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Stablecoins debuted in the market much later than Bitcoin and other traditional cryptocurrencies. However, as of writing, the entire stablecoin market was valued at $150 Billion and is expected to expand in 2024.
Recent information states that Ripple is planning to enter the stablecoin market by launching its in-house stablecoin which will be pegged by the U.S. dollar. The company states that the stablecoin will always be backed 1 to 1 by an equivalent sum of assets.
Ripple asserts that reserves would be accounted for in publicly available monthly attestation reports. However, which company will carry out the auditing procedure still needs to be determined.
Ripple is a budding player in the international payments sector and is aiming to compete with Tether. There are claims that the launch will be first made in the United States.
According to CoinMarketCap, the global stablecoin intraday trading volume is $92,753,392,520, and the market capitalization is $153,866,732,043.
Tether (USDT) has $106.6 Billion in market capitalization, which makes it the leader of stablecoins. The trading volume of stablecoin market surged 5.75% in the past 24 hours. PayPal, a global financial giant, also launched its stablecoin earlier this year.
Other News
Over the past few weeks, GrayScale’s ETF has recorded massive outflow. Ark Invest (ARKB) ETF has blended and surpassed GBTC ETF.
On April 02, 2024, the ARKB ETF saw an outflow of $88 Million; at the same time, the GBTC ETF lost only $82 Million. Weakness in the buying volume was observed following the sudden decline in the trading price of Bitcoin.
The subsidiary of GSR Markets has secured a significant payment institution (MPI) from the Singaporean Financial Authority (MAS). The company gathered approval on April 01, 2024, from MAS Singapore.
The press release of the GSR Markets quotes that it is the first company to secure the entire MPI license in the nation. It is crucial to note that presently, 19 companies are offering cryptocurrency services and digital payment token services, and they also have MPI licenses.
Crypto Market Overview
As of writing, the global cryptocurrency market capitalization is $2.48 Trillion; the market capitalization has seen a significant boost since the beginning of 2024. Bitcoin, the market leader, bleeds 4.29% intraday and, when writing, is trading at $66,726.
Pendle (PENDLE) added 19.49% to its trading price, making it the intraday gainers list leader. Core (CORE) is trading at $2.41, which makes it the top of the past 24 hours of losers.
Similarly, the weekly gainers list is solely led by Core (CORE), as its prices are 119.42% more compared to a week ago. Wormhole (W) lost 28.94% of its trading value in the past seven days; it has a market capitalization of $1.76 Trillion.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
