Blockchain
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
The Hong Kong Securities and Futures Professional Association (HKSFPA) has recommended the creation of an independent self-governing organization for crypto regulation among others.
In an April 22 release, the body tipped self-regulation for the securities and futures industry, asset management, and cryptocurrencies. According to the statement, to boost the overall economic capability of the region, a form of crypto self-regulation is needed.
Comparing the proposal to other countries, the body added that jurisdictions that develop at a fast pace have some form of semi-official industry regulation to focus on development.
“The Association has discovered that many economically developed regions in the world, including my country, have established statutory semi-official industry self-regulatory institutions to focus on industry development and maintenance of market ecology. Therefore, the Association believes that Hong Kong can refer to a similar approach…”
Potential Market Utility
Per the release, the body focuses on the development of market structure and crypto regulation. If a sector becomes partially self-regulatory, some flaws will be detected internally between companies before getting to the financial regulator giving it an all-round flavor.
Also, the financial regulator will not be overburdened making it function better to protect investors in the market. This will promote a healthy competitive ecology through multiple proposed models. The body rolled out four methods for authorities to throw more light.
“The independent member self-regulatory organization model uses two methods to foster a competitive securities market: first, accelerate business focus, relieve some of the regulatory responsibilities of stock exchanges and regulatory agencies, make it more competitive, and promote securities trading can focus on business development..”
Crypto Firms Involved in Regulation
Stakeholders will be responsible for business conduct relating to adverts, a certain corporate governance level, and positioning the jurisdictions globally. In recent months, global regulators have ramped up efforts to protect investors with the increase of bad actors in the space.
These regulations rolled out by authorities are sometimes described as market stifling but an approach driven by participants will aid the development of the sector.
Also Read: Cardano Foundation Debut PRAGMA to Drive Open-Source Project Development
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Blockchain
Ripple President Opens Up About SEC Lawsuit, RLUSD Launch, XRP Ledger Plans
Ripple president Monica Long talks about winning the US SEC v. Ripple Labs lawsuit, Ripple USD (RLUSD) stablecoin launch, strategy for XRP Ledger, and more in an interview. She opens up about the company’s developments and plans as the long-running lawsuit comes to an end, with XRP gaining clarity from the court that it’s not a security.
Ripple Gets Clear View As SEC Lawsuit Is Over – Monica Long
The U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs has ended and the court ruled that XRP is not a security. Monica Long said the victory is significant for the entire crypto industry, setting a precedent and bringing more clarity on rules.
CEO Brad Garlinghouse and Long had earlier affirmed that the setback, stringent regulatory outlook and intense scrutiny led the firm to look offshore for growth. The company now records major growth outside the United States, with 40% activity in Asia.
Currently, the U.S. SEC is likely deliberating to file an appeal in the case, as per the former SEC lawyers Marc Fagel and James Farrell. Pro-crypto lawyers such as Fred Rispoli believe the SEC could file a last-minute appeal near October 7. An appeal on secondary market sales has higher odds.
RLUSD Stablecoin Launch This Year
Ripple president said the RLUSD stablecoin will launch this year and only awaits greenlight from the US regulator. She cleared that one of the main use cases for RLUSD is settlements, reported Coindesk. Developers using XRPL should be able to use Ripple USD for transactions.
Long cleared that the stablecoin will not impact XRP’s market share in payments. The payment service already uses both XRP and stablecoins for liquidity, which happens at the backend.
“We believe stablecoins and XRP have different use cases for payments and other transactions. For example, DEXs on XRPL will be able to use RippleUSD very efficiently, while XRP will continue to be used for transactions with long-tail, smaller market cap crypto assets.”
RLUSD will be for financial institutions and institutional investors. The stablecoin is backed by US dollars, short-term US Treasury bills, and other cash equivalents held in a reserve account. Standard Custody & Trust will ensure transparency and issue regular certificates.
As reported by CoinGape, Brad Garlinghouse sees RLUSD launch opportunity in Japan and countries with favorable regulations.
Ripple President on XRP Ledger Plans
The XRP Ledger (XRPL) is an enterprise-grade blockchain and has broader advantages. These include automated market makers (AMM), decentralized exchanges (DEX), and compliance features.
“We are also looking at ways to bring programmability to XRPL in a native way – for example, we think, and the community thinks so too, that there is a lot of potential in “Hooks” to bring smart contracts to XRPL.”
Ripple CEO Brad Garlinghouse talked about the successful relations with Japanese financial giant SBI Group since 2016. In addition, the partnerships will increase adoption of XRP and XRP ledger in Japan.
The company is also beta-testing RLUSD on both the XRPL and Ethereum network. Recently, Ripple issued two substantial batches of its stablecoin, each containing 485 RLUSD.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Blockchain
USDT on TON Grows to $729 Million Boosting P2P Transfers and DeFi
USDT on TON has reached a total supply of $729 million within four months following the integration announcement by the TON Foundation on April 18. This growth positions USDT on TON as the seventh largest stablecoin by market capitalization when evaluated independently. The increase in liquidity is essential for the expansion of the TON network, supporting various financial and technological applications.
USDT Supply on TON Hits $729 Million
According to CryptoQuant on-chain data analysis, the total supply of USDT on TON has surged to $729 million in the four months following its integration. This substantial increase underscores the stablecoin’s growing presence within TON blockchain.
If evaluated independently, USDT on TON would rank as the seventh largest stablecoin by market capitalization, highlighting its significant market position.
The integration by the TON Foundation has been pivotal in attracting stablecoin liquidity necessary for network expansion. Concurrently, the growing supply of USDT facilitates various financial transactions and supports the broader adoption of TON.
Enhanced P2P Transfers Facilitate Everyday Transactions
Additionally, data shows that Tether USD on The Open Network blockchain is becoming highly effective for peer-to-peer (P2P) value transfers. The median transfer amounts, ranging between $15 and $100, indicate frequent small-scale transactions typical of everyday retail activities. This pattern suggests that users are leveraging the stablecoin for routine financial interactions.
Moreover, the consistently low median transfer fee of four cents on TON blockchain ensures that these transactions remain economically viable for users. The affordability enhances its attractiveness for P2P activities, promoting its use in daily financial exchanges.
Tether USD Role in Decentralized Exchanges on TON
The decentralized finance (DeFi) ecosystem on TON blockchain is also influenced by the presence of USDT. The stablecoin is extensively utilized within decentralized exchanges (DEXs), forming a core component of the DeFi activities on the network.
In addition, platforms such as Ston.Fi, Dedust, and StormTrade are among the top entities facilitating transactions on TON.
These DEXs provide essential infrastructure for trading and liquidity provision, enabling users to engage in various DeFi operations. More so, the high usage of the stablecoin in these exchanges underscores its importance in fostering an active DeFi environment.
Growth Potential in Wallet Applications
Similarly, data on transaction counts reveals a significant user adoption from wallet applications that focus on P2P USDT transfers. Wallet services like XRocket, CryptoBot, Wallet Bot, and CWallet are leading the way in facilitating these interactions.
The prominence of these wallet applications indicates a strong user preference for Tether USD in P2P transfers, suggesting growth potential.
Most recently, Coingape reported that The Open Network launched the T-Fund, sparking renewed optimism among investors and traders despite recent challenges faced by Toncoin price. The T-Fund is designed to accelerate the growth of the ecosystem by supporting new projects and enhancing network adoption.
At press time, Toncoin price was trading at $5.82, a 3.44% increase in the last 24 hours. The trading volume also saw a 10% surge, indicating heightened market interest and activity.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Blockchain
Coinbase L2 Network Base Surpasses Arbitrum and Ethereum
Coinbase’s native layer 2 network Base has surpassed 4.2 million daily transactions, according to data from Coin98Analytics. Arbitrum came closest with 1.3 million transactions followed by Ethereum with 1.1 million transactions. The L2 network reached an all time high of 4.4 million transactions on September 9, four times ahead of Ethereum, its mainnet network.
Base’s Scalability and Developer Appeal
It’s scalability and low transaction fees are key factors driving its success in L2 networks. These features makes it an attractive option for developers, leading to a surge in consumer applications.
The platform generates additional revenue through gas fees, creating a positive loop as more users engage with Base-based apps. Base handles more transactions compared to Ethereum hence easing congestion on Ether main net. It has been under criticism for its underperformance this year with failing transactions and ETH price drop.
Rising Activity in dApps and DeFi
The surge in its transaction volume reflects the growing activity in decentralized finance and applications. Insights from Dune Analytics show that apps like Uniswap, Thirdweb, USDC, Basename, and Zora are driving the growing activity, collectively accounting for 63.7% of users on the Base network.
The increasing number of transactions on the network indirectly affects Ethereum, leading to a higher demand for blockspace and potential gas fee increases. However, Ethereum’s scalability allows it to handle surges from Base’s activity effectively.
Base’s growing transaction volume is also evident in the performance of key coins on its network. According to CoinGecko, LayerZero holds a market cap of $382.2 million, while USDC maintains a stable $35 billion market cap. Brett has also seen significant growth, with a market cap of $737.3 million, reflecting strong investor confidence in Base’s expanding ecosystem.
Future as a Leader in Layer 2 Solutions
With over 4 million daily transactions and support from Coinbase, Base continues to dominate the Layer 2 space. Its growing user base, low fees, and innovative approach position it as a key player in Ethereum scaling.
Base’s success in the DeFi and dApp sectors signals a promising future in the Layer 2 race, outpacing its competitors and driving forward the development of Ethereum’s ecosystem.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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