Ripple Unveils Exchange Partners for RLUSD Stablecoin

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Table of Content

In today edition we talk about

• Ripple Unveils Exchange Partners for RLUSD Stablecoin

• US Bitcoin ETFs See $556 Million Inflows, Biggest Since June

• JPMorgan Turns Bullish on Crypto for 2025, Citing Key Factors Including Potential Trump Win

• Crypto Market Sees Major Maturity in 2024: Coinbase Report

Ripple Unveils Exchange Partners for RLUSD Stablecoin

Ripple has teamed up with several major exchanges and platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish, to support the distribution of its RLUSD stablecoin. Ripple CEO Brad Garlinghouse described RLUSD as aiming to set the "gold standard" for enterprise-grade stablecoins, with uses in payments, tokenization of real-world assets, and decentralized finance. The RLUSD stablecoin, which launched for testing on both the XRP Ledger and Ethereum mainnets in August, is designed to facilitate faster, cheaper cross-border payments alongside Ripple’s native XRP token. It will be fully backed 1:1 by US dollar reserves or short-term equivalents, ensuring overcollateralization.

US Bitcoin ETFs See $556 Million Inflows, Biggest Since June

On October 14, US-based Bitcoin ETFs saw their largest inflows since June, totaling $555.9 million, as Bitcoin hit a two-week high of $66,500. Fidelity’s ETF led the surge with $239.3 million, followed by Bitwise’s fund with over $100 million in inflows. Franklin Templeton, Valkyrie, and Grayscale Bitcoin Trust also saw their first October inflows. Nate Geraci, President of ETF Store, called it a “monster day,” noting that Bitcoin ETFs have attracted nearly $20 billion in net inflows this year, driven by institutional and advisory investors.

JPMorgan Turns Bullish on Crypto for 2025, Citing Key Factors Including Potential Trump Win

JPMorgan analysts have shifted to a bullish outlook on the crypto market, projecting growth through 2025. Key factors driving this optimism include a potential return of Donald Trump as U.S. president, which could influence market dynamics, especially through policies that may support Bitcoin.

Analysts, led by Nikolaos Panigirtzoglou, highlight the "debasement trade," where investors turn to assets like Bitcoin and gold to hedge against economic instability. They also note growing institutional interest, recovery in the stablecoin market, and upcoming events like the FTX bankruptcy payouts as reasons for their positive stance.

The stablecoin market is rebounding, though U.S. stablecoin regulations, expected by 2025, remain a key uncertainty. Bitcoin’s current price of around $67,000 also exceeds JPMorgan’s estimated production cost of $47,000, further fueling the analysts' confidence.

Crypto Market Sees Major Maturity in 2024: Coinbase Report

A new report from Coinbase and Glassnode highlights the significant maturation of the cryptocurrency market in 2024, with billions flowing into spot crypto ETFs and increased blockchain transaction volumes. Despite range-bound prices, the market has become more liquid, sophisticated, and accessible, according to the report by David Duong and Glassnode’s analysts. Key trends include the growing adoption of stablecoins, Ethereum layer-2 scaling solutions, and reduced volatility in Bitcoin’s price. Spot Bitcoin ETFs, introduced in January, attracted $5 billion in Q3 2024, while stablecoins hit a market cap of $160 billion. Although Ethereum ETFs saw outflows, Ethereum’s ecosystem continues to expand, driven by innovative layer-2 networks like Coinbase’s Base.

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