Ripple Reveals Ticker for Upcoming Stablecoin, Shiba Inu Praised by Forbes, Coinbase Sees Over $1 Billion Ethereum Outflow: Crypto News Digest by U.Today

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As a seasoned crypto investor, I’ve seen my fair share of market fluctuations and company announcements. The news about Ripple’s upcoming stablecoin, RLUSD, is intriguing, especially considering the regulatory scrutiny the industry has faced recently. While it’s promising to see Ripple taking a cautious approach to obtain necessary licenses before launching, I can’t help but wonder if this could potentially delay the release. As someone who has learned from past experiences, I understand that regulatory compliance is crucial, but patience is a virtue in the crypto world.

Check out U.Today’s top three news stories over the past day.

Ripple one step closer to stablecoin launch with ticker reveal

Emi Yoshikawa, Vice President of Strategy and Operations at Ripple, has shared on X platform that the ticker symbol for their upcoming stablecoin is “RLUSD.” The name of the stablecoin was first announced at the XRPLApex summit in Amsterdam by Ripple CEO Brad Garlinghouse. Ripple had expressed its intention to launch a stablecoin in April, but since then, few details about RLUSD have emerged. It’s known that it will be pegged to the U.S. dollar and issued on XRP Ledger. The release date has not been disclosed yet as Ripple aims to secure all necessary licenses before launching officially. Given the ongoing legal battle between Ripple and the SEC, it’s reasonable for the company to proceed cautiously; the SEC has already taken action against stablecoin issuer Paxos with a Wells Notice.

SHIB praised by Forbes as “beyond cute,” Shiba Inu executive reacts

I’ve come across some exciting news recently as the marketing lead of Shiba Inu, Lucie, announced on her X handle that Forbes, a renowned American business magazine, acknowledged SHIB token in an article focusing on meme cryptocurrencies. This recognition wasn’t limited to the adorable “cutest of all the doges” moniker; Forbes highlighted Shiba Inu as a “great example of how meme coins are evolving real utility and even leading the technological charge for other digital currencies.” I couldn’t be more thrilled to see an objective source acknowledging the dedication of our SHIB developers. The community members have been expressing their shared excitement in the comments as well.

Coinbase sees over $1 billion Ethereum outflow – what’s happening?

As a crypto investor, I’ve been keeping a close eye on recent developments in the market. A report from CryptoQuant caught my attention with the news of massive Ethereum (ETH) withdrawals from Coinbase. Over 336,000 ETH, worth around $1.17 billion, were taken out of the platform on June 12th. The magnitude and frequency of these withdrawals suggest that they could be instigated by whales or unknown institutional investors.

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2024-06-13 19:41