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PDAXScope: Ripple stablecoin to be released by the end of 2024

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April 05, 2024

5 min read

PDAXScope Crypto News

Crypto news

Ripple enters the stablecoin scene

Ripple, the enterprise-focused blockchain service and creator of the XRP Ledger, is introducing its own stablecoin pegged to the price of the U.S. dollar. The company said the token, which it plans to release "later this year," will be "100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents." The stablecoin will be deployed onto Ripple's institution-focused XRP Ledger along with the Ethereum blockchain to start out, and it will be based on Ethereum's ERC-20 token standard. To satisfy the needs of this market segment, Ripple says it is using U.S. banks to hold its reserves and is taking what it terms a "compliance-first mindset."

Traders make 999% a week with Wormhole’s W token on Solana protocol Kamino

Staking bridging application Wormhole’s newly released W token is making traders 999% a week as long as its capacity on Kamino, a decentralized finance platform on Solana, isn’t exceeded. The return can be gained by pairing W with JitoSOL (JTO) and locking both tokens in a liquidity pool on Kamino. The rewards on offer are more than 3,300 W and 666 JTO a day, worth a cumulative $7,000 at current rates, plus a portion of the trading fees generated on the W and JitoSOL pool. The pool can take on a maximum of $7.5 million, and had just under $5 million locked as of Thursday morning in Europe. The data shows that in the past 24 hours, it has captured $17,000 in fees from $6 million in trading volumes.

Global news:

Stocks retreat, bonds rally after Fed officials cool rate-cut outlook

Words of caution from Federal Reserve officials on Thursday about the need to keep interest-rate cuts in check until inflation clearly slows snuffed a Wall Street stock rally and sparked a rise in bond prices. Global equity markets had risen after data showing an increase in new claims for U.S. unemployment benefits kept intact the outlook for the Fed to soon cut rates, ahead of a key jobs report due out on Friday. Several policymakers soon doused expectations that rate cuts were likely on the horizon as they endorsed a careful approach to the start of monetary easing. If inflation continues to stall, no cuts may be required at all by year end, said Minneapolis Fed President Neel Kashkari. And Chicago Fed President Austan Goolsbee called persistent, outsized price increases in housing services the biggest impediment to returning inflation to the Fed's 2% target.

Asian FX bears firm as investors mull timeline of US rate cuts

Investors raised short positions on emerging Asian currencies, with bearish bets on the Indonesian rupiah jumping sharply, as the U.S. dollar remained resilient amid uncertainty over the timeline of the Federal Reserve's interest rate cuts, a Reuters poll showed on Thursday. Short positions on the Indonesian rupiah strengthened to their highest since Nov. 2, while those on the Thai baht jumped to their highest since October 2022, according to a fortnightly poll of 11 analysts. Elsewhere, Chinese central bank authorities also intervened to prevent further sinking in the yuan, with markets expecting more depreciation in store. Bearish positions on the Taiwan dollar and the South Korean won were a notch higher, reaching their highest since early November.

Local news:

ESCAP upgrades Philippine GDP growth forecast to 6%

The PH economy is expected to grow 6% this year, according to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), upgrading a 5.7% forecast issued in April. If borne out, the ESCAP projection would fall within the government’s revised 6-7% growth target for 2024. Based on ESCAP’s estimates, the Philippines and Vietnam (6%) would be the second fastest growing economies in Southeast Asia this year, behind Cambodia (6.2%). In its Economic and Social Survey of Asia and the Pacific report, ESCAP expects growth in the Asia-Pacific region to slow to 4.4% in 2024.

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