Ripple Rides the Stablecoin Wave!

Ripple recently announced its plans to venture into the stablecoin arena with the launch of a United States dollar-backed stablecoin.

Author

Danielle du Toit
April 05, 2024

2021 had Axie Infinity's $AXS win the GameFi race...

This time around (2024) it's time for Pikamoon's $PIKA... PIKA is trading live on Bitget and MEXC at a market cap of $100 million.

Join 15,000+ Presale participants and invest in PIKA at this low market cap!

Here's what we've got for you today:

  • Ripple to Launch Stablecoin and Plans to Rival USDC and Tether

  • Leveraged Funds Bet Against Bitcoin as Futures Hit Record Shorts

  • Sony Bank to Conduct a Stablecoin Trial on Polygon: Report

  • Dogecoiners Clone Hyped Bitcoin Ordinals ‘Runestone’ Airdrop

Ripple’s CTO David Schwatrz predicts that the stablecoin market’s valuation could soar from around $150 billion now to $2 trillion by 2028.

  • Ripple plans to launch a USD-backed stablecoin, entering the stablecoin market after over a year of consideration.

  • The official name and ticker of Ripple's stablecoin have not been announced just yet, and it is currently being referred to as the "Ripple stablecoin".

  • The Ripple stablecoin will have a 1:1 peg with the U.S. dollar and will be initially issued on both the XRP Ledger and the Ethereum blockchain.

Leveraged funds have placed historic bearish bets on bitcoin as the cryptocurrency's rally shows signs of stalling near its peak. 

  • Hedge funds have increased their net short positions in CME's standard bitcoin futures contracts, hitting a record high of 16,102.

  • CEO of 10x Research Markus Thielen sees this rise in short positions as a sign of hedge funds' increasing interest in carry trades.

  • Despite past trends indicating a bullish market after Bitcoin halvings, some analysts recommend caution when it comes to more optimistic forecasts, and it seems like people are taking this advice to heart.

Sony Bank is conducting a stablecoin proof of concept on the Polygon blockchain.

  • Due to the advantages of reduced payment and remittance fees, Sony is exploring the use of stablecoins to promote the company’s intellectual properties in gaming and sports.

  • The company's stablecoin experiment will also focus on the legalities of transferring Japanese yen-backed stablecoins.

  • Sony is also collaborating with Startale Labs to create its own public blockchain network.

Dogecoiners have completed distributing their "Runestone" airdrop, inspired by the recent NFT-style giveaway done through Bitcoin Ordinals last month.

  • The "Doge Runestone" Doginals airdrop concluded on Apr. 2, distributing 30,272 NFT-like assets to Dogecoin wallets holding at least one Doginal from a list of collections outlined by Robo AI.

  • This airdrop mirrored the Bitcoin Ordinals-based Runestone giveaway in March, which saw over 112,000 Runestones given to early adopters of the protocol.

  • Dogecoin, capable of supporting Ordinals due to its lineage as a fork of a Bitcoin fork, launched its Doginals protocol in February last year.

👀 QUICK NEWS

MEME OF THE DAY

How did you like today's newsletter?

Login or Subscribe to participate in polls.

That’s it for today. Don’t forget to share Coinpaper Digest with your friends!