Category: Altcoin News
Ripple Expands RLUSD Stablecoin with Additional Minting: What You Need to Know
Ripple, the prominent blockchain company based in San Francisco, has recently minted an additional 1 million RLUSD tokens, bringing the total supply to new heights. This update, tracked by @RL_Tracker, is just the latest in Ripple’s growing stablecoin ecosystem.
Ripple's Milestone: 1 Million RLUSD Tokens Minted
Earlier in February, Ripple minted 2 million RLUSD tokens on February 1, further boosting the supply of its dollar-pegged stablecoin. The stablecoin, RLUSD, surpassed a major milestone in January 2025, reaching a market capitalization of over $100 million. This latest minting underscores Ripple’s continued commitment to the growth and stability of its stablecoin offering.
Celebrating Growth: Ripple’s Vision for Stablecoins
Ripple CEO Brad Garlinghouse expressed his excitement about the achievement, marking it as a significant step in the company’s blockchain journey. Jack McDonald, Ripple’s Senior Vice President of Stablecoins, also noted the “amazing traction” stablecoins have gained in the market, reflecting a growing trend toward decentralized finance solutions.
RLUSD Stablecoin Reaches $110 Million Market Cap
As of now, RLUSD’s market capitalization stands at an impressive $110 million, according to data from CoinGecko. Ripple President Monica Long highlighted the importance of trust and compliance in the rapidly expanding stablecoin market. She explained that RLUSD represents a seamless bridge between traditional finance and blockchain technology.
RLUSD on Global Exchanges
RLUSD, Ripple’s dollar-pegged stablecoin, was first introduced to global exchanges on December 17, 2024, following approval from the New York Department of Financial Services (NYDFS). It has already been listed on major exchanges such as Bitstamp, and Ripple has plans for further listings as the stablecoin gains traction.
DeFi Integration and AMMClawback Amendment
One of the most exciting developments for RLUSD is its recent integration into decentralized finance (DeFi) pools. Thanks to the AMMClawback amendment on the XRP Ledger, RLUSD can now be used in DeFi pools with the added benefit of token recovery in case of misuse. The XRP/RLUSD pool currently holds $1.3 million in liquidity, showcasing the growing use of RLUSD in the DeFi space.
The Future of Stablecoins: Ripple's Strategic Approach
Ripple’s RLUSD is making a significant impact in the blockchain and cryptocurrency landscape. The company’s focus on regulatory compliance, trust, and innovative technology positions RLUSD as a promising player in the evolving stablecoin market.
With more exchanges listing RLUSD and its growing adoption in decentralized finance, Ripple’s dollar-pegged stablecoin is set to play a crucial role in the future of digital finance.
Charles Hoskinson Discusses RLUSD Negotiations with Ripple and Cardano's Future in Blockchain
Charles Hoskinson, the founder of Cardano (ADA), recently shared insights about potential negotiations involving RLUSD and his ongoing talks with Ripple representatives. In a candid conversation during a YouTube AMA session, Hoskinson elaborated on the state of discussions with Ripple’s leadership and offered his perspective on the future of Cardano and blockchain technology.
Cardano’s Future in Blockchain: Talks with Ripple Leaders
Hoskinson revealed that he has been in talks with Ripple’s Brad Garlinghouse and David Schwartz regarding RLUSD. While negotiations are progressing, he emphasized that Ripple has requested a delay until March due to their ongoing work with the New York Department of Financial Services (NYDFS). Despite this temporary hold, Hoskinson remains optimistic about the potential for collaboration. “We talked to David Schwartz and Brad Garlinghouse. There is a strong possibility we can negotiate RLUSD. Ripple told us to wait till March, as they just finished NYDFS,” Hoskinson mentioned during the AMA.
Cardano's Performance Amid Market Volatility
While the cryptocurrency market has experienced a downturn, Hoskinson remains confident about Cardano’s performance. Over a recent 24-hour period, Cardano’s price dropped by 19%, and it saw a 23% decrease over the past week. However, compared to major cryptocurrencies like Dogecoin, Solana, and Binance Coin (BNB), Cardano’s losses were relatively less severe.
Hoskinson pointed out that the market’s current volatility is partially linked to overblown expectations, especially surrounding Bitcoin’s performance during Donald Trump’s presidency. He expressed optimism, stating that the long-term future of the cryptocurrency market remains positive, despite short-term fluctuations.
Blockchain Technology: A Critical Component of Future Government Systems
Looking ahead, Hoskinson envisions a pivotal role for blockchain technology in governmental frameworks. He predicts that within five years, blockchain will be widely integrated into key aspects of government functions, including voting, purchasing, and identity management.
Hoskinson also suggested that a Bitcoin reserve could be established by the U.S. government, potentially backed by Cardano. This move would not only enhance the DeFi landscape but also strengthen Cardano’s role in the blockchain ecosystem.
Final Thoughts: A Bright Future for Cardano and Blockchain Technology
Despite the current challenges in the crypto market, Charles Hoskinson remains committed to the long-term vision for Cardano and the blockchain industry. His insights into future collaborations with Ripple, the evolving role of blockchain in government systems, and Cardano’s potential in decentralized finance position Cardano to thrive as a key player in the future of blockchain technology.
Errol Musk Joins the Celebrity-Backed Crypto Craze with MUSKIT Meme Coin
Celebrity-backed cryptocurrencies have been creating waves in the crypto space, and the latest name to jump into the trend is none other than Errol Musk, the father of tech mogul Elon Musk. Errol is making headlines with his upcoming meme coin, *MUSKIT*, and the crypto community is already reacting to the buzz.
MUSKIT Meme Coin Set to Raise $200 Million
Errol Musk is planning to raise up to $200 million with the launch of his MUSKIT token. Launched by a Middle Eastern crypto firm in December 2024, MUSKIT has already started to gain momentum. The new meme coin has surged in price, making waves across the market as it’s tied to the Musk family name. The funds raised from MUSKIT will reportedly go toward supporting the Musk Institute, a for-profit think tank that Errol Musk co-founded with Nathan Browne. The Musk Institute aims to focus on groundbreaking projects such as flying vehicles and scientific research.
Errol Musk is embracing the family name with his venture, declaring, “I’ve been ‘Musking it’ for years,” signaling his long-time involvement in the world of innovation.
MUSKIT Coin: A Roller Coaster Ride of Price Fluctuations
Following the announcement of *MUSKIT*, the coin saw a massive 200% increase in value, only to plummet shortly after, now hovering around $0.065. Despite the early gains, many crypto traders are skeptical about MUSKIT’s future performance. Experts have raised concerns over the coin’s structure, transparency, and potential risks. The lack of clear information surrounding the supply and ownership distribution is a significant point of worry, as reports suggest that Errol Musk’s company may hold up to 80% of the coin’s total supply.
With these uncertainties, some analysts speculate that a potential “rug pull” could be in the cards for MUSKIT, leaving investors at risk of significant losses. The use of branding and imagery closely associated with Elon Musk’s companies has raised red flags, as some believe it could mislead investors into thinking Elon Musk is involved in the project.
Celebrity Meme Coins: A Risky Investment Trend
While MUSKIT rides the waves of the celebrity-backed meme coin trend, there are growing concerns about the sustainability of such projects. Historically, celebrity-driven meme coins tend to experience a surge in value, followed by a sharp decline, often leaving late investors at a loss. As MUSKIT fluctuates in value, traders are questioning whether the coin is already “dead” or if it still holds potential for recovery. With the price already dropping and uncertainty surrounding its structure, investors are on edge.
Ethereum Drives $2.24B Crypto Liquidation Amid Global Tariff Disputes
Over the past 24 hours, the cryptocurrency market experienced a dramatic decline, with over $2.24 billion in liquidations affecting more than 730,000 traders. This sell-off was largely driven by increasing geopolitical instability, particularly stemming from the global tariff war. Ethereum (ETH), the second-largest cryptocurrency, took center stage in the market downturn, with liquidations related to ETH reaching an astounding $609.9 million.
Analysts have compared this sudden crash to previous significant market events, such as the collapse of FTX and the COVID-19 market crash, given the scale and swift impact of the downturn. The largest liquidation occurred on the Binance exchange, with a notable order on the ETH/BTC trading pair valued at $25.6 million, as recorded by CoinGlass data.
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The market’s turmoil was exacerbated by external factors, including the announcement of new tariffs by former U.S. President Donald Trump, targeting imports from China, Canada, and Mexico. This news triggered sharp price drops in leading altcoins, including ETH and Cardano (ADA), which lost double digits in value within a single hour. The liquidation event saw Binance take the brunt of the impact, accounting for 36.8% of the total liquidations, a reflection of its large user base. Other exchanges, such as OKX, Bybit, Gate.IO, and HTX, also saw significant liquidation volumes.
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Long traders, who were betting on the continuation of a bullish market, bore the brunt of the losses, with a staggering $1.88 billion, or 84%, of the total liquidations affecting their positions. This suggests that many traders were overly optimistic about a market recovery, especially after the U.S. spot Bitcoin exchange-traded funds (ETFs) garnered nearly $5 billion in investments in January alone, signaling potential future inflows.
Despite the severity of the liquidations, the market’s reaction to such events has not been entirely negative. According to Joe Consorti, a leading analyst from Theya’s Bitcoin team, the impact of this recent liquidation event exceeded even those witnessed during the COVID-19 pandemic and the FTX crash. As of February 3, market sentiment remains in a state of “fear,” according to data from Alternative.me. This heightened anxiety is an indication that many crypto investors are becoming increasingly wary of their positions. However, history has shown that such extreme fear levels can sometimes present opportunities for savvy investors looking to buy at lower prices.
Conclusion
The combination of global political and economic factors, market uncertainty, and massive liquidations has left the crypto market on edge. With investor sentiment continuing to shift, only time will tell how the market will react in the coming weeks and whether these “fear” conditions will lead to potential buying opportunities for those ready to capitalize on the downturn.
