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Intelligence Firm Gives Reasonable Bitcoin Target After $100,000 Milestone

Elendu Benedict
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Market intelligence firm IntoTheBlock has given a reasonable Bitcoin price target, citing the asset’s historic cyclical performance amid the rally above $100,000.

Bitcoin’s surge past the $100,000 price mark has elated the crypto community. After an unsuccessful initial attempt, the pioneering digital asset trounced the six-figure level on Thursday.

With the bounce, market speculators now expect higher prices. As bullish sentiments swell, targets like $150,000, $250,000, and even $1 million have emerged for the premier asset.

Meanwhile, seasoned intelligence firm IntoTheBlock has given a sneak peek of what to expect from Bitcoin after the $100,000 breach. In a recent analysis, the firm predicted that Bitcoin’s realistic top could sit between $130,000 and $190,000.

IntoTheBlock Predicts Bitcoin’s Reasonable Top

The firm lauded Bitcoin’s boundless potential in a tweet today, noting that its limited supply and growing institutional adoption will ensure a continued price upswing. Further, it recalled Bitcoin’s performance during its cyclical upsurges.

The commentary emphasized that Bitcoin has always posted lower gain percentages in each bull cycle compared to the previous one. For context, Bitcoin recorded a 7,900% upswing in 2013, 2,560% in 2017, and 594% in 2021.

IntoTheBlock inferred that the capital required to maintain the upside increases as Bitcoin’s price surges. Hence, calls for an uptick to $1 million this cycle, which would see Bitcoin attain a market cap of $19.7 trillion, might be unreasonable.

Given the diminishing returns on Bitcoin’s cyclical performance, the analytical firm stated that a 100-200% surge for Bitcoin post-halving is a “reasonable expectation.” As a result, IntoTheBlock speculates further upswings to between $130,000 and $190,000.

Bitcoin Halving Run

Exception for Bitcoin Surge Past Top

Meanwhile, IntoTheBlock stated that Bitcoin would push past its predicted top on account of a super bullish occurrence. Per the commentary, the creation of a US Bitcoin reserve would catalyze a surge past its $190,000 top prediction.

Discussions around a strategic reserve for Bitcoin has gained momentum in the US following Donald Trump’s win. He and Senator Cynthia Lummis teased the idea during an appearance at the Nashville Bitcoin conference in July.

Although Trump has not made any related comments since the election win, Lummis has incessantly fronted the idea. Having proposed the bill, the pro-crypto senator has repeatedly insisted that it would come to fruition soon.

Amid this prospect, IntoTheBlock insisted that the creation of the US stockpile would be the only factor driving Bitcoin higher than its call. In the meantime, Bitcoin trades at $102,889, up 6% in the past 24 hours.

Ethena Eyes $1 Breakout: Is a 400% Surge to $4.91 Possible?

Albert Brown
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Ethena Eyes $1 Breakout: Is a 400% Surge to $4.91 Possible?

Will a rounding bottom breakout rally drive the Ethena (ENA) market price up by 400% to $4.91?

As Bitcoin crosses the $100k milestone, Ethena is emerging as a top performer and is gradually gaining momentum. With the broader market sentiment turning extremely bullish, Ethena has surged 12.61% over the past 24 hours.

This drives the 7-day price rally to 34.22%, with the market price inching closer to the $1 psychological mark. Will the $1 breakout rally result in a massive surge of 400% for Ethena?

Ethena Price Analysis

The ENA price action on the daily chart reveals a rounding bottom reversal pattern. The recovery rally has reached the neckline, coinciding with the 78.60% Fibonacci level at $0.9595.

The Ethena token is currently trading at a market price of $0.9631, with an intraday gain of 5.71%. This marks the second consecutive bullish candle, testing the overhead supply zone.

Ethena Price Chart
Ethena Price Chart

The supply zone above the 78.60% Fibonacci level extends from $0.96 to $1.03. The recovery rally has influenced a bullish crossover between the 50- and 200-day simple moving average lines. 

Furthermore, the rising 100-day SMA line is closing the gap with the 200-day SMA, teasing a new bullish crossover. A positive alignment in the simple moving average lines will significantly improve the underlying sentiment for Ethena. Hence, the chances of an extended rally are increased. 

Furthermore, the daily RSI line has entered the overbought territory at 76.18%. This warns of a potential retest, which might come after the bullish breakout. Using the Fibonacci retracement level, the rounding bottom breakout rally will likely challenge the 100% Fibonacci level at $1.46. 

Ethena Price Targets

Based on the rounding bottom pattern, the price target is calculated using the distance between the bottom’s depth and the neckline. The neckline on the daily chart represents the price range, which points to the 1.618 Fibonacci level at $4.91 as the potential peak.

Therefore, the price action analysis and Fibonacci levels suggest a 400% potential surge for Ethena. In case of a bearish failure, a reversal from the 78.60% Fibonacci level could test the crucial immediate supply zone near $0.69.

Ethena Driving Factors

In a recent tweet, Ansem highlighted several factors driving the Ethena rally. The USDe total volume locked, nearing $5 billion, is a critical catalyst. Furthermore, the stablecoin offers a payout of nearly 30% APY.

Additionally, the backing of Franklin Templeton and Fidelity is likely to increase traditional finance’s participation in this trade. The analyst also notes Tether’s and USDC’s current market caps of $135 billion and $40 billion, respectively.

Given that USDe may likely reach a similar valuation, the ongoing bull run may well support the 400% projected rally in Ethena.

Shiba Inu Finally Breaches $0.000032, Sustains Bullish Momentum After Drop to $0.000026

Sam Wisdom Raphael
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Shiba Inu Finally Breaches $0.000032, Sustains Bullish Momentum After Drop to $0.000026

Shiba Inu has sustained its bullish momentum over the past few weeks, as it eyes a nine-month peak after recovering from a recent slump.

In Shiba Inu crypto news, The crypto market is now showing signs of a patchy recovery push following a short period of bearish pressure. As Bitcoin (BTC) collapsed from the $99,800 peak on Nov. 22, altcoins like Shiba Inu (SHIB) suffered.

Specifically, SHIB slumped to a low of $0.000023 on Nov. 26 amid a 6% drop in three days but eventually recovered. It rode on this rebound campaign to record a 15% spike on Dec. 1 but suddenly crashed by over 7% in the days that followed to retest the $0.000026 low.

However, it appears Shiba Inu is now leveraging the ongoing market push to eye greater heights, as BTC finally hits $100,000. The meme coin witnessed a massive 14.82% price rally yesterday, soaring to a peak of $0.000033 before facing a pullback that has spilled into this morning.

SHIB Maintains Bullish Momentum

Market data confirms that despite the previous occasional drops, SHIB has maintained a bullish momentum since early November. The weekly chart indicates that Shiba Inu broke above a 7-week falling wedge when it spiked 54% in the first week of November.

Shiba Inu 1W Chart
Shiba Inu 1W Chart

Since breaking out of this pattern, Shiba Inu has been on an upward trajectory, with its current price representing an impressive 87% within this period. Notably, the recent drop to $0.000026 did not invalidate this bullish momentum, with the bulls only leveraging it for the next uptick.

Notably, sentiments among market analysts remain bullish. For instance, SHIB Knight confirmed this morning that the weekly SHIB chart appears “perfect.” According to him, the crypto asset is warming up to embark on the second leg up. 

Further, notable market commentator Bluntz predicted yesterday that Shiba Inu could witness a pump on the back of retail interest when the next meme coin mania materializes. In his most recent update, he argued that SHIB was on the verge of witnessing a god candle.

Next Shiba Inu Targets to Watch

With Shiba Inu now changing hands at $0.00003137, it now eyes the eight-month resistance around $0.00003487, which SHIB last saw in March 2024. Should the meme coin breach this roadblock, its next stop would be the Fibonacci 1.272 retracement level at $0.00003924.

If the expected god candle materializes, a rapid surge could allow Shiba Inu hit this point, which would eventually set the path for a recovery of the $0.00004 psychological mark. Further rally could allow SHIB to reach the next Fib. Level at $0.00004697.

Notably, a recent emergence of large transactions could help bolster this run. Data from IntoTheBlock confirms that daily large transaction volume spiked to the multi-week peak of $624 million on Dec. 2. Despite a drop, this volume remains high, with $367 million recorded yesterday.

Shiba Inu Large Transactions IntoTheBlock
Shiba Inu Large Transactions | IntoTheBlock

Further data indicates that most of this volume has leaned to the bullish line. From Nov. 29 to Dec. 3, bulls have dominated the scene each day. Particularly, on Dec. 3, bulls bought 7.4 trillion SHIB, translating to an excess demand of 373 billion SHIB.

Do Not Sell Your Bitcoin at $100K, CryptoQuant CEO Warns

Albert Brown
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Do Not Sell Your Bitcoin at $100K, CryptoQuant CEO Warns

Ki Young Ju, the founder of the analytics platform CryptoQuant, has warned investors not to succumb to the temptation of selling their Bitcoin hastily.

This warning comes as Bitcoin ultimately broke through the $100K mark, one of its highest psychological resistance levels. Bitcoin has since peaked at $103,900 before settling slightly below that level.

Prior to this milestone, some analysts speculated that the market could experience a significant downturn after Bitcoin crossed the $100K threshold, with many anticipating profit-taking at such a major psychological level.

However, according to analysts like Young Ju, selling at this point could be costly. “Don’t sell your Bitcoin,” he urged, emphasizing that Bitcoin is currently in a price discovery phase and exiting the market too early might be unwise.

Personal Regret for Closing “Generational” Bitcoin Long

Young Ju shared a personal anecdote to illustrate his point. He recalled a key moment about four years ago when Bitcoin first reached $10,000 after months of consolidation.

Overcome with excitement, he took a screenshot of the milestone on Binance. However, what followed was even more remarkable: Bitcoin has never dipped below $10,000 since that time.

Later, Young Ju opened a “generational long” position on Bitcoin at the $17K price, planning to hold it for years and eventually pass it down to his grandson. However, he exited the market too early.

Looking back, he admitted his biggest regret was closing the position too soon. He acknowledged that even experienced traders often act impulsively despite their insights.

CryptoQuant CEO reflection
CryptoQuant CEO’s reflection

The CryptoQuant founder used this reflection to highlight a key lesson he has learned over the years: Bitcoin’s price discovery phase occurs every four years. 

With this in mind, he urged the crypto community to step back and consider the bigger picture. He cautioned against the tendency to react too quickly during volatile market phases.

What’s Next for Bitcoin After $100K?

Notably, industry experts see Bitcoin’s $100K milestone as just the beginning. Bitwise CIO Matt Hougan argues that Bitcoin’s true target is $500K, at which point he believes BTC would evolve into a mature store of value, similar to gold. He expects Bitcoin to capture 50% of gold’s market cap, fueled by government and institutional investment.

In the short term, analyst Ali Martinez predicts Bitcoin could reach $138K, possibly $150K, before a pullback. Corrections may bring it down to $105K or $96K, with support at $83K and $72K.

Institutional FOMO in Bitcoin at $100K

Remarkably, institutional investors are now FOMO-buying Bitcoin at the $100K level. A recent report revealed that publicly traded Bitcoin mining firm Hut 8 plans to raise up to $500 million to purchase Bitcoin as a strategic reserve asset.

This institutional FOMO is further underscored by data showing sustained buying pressure from U.S. investors, as highlighted by the Coinbase Premium Index.

Analyst Says Dogecoin Ready for Round 2, Reveals Next Target

Albert Brown
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Analyst Says Dogecoin Ready for Round 2, Reveals Next Target

A market analyst has suggested that Dogecoin is ready for another round of bullish upswing, with its new target above the 2021 all-time high.

Bitcoin’s surge past $100,000 has relayed bullish momentum to meme coin alpha Dogecoin (DOGE). The largest meme coin by market cap boasts a 4.4% upsurge in the past 24 hours, reaching an intraday high of $0.46550.

The price uptick has resonated across the crypto community, drawing fresh analytical perspectives for the asset. Among others, Ceciliones, a market watcher, has insisted that Dogecoin is ready for a repeat of its famous November uptick, setting a new target for the asset.

Analyst Says Dogecoin Ready for Round 2

In the news about Dogecoin, In a TradingView analysis today, market commentator Ceciliones inferred that Dogecoin is gearing up for another bullish upswing. His commentary suggests that the leading meme coin would target a surge to $1 this time.

Dogecoin Analysis Trading New101x1x1
Dogecoin Analysis, Trading View

Notably, Ceciliones based his price assertion on Dogecoin’s consolidation on a bullish pennant pattern. He accompanied his analysis with a 12H DOGE/USDT chart confirming the imminent price upsurge.

With Dogecoin bullishly defying the pennant price pattern, the commentator suggested it would surge 128% from its current market price to $1. Notably, the meme coin trades at $0.43787 at press time.

Dogecoin Shows Bullish Momentum on Lower Timeframe

Meanwhile, pseudonymous analyst NOS4RA2x has suggested that Dogecoin’s bullish momentum is now glaring in the 4-hour timeframe. The analyst updated his TradingView analysis late Wednesday, showing an imminent bullish breakout for DOGE.

Furthermore, the anonymous commentator pointed to a bullish ascending channel, which he noted was “looking pretty juicy.” His commentary shows that he expects DOGE to break to the 1.618 Fibonacci extension at $1.15627.

Dogecoin Analysis Trading View New10s1s1111
Dogecoin Analysis, Trading View

Notably, this analysis aligns with price expectations from market commentator Jacob Canfield. The speculator noted in a recent price assertion that Dogecoin would target $1.15, inferring that the meme coin would mirror XRP’s bullish outburst.

Meanwhile, a TradingView analysis confirms the prevailing bullish momentum for Dogecoin. The MACD indicator has bullishly crossed over, suggesting that Dogecoin will see more upside from its current price.

A relative strength index (RSI) of 61 also confirms that the asset is still within range for an upsurge. Notably, an RSI over 70 shows that an asset is overbought and likely to correct.

Cardano Founder Predicts the World Will Run on Cardano

Lele Jima
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Cardano Founder Predicts the World Will Run on Cardano

Input Output Global (IOG) CEO and Cardano founder Charles Hoskinson suggests the Cardano blockchain could become the foundation for global infrastructure. 

Hoskinson made this assertion at the Cardano Constitutional Convention, which commenced yesterday in Nairobi, Kenya.

During his inspiring keynote, Hoskinson emphasized that Cardano’s decentralized governance is focused on achieving continuous progress rather than immediate perfection. 

Replacing Bureaucracy with Global Unity 

According to him, the rationale behind developing Cardano is to unite the world by building efficient systems that focus on human well-being and potentially eliminate global bureaucracy.

He urged attendees of the conference to imagine Cardano’s trajectory over the next ten years, especially after the ecosystem is fully equipped with effective decentralized governance frameworks.

Notably, Hoskinson emphasized the need for dialogue among delegates and ensuring that key governance decisions are backed with adequate resources.

Collaborative Governance  

He noted that even though Cardano is at the forefront of blockchain governance, collaboration is still needed. 

Hoskinson suggested that Cardano’s efforts, especially those relating to blockchain governance, need to be integrated with those of other blockchains.  

“The best thing we can do for ourselves is to be humble enough to realize that good ideas can come from anywhere, including other blockchain and other governance ecosystems,” Hoskinson remarked. 

As a result, he suggested that Cardano must cement its leadership position in blockchain governance by becoming a great learner.  

Hoskinson’s Bold Vision for Cardano 

Interestingly, he shared an optimistic vision for Cardano regarding global adoption. He says the world will run on Cardano if the team does the right job. 

This entails combining a functioning decentralized governance model with effective systems on Cardano, positioning the blockchain as the foundation for global infrastructure. 

Hoskinson has always been confident about Cardano’s prospects and has outlined some bold visions for the project. In October, the IOG CEO speculated that Cardano might run a nation-state akin to the American Revolution by 2030.

He expects Cardano to have millions of users by then, who would determine the ecosystem’s future by participating in key decision-making relating to the blockchain. 

Cardano is already making significant progress toward achieving decentralized governance. It began this effort on September 1, when it implemented the first phase of the Chang hard fork, which transitioned the ecosystem to the Voltaire era.

Notably, the second phase of the Chang hard fork, scheduled last month, is expected to introduce the final upgrades to Cardano, paving the way for full community-run blockchain governance within the ecosystem.

Top Analyst Predicts Timeline for Cardano to Finally Reach All-Time High

Albert Brown
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Top Analyst Predicts Timeline for Cardano to Finally Reach All-Time High

Crypto analyst Dan Gambardello shares a bold outlook on Cardano (ADA), predicting that the cryptocurrency could break its all-time high in the next 30 to 60 days.

In this ADA news, Gambardello based his analysis on consistent patterns from previous market cycles and recent advancements in Cardano’s technology. He pointed to Cardano’s impressive milestone, surpassing 1 million transactions per second (TPS) while running Doom on Hydra, its scaling solution. 

This achievement highlights Cardano’s growing capabilities and its readiness to handle vast amounts of transactions, making it one of the most scalable blockchains in the space. 

Gambardello emphasized that these technological advancements, coupled with the upcoming Bitcoin interoperability set to roll out in 2025, position Cardano as a serious contender in the crypto market, potentially becoming the “most relevant blue chip in crypto.”

Political Factors Adding to the Bullish Sentiment

The analyst also discussed recent political developments, which add to the bullish sentiment surrounding Cardano. Gambardello highlighted the potential appointment of former SEC commissioner Paul Atkins as the SEC chairman. 

Atkins has long been a proponent of blockchain technology and even spoke at a Cardano conference in 2020, making his involvement a positive sign for the project’s future. According to Gambardello, this move could signal increased regulatory clarity and institutional support for Cardano.

Bullish Narrative from Technical Perspective

From a technical perspective, Gambardello pointed out that Cardano is currently testing key resistance levels, which he calls the “bull market doors.” He noted that in previous cycles, Cardano experienced dips before surging past these levels. Accordingly, he anticipates a similar scenario could unfold in the coming weeks. 

If history repeats, Cardano could see a sharp upward movement to break past $3 by the end of December, according to Gambardello. 

Cardano Path to All-time High

However, the analyst also cautioned that a short-term pullback is possible. He referenced previous cycles where Cardano saw dips of 30-40% before rallying to new highs, advising investors to prepare for potential volatility.

Despite this, Gambardello is confident in Cardano’s long-term prospects and sees the next 30-60 days as critical for ADA’s breakout.

In closing, Gambardello urged viewers to stay engaged with Cardano’s journey as the project continues to evolve technologically and gain more mainstream attention. With momentum building in both the tech and regulatory spheres, Cardano’s path to all-time highs seems increasingly likely.

At press time, Cardano is trading at $1.20 after registering a massive 260% growth in the last 30 days. At this price, ADA is 61% below its all-time high. Meanwhile, breaking the $3.10 peak would require a rally of 158%.

Mt. Gox Moves Over $2.4B in Bitcoin as Price Breaks $100K

Albert Brown
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Mt. Gox Moves Over $2.4B in Bitcoin as Price Breaks $100K

Mt. Gox has moved 24,052 BTC, worth approximately $2.43 billion, to a new wallet following Bitcoin’s recent surge above the $100,000 mark.

Bitcoin has reached a historic milestone, breaking the $100,000 threshold for the first time in a significant rally. As of today, Bitcoin’s price has exceeded $103,000, marking a 7% increase within just 24 hours.

This impressive rise in Bitcoin’s value coincided with a substantial transfer from Mt. Gox, which moved over 24,000 BTC to an undisclosed address shortly after Bitcoin breached the $100,000 mark.

Mt. Gox Moves Over $2.4 Billion in Bitcoin

At around 2:45 AM UTC on December 5, Mt. Gox executed a significant transfer of 24,051 BTC, valued at nearly $2.47 billion. The Bitcoin was sent to a new address starting with “1N7j,” marking the first movement of funds since November 12. The exact purpose behind this transfer remains unclear.

Blockchain analytics platform Spot On Chain speculates that the new address could be an internal wallet. According to the smart money tracker, Mt. Gox still holds 15,826 BTC, valued at $1.63 billion, across 31 known wallets.

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History of Mt. Gox Fund Movements

Mt. Gox has a history of moving large quantities of Bitcoin, particularly when preparing to settle with its creditors. The last significant transfers occurred on November 12, when the exchange moved 262.782 BTC, valued at approximately $27 million, to an undisclosed wallet. Additionally, Mt. Gox transferred 2.3K BTC, worth about $238 million, in another transaction.

The previous day, Mt. Gox moved substantial amounts to internal wallets, including 2.5K BTC (valued at $255 million) and 27.87K BTC (worth $2.84 billion). These actions followed a major transfer in early November when the exchange moved over $2 billion in Bitcoin to three wallets in just two hours. Notably, these transfers took place around the time of the final stages of the U.S. presidential election campaign.

On November 4, Mt. Gox moved 32,371 BTC, valued at roughly $2.19 billion, to multiple wallets. The majority of the funds were sent to an unknown address, ‘1FG2C…Rveoy,’ with smaller amounts directed to two other wallets.

Donald Trump’s Latest Announcement Sends Bitcoin Past $100,000

Albert Brown
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Donald Trump’s Latest Announcement Sends Bitcoin Past $100,000

Bitcoin breaks past the $100,000 milestone today after President-elect Donald Trump announces the nomination of a new Securities and Exchange Commission boss.

In the latest news on bitcoin, Trump has finally confirmed the appointment after days of speculation. In a Truth Social post late Wednesday, the 47th U.S. president announced he had nominated Paul Atkins to be the next SEC chair.

The incoming president outlined Atkins’s qualities, stating he is a “proven leader for common sense regulation.” Trump further emphasized that the former SEC Commissioner understands digital asset innovations and has the mettle to regulate the sector efficiently.

Notably, Atkins is a popular name in the crypto industry. His pro-crypto stance has been glaring, with the Patomak Global CEO advocating for fair regulation of the digital asset sector in Congress at a time.

Bitcoin Reacts to the Appointment

Following Trump’s announcement, Bitcoin gained bullish momentum. The asset surged comprehensively from under $96,000, past the $100,000 psychological price mark, to a new all-time high of $103,620.

Bitcoin had failed in its previous attempts to break the $100,000 level, with its last attempt in late November prompting a massive correction to $90,742. However, Trump’s confirmation of Atkins as the new SEC boss contributed to the bullish push past the strong resistance.

Notably, Bitcoin is not the only beneficiary of the recent development. RSR, the native token of the Reserve Rights Foundation—a project Atkins served as an advisor to—rallied following yesterday’s confirmation, surging considerably before relinquishing most of its gains. Meanwhile, the asset has increased 110% in the past seven days on rumors of Atkins’ appointment.

Crypto Community Reacts

Bitcoin’s upswing past the $100,000 mark sparked a series of reactions from crypto industry leaders. Coinbase CEO Brian Armstrong called Bitcoin the best-performing asset in the past 12 years, stating that a $100 purchase of the asset in 2012 would be worth $1.5 million now.

American investor Robert Kiyosaki also lauded Bitcoin’s new milestone, congratulating holders of the premier asset. Furthermore, famous Bitcoin maxi Max Keiser taunted notorious critic Peter Schiff, implying he would be ruing a missed opportunity to buy Bitcoin at $10.

Meanwhile, staunch Bitcoin advocate Samson Mow teased further uptrend to $1 million. He noted that a break past $100,000 implied a smooth ride to a seven-figure Bitcoin price.

At the time of writing, Bitcoin trades at $102,651, with its market cap now surpassing $2 billion.

Ripple Refutes Claims of RLUSD December Launch, Says It is Working with NYDFS to Secure Final Approval

Lele Jima
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Ripple Refutes Claims of RLUSD December Launch, Says It is Working with NYDFS to Secure Final Approval

Ripple issues a statement regarding the widespread rumor suggesting its RLUSD stablecoin would launch in early December. 

In an X post yesterday, Ripple countered the widespread speculation, suggesting that RLUSD would launch on the mainnet on December 4.

Ripple Seeks Regulatory Approval for Its Stablecoin 

The company clarified that it is working closely with the New York Department of Financial Services (NYDFS) to secure the final approval for the stablecoin launch. 

This move would ensure that the stablecoin complies with the necessary regulatory standards. The company emphasized its commitment to upholding the highest regulatory standards for the stablecoin and launching the asset under the supervision of NYDFS. 

Furthermore, Ripple promised to update users about the launch progress. The firm’s statement comes days after FOX Business journalist Eleanor Terrett highlighted December 4 as the possible launch date for the highly anticipated stablecoin. 

Citing sources with direct knowledge of the matter, Terrett reported that the NYDFS signaled its intention for RLUSD approval, with Ripple targeting December 4 for the mainnet launch. 

FOX Business Journalist Says NYDFS Will Approve RLUSD Launch 

Following Ripple’s latest statement, Terrett said the tweet affirms her previous reporting that the NYDFS is poised to approve RLUSD for launch. 

She noted that while two sources mentioned December 4 as the possible launch date, some last-minute developments caused a delay. This unforeseen development pushed the timeline for the imminent release of the stablecoin to a later date. 

RLUSD Updates 

In the meantime, RLUSD is still in beta testing, which began in early August. Upon its mainnet launch, the stablecoin would serve as a store of value for customers seeking a hedge against the volatility in the crypto market. 

Also, RLUSD will function alongside XRP as a bridge currency between two fiats on Ripple’s payment solution. However, Ripple’s commitment to obtaining regulatory approval for the stablecoin has delayed its mainnet launch. 

Notably, Ripple has made significant efforts toward securing the NYDFS’ approval for the stablecoin. A major part of the NYDFS’ requirements mandates crypto businesses, including potential stablecoin issuers, to obtain a limited-purpose trust charter. 

To meet this requirement, Ripple acquired Standard Custody & Trust Company in June. Standard Custody is a limited-purpose trust company under charter by the New York financial regulator. Sources claimed that this move positioned RLUSD for potential approval. 

Once Ripple launches RLUSD following NYDFS’ approval, Standard Custody will issue the stablecoin to its exchange partners, such as Uphold, MoonPay, Bitstamp, CoinMENA, Bullish, Bitso, and Independent Reserve. 

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