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Ethereum’s Explosive Growth Surpasses 1.42M in User Assets: OKX

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Ethereum, a leading blockchain platform, has taken center stage as OKX, a prominent cryptocurrency exchange, recently introduced its twelfth asset reserve certificate, shedding light on the digital asset holdings of its users. The snapshot captured on October 24th has unveiled captivating developments within the cryptocurrency market.

In the realm of various digital currencies, Ethereum (ETH) emerges as a standout. User-held Ethereum assets on the OKX exchange have experienced a notable surge, indicative of the increasing favoritism for this blockchain. Demonstrating a remarkable 3.5% growth, user ETH assets now total 1.42 million, reflecting a net increase of 48,000 ETH. This expansion underscores the robust demand for Ethereum, potentially fueled by the thriving decentralized finance (DeFi) and non-fungible token (NFT) sectors.

In contrast, Bitcoin (BTC) assets on the platform saw a 4.49% decline, with user holdings dropping to 136,000 BTC. This data might signify a temporary shift in interest away from BTC in favor of other cryptocurrencies, such as ETH.

Moreover, the user holdings of stablecoins like USDT and USDC remained substantial, with USDT assets at 4.91 billion and USDC at 318 million, illustrating the continuing significance of stablecoins in the crypto ecosystem.

OKX’s asset reserve certificate offers valuable insights into cryptocurrency market dynamics, and the increasing Ethereum assets indicate the growing influence of this blockchain in the crypto landscape.

Ethereum’s Remarkable 20% Surge in October

Ethereum (ETH) has displayed a strong bullish trend, witnessing an impressive 20% surge throughout October. Over the last 24 hours, this leading altcoin, with the highest market capitalization, has seen a minor 0.11% increase in value, coupled with a substantial 90% rise in trading volume. This uptick in buying pressure suggests a potential upward trajectory for the cryptocurrency.

ETHUSDT 2023 10 30 22 12 18 638342989827361559
Source: TradingView

ETH’s path appears poised to break through the immediate resistance at $1,856, inching closer to the $1,900 threshold. In a notably bullish scenario, the gains could propel Ethereum towards the coveted $2,000 psychological level, representing a substantial 10% surge from its current position.

The favorable momentum is corroborated by technical indicators like the Relative Strength Index (RSI) and the Awesome Oscillator (AO), indicating that bulls remain firmly in control. The RSI maintains an upward trajectory, staying above the 70 level, signifying further potential for Ethereum’s price, while the AO rests in positive territory, signaling bullish dominance in the market.

80% Surge: Tether (USDT) Leads Stablecoin Adoption In Brazil’s Crypto Landscape

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In a financial landscape marked by increasing cryptocurrency adoption, Brazil stands out as a hotspot for the surge of stablecoins, with Tether (USDT) leading the charge. According to data from Brazil’s revenue service agency, stablecoins have become the go-to choice for crypto transactions in the country, accounting for a staggering 80% of all such activities.

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Unlike their volatile counterparts, stablecoins maintain parity with real-world currencies, creating stability that has expanded their utility as a medium of exchange. Monthly surveys conducted by the Federal Revenue since 2019 reveal a remarkable growth in the use of stablecoins, aptly translated to “stable currencies” in Portuguese.

Among these stablecoins, USDT shines the brightest. During the observed period, Tether’s trading volume surpassed R$271 billion, almost double that of Bitcoin at more than R$151 billion.

This meteoric rise in stablecoin usage has captured the attention of Brazil’s Federal Revenue Service, which is closely monitoring this burgeoning trend that is generating trillions of dollars globally. With thousands of cryptocurrencies in circulation, stablecoins like Tether and USDC, both pegged to the US dollar, as well as BRZ, tied to the Brazilian real, dominate the Brazilian crypto market.

Public data analysis underscores a notable shift in transaction preferences, with stablecoins, led by Tether, outpacing Bitcoin and traditional cryptocurrencies. This transformation bears significant implications for the regulatory and tax landscape of cryptocurrencies in Brazil.

Two revealing graphs depict the ascendancy of Tether in comparison to Bitcoin, indicating the shift in user preference and transaction volume.

Tether’s USDT Resilience Amid Market Volatility

Tether’s USDT stablecoin has reached a remarkable milestone, surpassing an $84 billion supply on October 21. This achievement coincided with a market rally driven by optimism surrounding the potential approval of a Bitcoin spot exchange-traded fund (ETF) in 2023. 

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In a challenging previous year, which witnessed the collapse of several crypto firms, its market capitalization briefly dipped to $66 billion. Concerns also arose about the stability of its reserves.

Despite these setbacks, a favorable market environment, coupled with challenges faced by competitors like Binance USD (BUSD) and USD Coin (USDC), contributed to Tether’s remarkable performance. Regulatory actions against its rivals further solidified Tether’s position in the market, with BUSD and USDC facing supply declines due to various issues.

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Solana’s Soaring Success & VC Skepticism: Unveiling the Crypto Conundrum

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In a recent tweet, Solana co-founder, Raj opened up about a concerning trend prevalent in the blockchain and crypto space in the last three quarters of 2022 and the first quarter of 2023. Raj revealed that several venture capitalists (VCs) advised companies against using Solana for their projects. Some went as far as to declare, “we don’t invest in Solana projects.” This revelation sparked a discussion within the crypto community.

The post quickly gained significant attention, drawing comments from notable figures in the industry. Chris Burniske, formerly a leader at crypto ARKinvest, predicted a shift in the VC sentiment, stating that it would transition from “We don’t invest in Solana projects” to “We’re underexposed to Solana.” He anticipated bidding wars as interest in the token projects surged, highlighting the quality of entrepreneurs in the ecosystem.

Burniske also offered valuable advice to startups, encouraging them not to raise more capital than necessary and to avoid excessive dilution. He emphasized the potential for lean and efficient operations in the crypto space and cautioned against the misconception that large funding rounds equate to success.

Famous trader Marky shared a similar sentiment, asserting that while there has been a shift in interest since the summer, many VCs still follow the herd mentality, favoring Ethereum and Layer 2 solutions. He pointed out that some VCs needed more proper research, believing that Layer 2 transaction fees were on par with the network and expressing concerns about Solana’s centralization.

Solana’s Remarkable Year-to-Date Performance

Despite the VC hesitance, Solana has performed exceptionally well in the crypto market. According to data from CoinGecko, the token has achieved a remarkable 214% gain this year, making it one of the best-performing crypto assets. In comparison, leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) saw increases of 106% and 50%, respectively.

Despite its challenges, such as the FTX/Alameda crisis and network congestion, the token has maintained a year-to-date uptime of 100%. The blockchain has also achieved significant adoption milestones, with Visa introducing USDC settlement on SOL in September and Solana Pay integrating with Shopify in August. Nevertheless, the crypto community eagerly awaits whether the sentiments expressed by VCs towards SOL will evolve in light of its continued success and growing adoption. 

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Crypto Market Loses $119B In Q3 2023

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In the third quarter of 2023, the crypto market experienced a significant decrease in its overall market capitalization, according to CoinGecko’s 2023 Q3 Crypto Industry Report. The market capitalization dropped by 10%, totaling a loss of $119 billion from the previous quarter. This decline was primarily driven by a sudden market downturn in mid-August, which split the Q3 into two distinct parts.

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CoinGecko

Q3 Crypto Trends: Liquidity & Trading Volume Decline

The third quarter was a tale of two halves, with a sudden and unexpected market drop occurring in mid-August. This drop caused Bitcoin’s (BTC) value to plummet from approximately $29,000 to just $26,000 within a single day, shrinking the total cryptocurrency market capitalization from $1.2 trillion to $1.1 trillion. 

This significant decline perplexed many in the crypto space, as there were no major market-related news events on that fateful day. Traders were gradually winding down their activities as summer came to a close. Centralized exchanges experienced a 20.2% decrease in trading volumes during the third quarter, reflecting the lack of momentum in the crypto market.

CoinGecko’s comprehensive 2023 Q3 Crypto Industry Report covers various aspects of the cryptocurrency landscape, including an analysis of Bitcoin and Ethereum, a deep dive into decentralized finance (DeFi) and non-fungible token (NFT) ecosystems, and a review of the performance of centralized exchanges (CEX) and decentralized exchanges (DEX).

During this quarter, the crypto market witnessed notable shifts in rankings. Solana (SOL) and TrueUSD (TUSD) climbed the ranks, while Litecoin (LTC), Avalanche (AVAX), and Binance USD (BUSD) faced declines. Hedera (HBAR) and Filecoin (FIL) secured positions in the top 30, but Lido (LDO) and Internet Computer (ICP) fell out of the rankings.

The stablecoin market also experienced a 3.8% contraction in its market cap. TrueUSD (TUSD) was the only gainer among the top 5 stablecoins, while others, such as USD Coin (USDC) and Binance USD (BUSD), suffered losses.

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CoinGecko

The report highlighted the growing interest in Real World Asset (RWA) tokenization, particularly in tokenized US treasury bills, which saw a 5.84x increase in market cap from January to September. Traditional financial institutions led the charge, with Franklin Templeton and Ondo Finance holding significant market shares.

NFT trading volume declined by 55.6%, falling from $3.67 billion in Q2 to $1.63 billion in Q3. Ethereum maintained its dominance in the NFT market, while ImmutableX NFTs gained ground with the launch of Gods Unchained.

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CoinGecko

Lastly, spot trading volume on centralized exchanges dropped by 20.1%, with Binance’s market share hitting a yearly low of 44%. HTX, formerly known as Huobi, regained its position in the top 10, while Kucoin was edged out. 

On the decentralized exchange front, spot trading volume declined by 31.2%, with Sushi losing its top 10 spot, which Orca took. THORchain saw the most significant gains, although this surge in volume was partly attributed to illicit transfers.

Related Reading | SEC Drops Case Against Ripple Execs As Judge Signs Dismissal Order

Litecoin Bears In Action: Testing Key Support At $60, But Signs Of A Potential Rebound?

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Litecoin (LTC) enthusiasts have recently been riding a rollercoaster of emotions as bears have taken control, pushing the cryptocurrency below the critical $60 support level. However, there’s a glimmer of hope for a potential rebound as Litecoin marks its 12th anniversary and a significant development on one of the leading crypto exchanges.

As of the latest data, LTC is trading at $61.56, struggling to regain its footing after a fall from the $65 point earlier this week, which sent it tumbling to its support level at $60. Currently, the primary resistance lies near the $62.00 level and the 55 simple moving average (4 hours). The major hurdle to overcome is at $63.00.

LTC 7D graph coinmarketcap 11
Source: Coinmarketcap

A decisive move above the $63 mark could potentially propel LTC toward the $66.40 level, with $70 being the next significant resistance. Conversely, immediate support is at the $59.50 level.

Litecoin’s recent 12th-anniversary celebration signifies its remarkable resilience in the crypto world. From its inception as “silver to Bitcoin’s gold” to its recent ventures into NFTs, Litecoin’s journey is an extraordinary example of endurance in the volatile cryptocurrency market.

Litecoin Perpetual Futures: A New Avenue

A recent announcement from a leading cryptocurrency exchange, Coinbase, further enhances the prospects of a price rebound. Starting on October 18th, Coinbase Advanced, a platform catering to sophisticated retail traders, introduced trading for Litecoin perpetual futures for customers in eligible non-US jurisdictions. 

This launch positions Litecoin among a select few cryptocurrencies available for perpetual futures trading, indicating growing demand for such products in the crypto derivatives market.

Coinbase Advanced’s introduction of Litecoin futures offers up to 5x leverage (3x for XRP) and settles in USDC, a widely trusted stablecoin. The exchange also plans to expand its offering in the coming months. Customers will benefit from an attractive introductory fee rate of 0% (maker) and 0.03% (taker).

By providing a seamless interface to trade highly liquid spot markets alongside derivatives, Coinbase Advanced is making it easier for traders to explore new strategies and tools such as advanced order types, TradingView charts, and APIs for automated trading.

In this move, Coinbase caters to the growing needs of its customers, recognizing the demand for a secure and transparent platform for crypto derivatives trading. Institutional customers and retail traders can now access Coinbase International Exchange’s perpetual futures contracts, all built within rigorous compliance standards.

Litecoin’s price journey may currently be shrouded in uncertainty, but its resilience over the years and the expanding options for trading on trusted platforms offer a ray of hope for both long-term HODLers and short-term traders. The crypto world, as always, remains a dynamic and exciting space to watch.

Related Reading | Bitcoin’s Struggle & Altcoins’ Resurgence: Are We At The End Of Bear Market Cycle?

Crypto Sentiments In Hong Kong: 41% Shy Away Following JPEX Scandal

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Public sentiment towards crypto in Hong Kong has taken a nosedive in the wake of the JPEX crypto exchange scandal, according to the initial findings of a comprehensive survey conducted by The Hong Kong University of Science and Technology’s business school. The research sought to gauge the scandal’s impact on public attitudes toward virtual assets (VAs).

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Crypto Sentiments In Hong Kong: 41% Shy Away Following JPEX Scandal 9

The survey revealed that a staggering 41% of respondents in Hong Kong now prefer not to hold VAs, marking a significant increase of 12 percentage points since a previous survey conducted before the JPEX scandal. The study, conducted in two phases, has tracked public sentiments regarding VA investments, intentions, and regulatory safeguards.

In this latest round of findings, approximately 20% of respondents expressed a desire to hold VAs in the future, a notable decrease of five percentage points compared to data collected before the financial incident.

With 84% of respondents confirming their awareness of virtual assets, recent events have triggered greater interest in regulatory issues and a more cautious investment approach. Associate Dean of the HKUST Business School, Prof. Allen Huang, emphasized that while VAs have the potential to drive financial sector innovation, they also pose significant risks and challenges for investors and regulators.

The survey also highlighted the media sources respondents rely on for information about VAs. “Other online resources” such as websites, blogs, podcasts, and videos were deemed the most important by 23% of respondents, closely followed by social media (21%) and traditional media like newspapers, magazines, and television (18%).

Prefer To Invest In Crypto

Regarding investment preferences, 61% of respondents identified crypto exchanges as their preferred medium for holding VAs. Among the various types of VAs, Bitcoin emerged as the top choice for 73% of respondents, followed by NFTs (24%) and Ether (21%).

Interestingly, most willing to invest in VAs plan to invest HK$50,000 or less. Respondents also preferred directly owning tokens and investing in ETFs over investing in VA derivatives or companies operating in the crypto space.

Furthermore, approximately 57% of respondents in the second-phase survey are aware of Hong Kong’s regulatory requirement for VA asset service providers, including crypto exchanges, to obtain licenses for operation, indicating a significant increase of 15 percentage points compared to the first-phase survey.

Despite the increase in regulatory awareness, there is still a common misconception among over half of the respondents that virtual assets traded on HK-licensed exchanges are approved by regulators.

Related Reading |  Ethereum Foundation Clarifies Vitalik Buterin’s $15M USDC Transaction 

Ethereum’s Whales: Historic 1/3 Supply Control Since 2016

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The Ethereum community is buzzing with excitement as the richest ETH investors have significantly increased their token holdings. Recent data from leading data aggregator Santiment shows that these high-value wallets, known as whale addresses [holding a minimum of 1 million ETH], now control more than 32% of the available supply—a level not seen since 2016. Moreover, transactions exceeding $1 million experienced their second-highest volume in five weeks just a day earlier. Undoubtedly, these developments mark a historic moment in the altcoin’s history.

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Ethereum's Whales: Historic 1/3 Supply Control Since 2016 11

The unprecedented rise of these Ethereum whales to this level of dominance reflects a stark concentration of wealth within the network. This concentration, while not new in the world of cryptocurrencies, has raised concerns among experts and enthusiasts alike. Many are closely monitoring these developments, pondering the potential impact on the market’s stability and decentralization.

In addition to this remarkable milestone, Ethereum also witnessed a surge in high-value transactions, each valued at $1 million or more. Yesterday’s transactions marked the second-highest volume in this category over the past five weeks. The substantial movement of funds indicates a flurry of activity among institutional investors and high-net-worth individuals, underscoring the growing interest in Ethereum as a store of value and an investment asset.

Ethereum Grapple With Resistance As Whales Stay Resolute

While Ethereum’s price has been volatile, it recently bounced back from the support level at $1,533. As of the time of writing this piece, ETH is trading at $1,574. Analysts closely monitoring the market note that the major cryptocurrency is on the brink of a potential further decline if it breaches the $1,533 support threshold.

However, amidst this looming risk, recent findings from blockchain analytics platform Santiment indicate that Ethereum’s large holders, often referred to as whales, are strategically positioned to avert such a downturn. These significant investors could play a pivotal role in stabilizing ETH’s value, acting as a buffer against a more substantial price decrease. Their actions and decisions are being closely monitored by traders and experts, as they could significantly influence the market’s direction in the coming days.

Ethereum’s Vitalik Buterin Sets The Record Straight: Not Selling, But Donating

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In a recent Warpcast post on October 17th, Ethereum founder Vitalik Buterin sought to clarify a common misunderstanding prevailing in the cryptocurrency community. He addressed the misinterpretation of his Ethereum transfers, emphasizing that when an article claims “Vitalik sends XXX ETH to [exchange],” it doesn’t entail him selling his holdings for personal gain. 

Rather, these transactions mostly involve donations to charities, non-profit organizations, or other projects, with the recipient often selling the crypto to cover their operational expenses. Buterin underscored that he hasn’t engaged in “selling” ETH for personal gain since 2018.

Buterin’s message comes in response to mounting confusion among cryptocurrency enthusiasts and investors who have often misinterpreted these transfers as sell-offs. This misconception has occasionally led to bearish sentiments affecting the overall market.

The clarification from the Ethereum co-founder follows a recent report indicating that Kanro, a charitable organization associated with Vitalik Buterin, has executed several significant transfers of USDC (USD Coin) in the past week. 

A total of 15.43 million USDC was moved to a multi-signature wallet, with 500,000 USDC being sent to Coinbase on October 14th and a substantial sum of 14.93 million USDC transferred to Gemini on October 16th. 

Back in June 2023, Vitalik introduced Kanro, which primarily receives funding from Crypto Relief, an initiative led by Polygon founder Sandeep and Vitalik himself. Kanro focuses on researching global solutions for the COVID-19 pandemic and potential future epidemics.

In recent months, Buterin’s cryptocurrency transfers have consistently drawn public attention, with the cumulative value of transfers from his wallets surpassing $3.9 million in September alone. Notably, on September 24th, a transaction involving 400 ETH, valued at approximately $600,000 at the time, was sent to Coinbase. 

Another noteworthy transaction occurred on August 21st, when a total of 600 ETH, equivalent to $1 million, was moved from the “vitalik.eth” address, an event tracked and identified by on-chain monitoring platforms.

Ethereum Price Analysis

Despite ongoing discussions and speculations surrounding Buterin’s activities, Ethereum’s market performance remains a topic of interest. As of the most recent data, the price of Ethereum stands at $1,572.63, with a 24-hour trading volume reaching $5,078,433,188. 

ETH 7D graph coinmarketcap 4
Source: CoinMarketcap

Over the past 24 hours, Ethereum’s value has experienced a minor decline of 1.02%. Regarding market capitalization, Ethereum currently ranks as the second-largest cryptocurrency, boasting a live market cap of $189 billion.

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EU Unlocks The Crypto Vault: New Tax Rules Bring Transparency & Innovation

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To increase transparency and regulation, the European Union has formally adopted new tax data-sharing rules for crypto companies. These rules, which require crypto firms to report customer holdings, encompass a wide range of digital assets, including stablecoins, non-fungible tokens (NFTs), decentralized finance (DeFi) tokens, and even proceeds from crypto mining.

New Crypto Tax Data Sharing Rules

The decision to implement these rules was made by the finance ministers of the European Union on October 17th, and the document is slated to be published in the EU’s Official Journal, with enforcement scheduled to begin 20 days thereafter. The unanimous support from EU member states underscores the urgency of addressing the potential for individuals to hide assets overseas using digital currencies.

The ne­w regulations extend the­ Eighth Directive on Administrative Coope­ration (DAC8). This directive require­s digital currency companies to provide de­tailed information about their customers’ holdings. The­ shared data will be automatically exchange­d among tax authorities across the EU, bolstering the­ir efforts in combating tax fraud, evasion, and avoidance.

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As announced by European Union Finance Ministers, these rules represent a substantial step toward enhancing tax transparency for service providers dealing with digital assets within the EU. They align with the Markets in Crypto-assets (MiCA) Regulation and the transfer of funds regulation (TFR), and they are fully consistent with the OECD’s initiative on the Crypto-Asset Reporting Framework.

The dire­ctive tackles a crucial issue: the­ limited accessibility of information for tax authorities to monitor e­ffectively and tax crypto transactions. With cryptocurre­ncies being borderle­ss by nature, it becomes challe­nging for authorities to ensure appropriate­ taxation, resulting in a significant loss of potential tax reve­nue for European citizens. 

The scope of the­ directive has expanded to encompass reporting require­ments for financial institutions related to e­-money and central bank digital currencie­s. Additionally, it emphasizes the ne­cessity of automatic information exchange conce­rning advanced cross-border rulings individuals employ.

These­ rules bring benefits not only for tax authoritie­s but also for businesses and users. The­y ensures consistent re­porting standards across the EU, promoting legal certainty and cre­ating a favorable environment for crypto-re­lated firms. 

Moreover, by improving tax transpare­ncy and cooperation, the EU takes a significant stride­ towards tapping into the potential of the digital curre­ncy market while safeguarding tax re­venues and combating illicit financial activities.

Related Reading | Ethereum Foundation Clarifies Vitalik Buterin’s $15M USDC Transaction

XRP Ledger Prepares To Tokenize Real-World Assets as Ripple CTO Reveals Roadmap

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The XRP Ledger (XRPL), a pioneer in the blockchain space, is poised to revolutionize the world of real-world assets (RWA) through tokenization. Ripple’s Chief Technology Officer, David Schwartz, recently shared insights into XRPL’s potential as a platform for RWA projects, hinting at a timeline for their launch.

Schwartz’s announcement came during a video shared by the Flip The Chain team, where he outlined XRPL’s exciting roadmap. According to Schwartz, real-world assets are set to make their digital debut on the XRP Ledger within the next year and a half. 

XRP Ledger’s appeal for RWA tokenization lies in its low transaction fees and seamless integration for on-chain asset exchange. It makes it possible for users to buy, sell, store, and transfer assets without the need for traditional fiat currencies like the US dollar, thanks to XRPL’s decentralized exchanges (DEXes).

The gossip in the crypto world is that the first RWA tokenization projects could materialize as early as 2024 or in the early months of 2025. Assets like gold and real estate may be among the first to receive virtual representation on XRPL.

Meanwhile, the XRPL community eagerly awaits a decision on the “XRPL AMM” proposal, which aims to transform the platform into a DeFi powerhouse.

Enhancing USDC Transactions On XRP Ledger (XRPL)

In other XRPL news, SpendTheBits, a payment protocol built on the XRP Ledger, recently revealed a strategic partnership with Circle, a renowned stablecoin issuer. This integration, achieved using the Circle Developer API, now allows SpendTheBits users to effortlessly deposit and withdraw USDC, a popular stablecoin, across multiple blockchain networks.

SpendTheBits expressed their excitement in their announcement, stating that this achievement paves the way for a new era in cryptocurrency transactions. Using the STB app, users can engage in peer-to-peer transactions within and outside the XRPL ecosystem. The platform also simplifies business transactions through its Merchant portal participant, facilitating both XRPL-based and cross-chain payments in USDC.

This development opens doors to an expanded array of merchant opportunities, as businesses can now embrace USDC alongside Bitcoin payments. It marks a significant step towards a future where digital currencies seamlessly integrate into daily life, offering efficient, secure, and universally accessible financial transactions.

Related Reading | California Governor Approves ‘Digital Financial Assets Law’ For Crypto Regulations