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Balancer Hacker Converts Stolen Funds to Ethereum as Stakewise Recovers $21M

Zabi
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Balancer Hacker Converts Stolen Funds to Ethereum as Stakewise Recovers $21M

The hacker behind the massive Balancer DeFi breach is swiftly converting the stolen assets into Ethereum, while Stakewise has recovered part of the stolen tokens.

The Balancer DeFi protocol remains in crisis following a large-scale exploit that drained more than $116.6 million in digital assets.

According to the on-chain analytics platform Lookonchain, the attacker has initiated the conversion of the stolen tokens into Ethereum (ETH). 

Earlier reports indicated that most of the stolen funds, around $99.5 million, accounting for 85% of the total loss, came from the Ethereum network. The hackers dispersed the remaining assets across multiple other blockchains, moving substantial amounts to each.

Among them, they allocated $7.9 million to Arbitrum, $3.9 million to Base, and $3.4 million to Sonic, highlighting the largest allocations. Meanwhile, OP Mainnet secured $1.5 million, and Polygon received $231,000, representing the smaller end of the distribution.

Breakdown of the Stolen Tokens

The attacker exploited a variety of crypto assets, including tokens that can be easily traded and those tied up in staking contracts. Among the impacted assets were Lido’s stETH, Frax, Rocket Pool’s rETH, and tokens held in Balancer V2 pools.

Moreover, blockchain explorer Etherscan highlighted key transactions linked to the breach. These include the movement of 6,851 osETH, 4,259 wstETH, and 6,587 WETH from Balancer Vault to an address now tagged as “Balancer Exploiter 2.”

Stakewise DAO Executes Swift Recovery

In a coordinated response, Stakewise DAO, an Ethereum liquid staking protocol, executed a series of recovery transactions. Its emergency multisig team successfully reclaimed 5,041 osETH, valued at approximately $19.3 million, from the exploiter’s wallet. In addition, they recovered 13,495 osGNO, worth around $1.7 million, thereby securing a substantial portion of the misappropriated assets.

This recovery represents about 73.5% of the osETH stolen, while the osGNO tokens were fully retrieved. Stakewise confirmed these figures in a public statement following the exploit.

Stakewise clarified that the remainder of the stolen osETH could not be recovered. The reason was that the attacker had quickly converted it into ETH. This rapid movement of funds prevented the on-chain recovery of the missing portion.

Compensation and Next Steps

Stakewise stated that recovered funds will be returned to affected users of the Balancer V2 pools. Compensation will be distributed pro rata, based on user balances before the exploit occurred. 

The project team also confirmed that they will soon release a detailed post-mortem report outlining the recovery process and future preventive measures.

Top Crypto Exchange Shares Path to 420,000 XRP

Lele Jima
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0
Top Crypto Exchange Shares Path to 420,000 XRP

Crypto exchange Bitrue has launched a major giveaway campaign for the XRP community.

The campaign is offering participants a chance to earn a share of 420,000 XRP in rewards. Titled “Your Chance to 420,000 XRP,” Bitrue offers users multiple opportunities to earn the token through staking, trading, depositing, and referrals. 

According to the announcement, the event will conclude on November 13 at 04:00 (UTC). It aims to boost users’ engagement on the platform. 

Steps to Participating in Bitrue’s 420,000 XRP Giveaway 

Users can earn a share of the 420,000 XRP rewards through three different steps: depositing & trading, earning through staking, and multiplying earnings through a new launch pool. 

Deposit and Trading Contest 

For the first event, Bitrue will reward both existing and new users who deposit and trade a minimum of 100 XRP on its spot market. Notably, Bitrue will reward the first 500 new users who complete this step with a 20% welcome bonus.

It defined new users as individuals who registered on Bitrue after January 1, 2025, and have yet to make their first deposit. 

Additionally, the exchange reserves a 250,000 XRP prize pool for its deposit and trading competition, open to both new and existing users. Moreover, users can also earn up to 50 XRP for inviting qualified traders to the platform. 

Staking Opportunity

The second step of Bitrue’s giveaway campaign features attractive staking opportunities. In this event, users can grow their XRP holdings through a high annual percentage yield (APY). 

New users are being offered an 80% APY flexible staking rate with guaranteed rewards for seven days, while existing users can earn a 3% return through a 15-day fixed-term staking option. 

Multiply Rewards 

The third phase requires users to multiply their earnings through a new XRP launchpool. According to Bitrue, the launchpool will go live today, November 4. It allows new and existing users to earn up to 50% APY. 

To participate in any of the events, users must complete Bitrue’s KYC Level 1 verification. The exchange also noted that withdrawing funds during the giveaway period may affect participants’ eligibility. All rewards are scheduled to be distributed within 14 days after the event concludes. 

Bitrue’s Unending Support for XRP 

For context, Bitrue remains one of the few exchanges that have consistently demonstrated strong support for XRP. The platform has long pledged its commitment to the asset and stands by it through both bullish and bearish market conditions.

Since first listing XRP in 2018, Bitrue has continually expanded its XRP offerings, launching over 90 trading pairs for the token as of March 2024.

The exchange has also hosted several XRP-focused promotions, including a $50,000 giveaway contest held in March last year. Bitrue’s latest 420,000 XRP giveaway underscores its enduring confidence in the token and its ecosystem.  

Machi Big Brother Bets Big Again with 25x Ethereum Long Amid Market Turmoil

Zabi
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Machi Big Brother Bets Big Again with 25x Ethereum Long Amid Market Turmoil

Prominent crypto trader Jeffrey Huang, better known as Machi Big Brother, has made a daring comeback to the Ethereum market despite widespread volatility. 

Huang reopened a 25x leveraged long position on 100 ETH, valued at roughly $364,240, with only $16,771 in perpetual equity, a sign of his continued bullish stance even after recent heavy losses.

High Leverage, High Risk

According to on-chain data, Huang entered his position at $3,641.90 per ETH. With Ethereum currently trading near $3,490, the trader is facing an unrealized loss of around $4,958. His liquidation price is set at $3,462.85, meaning a minor market dip could trigger a complete wipeout of the position.

Machi Big Broither ETH Long Trade
Machi Big Brother ETH Long Trade

Notably, this fresh long follows the complete liquidation of his previous ETH trade, suggesting that Huang remains confident in Ethereum’s recovery despite mounting market pressure.

From Massive Gains to Mounting Losses

Blockchain tracking platform Lookonchain reports that Huang’s trading journey has taken a sharp turn. Once, he was sitting on $44.84 million in profits. Now, he faces over $15 million in losses.

Following the October 11 market crash, Huang reportedly injected $1.73 million to sustain his long positions. However, his remaining equity has since shrunk to just $16,771, a massive depletion of his trading capital.

Marketwide Selloff Shakes Traders

The broader crypto market is enduring a steep correction. Bitcoin has fallen below $105,000, trading around $104,511, a 3% decline over the last 24 hours. Ethereum has dropped 6.3% in the same period, hovering near $3,490.

This sharp pullback has triggered a series of forced liquidations across exchanges as leveraged traders struggle to maintain positions.

According to Coinglass data, a total of 331,903 traders were liquidated in the past 24 hours, with combined losses exceeding $1.33 billion. In particular, long traders suffered most, losing $1.19 billion, while short traders faced losses of about $142 million.

The largest single liquidation occurred on Huobi, where a BTCUSDT position worth $47.87 million was wiped out.

Analysts Eye Critical Support Levels

Crypto analyst Ali Martinez, referencing data from Glassnode, identified $3,120 as a critical demand zone for Ethereum. Around 2.62 million ETH were accumulated near that level.

Furthermore, he noted that below $2,950, the next major support levels for Ethereum lie at $2,870 and $2,530. These zones, Martinez suggested, could determine whether Ethereum stabilizes or faces further downside pressure.

DTCC Lists Nine XRP ETFs as Spot Products Prepare for Launch

Lele Jima
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DTCC Lists Nine XRP ETFs as Spot Products Prepare for Launch

The Depository Trust & Clearing Corporation (DTCC) now lists nine XRP ETFs, as spot products prepare for launch.

Notably, the growing lineup indicates that there is a rise in institutional interest in XRP and suggests that the first U.S. spot XRP ETFs may finally debut this month. 

DTCC Lists Nine XRP ETFs

The nine XRP ETFs on the DTCC’s platform include:

  • 21Shares Core XRP Trust (TOXR) 
  • ProShares Ultra XRP ETF (UXRP)
  • Bitwise XRP ETF (XRP)
  • Canary XRP ETF (XRPC)
  • Volatility Shares Trust XRP ETF (XRPI)
  • CoinShares XRP ETF (XRPL)
  • REX-Osprey XRP ETF (XRPR)
  • Volatility Shares 2x XRP ETF (XRPT), and 
  • Teucrium 2x Long Daily XRP ETF (XXRP).

These funds, which cover both spot and futures strategies, were filed between October 2024 and June 2025.

Some of the XRP ETFs on the DTCC
Some of the XRP ETFs on the DTCC

For the uninitiated, when an ETF appears on the DTCC site, it means the fund has completed early registration steps and is ready for potential market settlement once it receives approval. 

Notably, a DTCC listing doesn’t automatically mean trading has begun, but it does show that issuers and clearing partners have prepared for launch. 

Futures XRP ETFs Already Live, Spot Products Awaiting Debut

Some XRP ETFs are already live, while others are still waiting for clearance from the U.S. Securities and Exchange Commission (SEC), which has delayed several reviews due to recent government shutdowns.

The nine XRP ETFs fall into two main groups: futures-based and spot-based products. Specifically, UXRP, XRPI, XRPT, and XXRP track XRP prices through futures contracts, with daily leverage of one to two times the price movement. These funds don’t hold real XRP. 

Meanwhile, TOXR, XRP, XRPC, XRPL, and XRPR focus on spot exposure, meaning they hold XRP directly in custody accounts to mirror the token’s price more closely.

Several futures ETFs, including UXRP, XXRP, XRPI, and XRPT, have already gone live. XRPR, a hybrid fund from REX-Osprey with roughly 80% spot exposure under 1940 Act compliance, also launched in September. On the other hand, pure spot products TOXR, XRP, XRPC, and XRPL are still awaiting final SEC approval.

The review process for these spot ETFs stalled after the U.S. government’s shutdown on Oct. 1, which froze more than 16 pending altcoin ETF applications, including those tied to XRP, Solana, Dogecoin, and Cardano.

Spot XRP ETFs Could Launch This Month

Despite the shutdown, the altcoin ETF space recently saw major progress. On Oct. 28, Canary Capital launched the first U.S. spot Litecoin ETF. On the same day, Bitwise rolled out its spot Solana ETF (BSOL) under new generic listing standards approved in September. By Oct. 29, Grayscale’s Solana ETF (GSOL) also launched.

Attention soon shifted to XRP ETFs. Reporter Eleanor Terrett revealed that Canary Capital removed the delaying amendment from its XRP ETF filing, which sets November 13 as the automatic effective date once Nasdaq clears the ticker. 

A day later, Fidelity and Canary filed final S-1 updates for other altcoin ETFs. The same window now applies to multiple XRP filings. If the SEC clears these filings, the first batch of pure spot XRP ETFs could begin trading on Nov. 13. Additional spot ETFs for Dogecoin, Cardano, and Avalanche may follow before the end of November.

Shiba Inu Dumps 6% Despite SHIB Burn Spike and Falling Exchange Reserve

Mark Brennan
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Shiba Inu Dumps 6% Despite SHIB Burn Spike and Falling Exchange Reserve

Shiba Inu has joined a broader market downtrend, despite strong ecosystem developments such as token burns and whale accumulations.

Shiba Inu slid further today, following the path of crypto leader Bitcoin. The largest cryptocurrency by market cap fell below the 200-day moving average at $109,900 yesterday, forcing an over 6% drop in Shiba Inu’s price over the past 24 hours to $0.000009068.

The sideways price trend took SHIB’s weekly and monthly corrections to 13% and 30%, respectively, a clear sign that bears are in control of the token’s price trend.

Downtrend in Shiba Inu Despite Burn Rate Spike

Meanwhile, developments like burn rate increases could not buffer the strong bearish pressure. Notably, data from Shibburn shows that the number of tokens burned spiked by 17,612% to 12,315,409 SHIB earlier today.

This spike supports Shiba Inu’s deflationary mechanism, as more burns reduce the supply, making the token scarcer. Notably, the ecosystem has an auto-burn mechanism in place, with the community also supporting the movement to burn SHIB tokens.

However, the burn rate has reduced by 85.77% over the past 24 hours at the time of writing, with 1,609,669 SHIB incinerated. Meanwhile, the seven-day burn rate also stands at -57.16%, with 29.85 million burned in the timeframe.

SHIB Exchange Reserve Drops as Whales Accumulate

Interestingly, whales appear to be accumulating Shiba Inu despite the dip, as evidenced by the drop in centralized exchange reserves. Data from CryptoQuant shows that the meme coin’s reserve on all exchanges has dropped substantially over the past 24 hours.

Specifically, it reduced from 81.855 trillion yesterday to 81.725 trillion at the time of reporting, representing a 0.58% decline. It also marks the second consecutive day that exchange reserves of Shiba Inu are declining, pointing to a “buying-the-dip” disposition among enthusiasts.

Shiba Inu Exchange Reserve
Shiba Inu Exchange Reserve

While this has not influenced the current price of Shiba Inu, it boosts confidence and supports a rapid rebound when market conditions change. Shiba Inu is also trending around key demand zones, further fueling optimism of a price recovery.

Meanwhile, analysts are also predicting a good bounce for Shiba Inu as its 11-month bear market endures. One such commentator predicting this move is Saraah, who shared that SHIB would soon break out to target three higher price targets. His targets are price uptrends to $0.0000115, $0.00001172, and finally, $0.00001220.

Ripple Explains How XRP Will Drive Faster

Abdulkarim Abdulwahab
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0
Ripple Explains How XRP Will Drive Faster

Ripple has outlined an inspiring vision for XRP and its fast-growing stablecoin, RLUSD, in driving the next generation of global payments.

This came in a new Monday update on X, where the company celebrated RLUSD’s major milestone. At the same time, Ripple reaffirmed its strategy across prime brokerage, treasury management, and institutional payments.

 

RLUSD Hits $1 Billion in One Year

Ripple’s post, “RLUSD: One Year, One Billion,” marks the stablecoin’s official rise above a $1 billion market cap. Ripple highlighted three core features:

  • $1 billion+ valuation
  • Fully 1:1 USD-backed
  • Ranked number 1 for trust and transparency among institutional stablecoins

Just a year after launch, RLUSD has already become one of the top seven stablecoins, surpassing FDUSD and gaining traction across major markets. According to market data, roughly 80% of RLUSD is issued on Ethereum, while 20% circulates on the XRP Ledger.

Institutional adoption has accelerated through partnerships with BNY Mellon, Securitize, and African fintechs like Chipper Cash, Yellow Card, and VALR, expanding RLUSD access to millions across continents.

Ripple Prime, GTreasury, and Rail Join the Push

Ripple also stressed that the coordinated power of Ripple Prime, GTreasury, and Rail will accelerate global settlement using RLUSD and XRP.

Notably, Ripple Prime, following its rebrand from Hidden Road, has become the first crypto firm to operate a global, multi-asset prime broker. RLUSD is already collateral across prime brokerage products. Now, Ripple actively explores new XRP-based settlement models.

Meanwhile, GTreasury, acquired for $1 billion, opens Ripple’s access to the $120 trillion global corporate treasury market. Its integration enables real-time payments, liquidity management, and tokenized deposits. These are areas where XRP’s speed and low cost can shine.

Rail, alongside Ripple’s infrastructure, brings additional payment connectivity and compliance frameworks to support institutional-grade digital asset flows.

Together, these entities form a single engine to modernize institutional finance. In other words, the company’s major acquisitions in 2025 are now converging into a unified institutional ecosystem.

XRP at the Center of a New Global Settlement Network

Ripple’s latest post emphasizes that XRP remains a backbone for fast, compliant international payments.

Ripple President Monica Long recently said the “future ahead is mighty bright,” noting XRP’s growing role inside Ripple Prime and the wider institutional environment.

In earlier commentary, software engineer Vincent Van Code explained that corporations may never need to “buy XRP” themselves. Instead, XRP acts as the settlement layer powering payments and tokenized money movement across Ripple’s expanding ecosystem.

With RLUSD’s rapid ascent, GTreasury’s global reach, Ripple Prime’s multi-asset capabilities, and Rail’s compliance infrastructure, the XRP ecosystem continues to gain global spotlight.

Ultimately, Ripple is building a network that could handle trillions in future financial transactions, and XRP is at the center of it all.

Grayscale Mentions Shiba Inu Among Assets Eligible for Spot ETF Listings

Lele Jima
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0
Grayscale Mentions Shiba Inu Among Assets Eligible for Spot ETF Listings

Grayscale Investments has highlighted Shiba Inu among the cryptocurrencies that qualify for a spot exchange-traded fund (ETF) listing in the United States.

Grayscale mentioned this in a recent blog post titled, Market Byte: Here Come the Altcoins. Following the launch of Bitcoin and Ethereum ETFs, Grayscale has acknowledged that the process of introducing a similar product for altcoins, such as Shiba Inu, has now been streamlined.

According to the report, it took over a decade to launch the first spot Bitcoin ETP, spanning from the first proposal in 2013 to its eventual approval in January 2024. However, the SEC’s approval of the Generic Listing Standards (GLS) framework now accelerates the launch of crypto ETPs.

Approved in September 2025, the GLS framework no longer requires separate approval for each token. Instead, Grayscale explained that a crypto asset becomes eligible for a spot ETF once it meets specific regulatory criteria, allowing exchanges to list it for trading after the registration statement is finalized.

Shiba Inu Eligible for an ETF

According to Grayscale, at least 11 crypto assets currently qualify for a spot exchange-traded fund. Notably, Shiba Inu made the list of assets qualified for a spot ETF. Other cryptocurrencies such as Dogecoin, XRP, Polkadot, Cardano, Avalanche, Hedera, Litecoin, and Solana were also among the eligible assets.

While some of these assets, such as Hedera, Litecoin, and Solana, already have spot ETFs tracking their performance, others, including XRP, are still awaiting the SEC’s approval before they can begin trading.

However, no issuer has applied to the U.S. SEC to launch an ETF exclusively tied to Shiba Inu. The closest Shiba Inu has come to gaining ETF exposure in the U.S. stems from a recent filing by T. Rowe Price, a $1.7 trillion asset manager.

Last month, the firm applied to launch an ETP to track the performance of up to 15 cryptocurrencies, with Shiba Inu among the listed assets. In Europe, ETP provider Valour Inc. also launched a SEK-denominated fund for Shiba Inu, allowing institutional clients to gain exposure to the token.

Grayscale Snubs Call for Shiba Inu ETF

Despite these efforts, the Shiba Inu community longs for a U.S. ETF that tracks the performance of only SHIB. Such a product could offer several advantages, including attracting institutional capital, enhancing market accessibility, and driving potential price appreciation of the underlying asset.

Accordingly, the SHIB community has made several efforts to persuade asset managers, such as Grayscale, to launch a Shiba Inu ETF.  Last year, the community petitioned Grayscale on Change.org as part of efforts to bring an SHIB ETF to market.

The petition has seen beyond its initial goal of 10,000 signatures, with a total of 11,753 signatures now collected.

Despite this growing demand, Grayscale has yet to respond to the request and has not expressed any interest in launching a Shiba Inu investment fund.

Now that Grayscale has identified Shiba Inu as eligible for a spot ETF under the GLS framework, hopes are high that the firm could move forward with introducing a dedicated SHIB ETF.

Analyst Projects What to Expect Next for XRP After Predicting Its Rally in November 2024

Sam Wisdom Raphael
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Analyst Projects What to Expect Next for XRP After Predicting Its Rally in November 2024

One of the market analysts who accurately predicted the XRP rally in November 2024 is now projecting where the market could go from here.

Javon Marks, a well-known chartist, was one of the few market watchers who maintained their bullish stance on XRP despite its underperformance earlier last year before the explosive November 2024 upsurge.

The Previous XRP Prediction

For context, from January to October 2024, XRP remained stagnant around the $0.45 to $0.6 range, while the rest of the market saw respectable gains. As a result, concerns that it could miss the bull run like it did in 2021 re-emerged. 

For instance, market veteran Raoul Pal argued in August 2024 that the XRP community was exhibiting a cult-like mentality that would not let them dump XRP, as he suggested that the altcoin could very well miss the imminent bull run.

However, analysts like Javon Marks insisted that XRP was on the cusp of a breakthrough. As early as June 2024, when XRP still ranged between $0.45 and $0.51, Marks predicted that the XRP/BTC pair could see a 243% increase, with the XRP price soaring by more than 3.3x.

Five months later, the XRP/BTC pair recorded the projected upsurge, with XRP soaring from $0.5 in November 2024 to a peak of $3.4 in January 2025. This represented an impressive 6.8x increase, far outpacing the 3.3x projected by Javon Marks in June. 

Marks Projects Next Upsurge

Now that XRP is again facing struggles around the $2.3 to $2.5 region on the back of broader market uncertainty, Marks has presented another bullish prediction at a time when most analysts are expecting bearish price action, and market sentiments have dropped. 

In a recent disclosure on X, Marks identified a bullish price action on the XRP/BTC 2-week chart. Notably, the November 2024 rally allowed XRP to break above a descending trendline against BTC that had held strong for seven years. 

However, after the breakout, XRP met resistance at 0.00003415 BTC and has since pulled back and consolidated around a range of 0.000019 and 0.000033 BTC, still holding well above the 7-year descending trendline. Interestingly, the Oct. 10 market crash pushed the XRP/BTC pair to retest the trendline 0.00000720 before a quick recovery.

XRPBTC 2W Chart Javon Marks
XRPBTC 2W Chart | Javon Marks

Following this retest, Marks believes another upsurge is in the works. In his latest prediction, the analyst suggested that this time, XRP could outpace Bitcoin by a massive 600%, possibly pushing the XRP/BTC pair to 0.00015977, a seven-year peak. 

Notably, if the pair does hit the 0.00015977 high, this would be extremely bullish for the XRP price. Specifically, at the current Bitcoin price of $107,200, an XRP/BTC value of 0.00015977 would translate to a price of $17.1 for XRP. However, Bitcoin is likely to increase from this level, suggesting that XRP price may rise beyond the $17 mark.

Here’s How High XRP Price Could Go as BlackRock CEO Teases Tokenization of Currencies and ETFs

Sam Wisdom Raphael
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Here’s How High XRP Price Could Go as BlackRock CEO Teases Tokenization of Currencies and ETFs

Discussions around the XRP Ledger (XRPL) taking a slice of the tokenization market have resurfaced following recent comments from BlackRock CEO Larry Fink.

Notably, at the Future Investment Initiative in Riyadh, Fink explained that central banks across the globe are now asking how quickly they could digitize their currencies and what this change means for the role of the U.S. dollar and for payment companies like Mastercard and Visa. 

Larry Fink Bullish on the Future of Tokenization

The business executive stressed that while most people focus on artificial intelligence, they overlook how fast tokenization is growing. 

Fink described this trend as a potential improvement in the financial system’s “plumbing,” suggesting that technology is changing how money and assets move across the world. He added that many countries still underestimate how disruptive this change will be.

Reacting to Fink’s comments, Versan Aljarrah, founder of Black Swan Capitalist and a well-known member of the XRP community, said Fink’s message supports what the XRP community has believed for years. 

Aljarrah suggested that every central bank currency and ETF will eventually be digitized, and this change will require a single settlement layer to connect global markets. He claimed XRP would become the foundation of this new financial system.

Interestingly, the XRPL has recently taken center stage in the tokenization discussion. For instance, Ripple’s Chief Technology Officer, David Schwartz, confirmed in 2023 that the XRPL would pivot to tokenization. Also, earlier this year, Bitwise suggested that investors who want exposure to the future of tokenization should consider XRP. 

XRP Price if XRPL Takes a Slice of the Tokenization Market

These comments indicate that XRP could have a major role in the financial future where tokenization dominates the market. Notably, to evaluate what this could mean for the XRP price, we asked Google’s Gemini AI to present a hypothetical assessment. 

The chatbot described the scenario as highly optimistic but largely possible if Larry Fink’s outlook plays out and the XRPL becomes a major hub for tokenized currencies and assets. Gemini explained that if XRPL takes on that role, the demand for XRP could grow significantly.

The chatbot then referenced market forecasts that expect the asset tokenization industry to reach between $10 trillion and $26 trillion by 2030. 

Projected Tokenization Market Size
Projected Tokenization Market Size

Using a midrange estimate of $15 trillion, it calculated that if XRPL captured even 1-5% of that market, XRP’s market cap could range from $6 trillion to $30 trillion. With 60 billion tokens in circulation, this would put XRP’s potential price between $100 and $500, a highly bullish estimate.

XRP Price Prediction Google Gemini
XRP Price Prediction | Google Gemini

Gemini added that for such growth to happen, global institutions would need to adopt XRP for settlement, governments would need to approve clear digital finance rules, and the XRPL would need to stay ahead of rivals like Ethereum and Solana. The chatbot also mentioned that XRP’s built-in token burn mechanism could gradually reduce its supply and create upward pressure on its value.

Ripple RLUSD Stablecoin Crosses $1 Billion Valuation

Abdulkarim Abdulwahab
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0
Ripple RLUSD Stablecoin Crosses $1 Billion Valuation

In a remarkable turn of events, the supply of RLUSD, Ripple’s stablecoin, has surpassed the $1 billion valuation mark.

Market-tracking platforms such as Ripple Stablecoin Tracker on X and CryptoQuant confirm this milestone. With a $1 billion market cap, RLUSD solidifies its position among the top ten largest stablecoins in the market.

RLUSD Overtakes FDUSD

RLUSD has now edged out First Digital USD (FDUSD), which has a market cap of $1.002 billion, while RLUSD stands at $1.027 billion.

This achievement is particularly remarkable considering the coin launched just a year ago. Its valuation has steadily climbed over the past eleven months, as evident in CryptoQuant’s chart.

Notably, the chart shows that 80% of RLUSD tokens are issued on the Ethereum network, while 20% are issued on the XRP Ledger (XRPL). Specifically, Ethereum hosts $819 million worth of RLUSD, while XRPL holds $208 million.

RLUSD supply CryptoQuant
RLUSD supply CryptoQuant

Since its launch, RLUSD has experienced massive adoption, as reflected in its valuation now exceeding $1 billion.

Ripple offers blockchain-based payment, custody, and prime brokerage solutions for institutions, leveraging XRP and its stablecoin RLUSD to streamline traditional finance and promote digital asset adoption.

Massive Adoption and Partnerships

In July, Ripple partnered with The Bank of New York Mellon (BNY) as the primary custodian of reserves backing the RLUSD stablecoin. Since then, adoption has continued to expand.

In September, Ripple teamed up with Securitize to enable investors in BlackRock’s BUIDL and VanEck’s VBILL funds to directly swap their tokenized shares for RLUSD. This partnership introduced always-on smart contracts that provide continuous liquidity for tokenized treasury funds.

Also in September, Ripple expanded RLUSD into African markets through partnerships with Chipper Cash, VALR, and Yellow Card, bringing access to millions of users across the continent.

Just last week, Ripple announced that leading humanitarian organizations, including World Central Kitchen and Water.org, are utilizing the RLUSD stablecoin to transfer funds quickly, transparently, and efficiently across borders.

With Ripple’s blockchain-powered platform, nonprofits can send money globally in seconds, 24/7, without traditional banking delays. Paired with RLUSD, the system enables faster and lower-cost aid delivery.

Regulation and Oversight

Ripple stated that the growing adoption of the RLUSD stablecoin underscores the potential of stablecoins to strengthen global aid delivery and improve financial access.

Notably, RLUSD is fully backed 1:1 by liquid assets, independently verified, and issued under NYDFS oversight. It is also listed on major global exchanges, including Bybit, Gemini, Kraken, Bitso, Bitstamp, and Bullish.

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