probability of that transaction being part of an investment scam.”

Obviously, a balance has to be struck when it comes to user experience and safety, Codina said. The safety measures put in place by Revolut could be a question or two about the transaction, or in some cases the customer could be referred to a customer services manager to briefly chat about the transaction.

“We have a pretty robust model and framework where we can add some friction, depending on how risky we think the transaction is,” he said.

MicroStrategy’s Addition to Nasdaq-100 May Pave Way for S&P 500 Inclusion: Benchmark

The software company’s potential addition to the S&P 500 index could be an even larger opportunity in the medium-term, the report said.

MicroStrategy’s (MSTR) addition to the Nasdaq-100 index is a big deal, but its potential inclusion in the U.S’s S&P 500 index could be an even bigger opportunity in the medium-term, broker Benchmark said in a report Monday.

The index provider announced on Friday that MicroStrategy would be added to the Nasdaq-100 on December 23.

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The company founded by Michael Saylor easily meets S&P 500 inclusion criteria in terms of market cap and trading volume, but currently does not meet two other requirements, the report said.

The company needs to report positive earnings for the most recent quarter and “total positive earnings for the sum of its trailing four consecutive quarters,” analyst Mark Palmer wrote.

Still, MicroStrategy has said that it plans to adopt new Financial Accounting Standards Board (FASB) guidance for the accounting treatment of bitcoin held on its balance sheet in the first quarter 2025, Benchmark said, and this “would position it to immediately begin reporting positive earnings.”

MicroStrategy became the first bitcoin company to enter the Nasdaq-100, and will be the 40th largest firm in the index, with a 0.47% weighting, broker Bernstein said in a report on Monday.

How big is the impact?

MicroStrategy entering the Nasdaq-100 is a big milestone for the stock as the fifth largest ETF by assets under management (AUM), the Invesco QQQ Trust Series ETF, will add to the company to its index along with many others.

According to VettaFi data, the three largest ETFs by AUM are all comprised of the S&P 500. These are the SPDR S&P 500 (SPY), Vanguard S&P 500 (VOO) and iShares Core S&P 500 (IVV). Collectively these three ETFs hold over $1.8 trillion in AUM.

The enormous impact of entering the S&P 500 could be seen with Tesla (TSLA) which saw its stock surge following its inclusion in the index on Dec. 21 2020. The stock doubled in the space of a year from $200 to $400 a share. The lion’s share of the gains came before inclusion to the S&P 500, which saw the stock run up 10-fold from December 2019. This could suggest a large portion of MicroStrategy gains could come before it joins the benchmark index.

OpenSea Cayman Islands Registration Sparks Airdrop Speculation

OpenSea recently announced its platform would be revamped in December.

Non-fungible token (NFT) exchange OpenSea sparked speculation it is preparing a potential token airdrop after it registered an entity in the Cayman Islands.

X user Waleswoosh, a pseudonymous researcher at Azuki, posted a screenshot of the OpenSea registration. The registration was present on the Cayman Island’s general registry and was also confirmed to CoinDesk by OpenSea.

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The post led to speculation over whether the move was a step toward releasing a token in a more crypto-friendly jurisdiction than the U.S. A dashboard created on Dune lets OpenSea users check their historical activity to estimate how much a potential airdrop might be worth.

OpenSea declined to comment on whether it would be introducing an native token.

The company is headquartered in New York and was the primary venue for the NFT bull cycle in 2022, racking up a record $2.7 billion of trading volume on a single day in May that year. The emergence of rival platform Blur coupled with a wider market decline resulted in a loss of market share. Trading volume over the past 24 hours hit $21 million, less than 1% of the record.

The company was valued at $13 billion after it raised $300 million during the height of the 2022 cycle. The market has now shifted, with focus on memecoins like dogwifhat (WIF) and bonk (BONK) rather than non-fungible token projects like Bored Ape Yacht Club and CryptoPunks.

OpenSea plans to turn the tide back in its favor this month as it rolls out OpenSea 2.0. More than 1 million unique wallets have registered for the waitlist.

The new platform features a “retro” section, which rewards users for historical activity in the form of “points.” Points leaderboards have been a common way of airdropping tokens to users this year by incentivizing ongoing activity and loyalty. There’s no indication that OpenSea plans to follow that path, however.