Ripple Makes Fundamental Statement About Blockchain Transforming Finance

In a recent post on the social media platform X (formerly known as Twitter), San Francisco-based blockchain behemoth Ripple lead by Brad Garlinghouse stated that blockchain is changing finance.

Ripple is transforming finance and payments

Particularly, Ripple is, the post stated. And these changes are not only limited to the sphere of finance, the post adds: “Blockchain is changing finance…and just about everything else, too.” The post contains a short video advert of Ripple, highlighting the major spheres in which it operates: “Payments. Custody. Stablecoin.”

Last year, Ripple created a new product, their dollar-pegged stablecoin RLUSD, and officially rolled it out in December. Ripple USD allows the company to cover two of the aforementioned spheres – cross-border payments and stablecoin. RLUSD has been integrated into Ripple Payments which used only XRP for sending payments not only within but also between countries, over borders.

Ripple’s RLUSD scores new listings

The market of cross-border payments is currently evaluated at slightly under $32 trillion and is predicted to reach $50 trillion over the next ten years. With crypto, the payments system does not need the services of multiple intermediaries (banks, payment platforms, or fintech firms).

RLUSD has also been added by major crypto exchanges. Just this week, two major platforms added support for this new product of Ripple – Bitget and Euler Labs.

The XRP community responded to this bullish post with a wave of comments. Those comments were a mix of enthusiasm and skepticism. Some questioned the meaning of the post, asking fellow-X users to explain its meaning: “How? What’s happening? What’s the context of this post?”

Another X user accused Ripple of selling XRP and thus flooding the market with them: “When you dumping more tokens?”

SEC drops lawsuit against Binance.US

As reported by U.Today, the new administration of the US Securities and Exchange Commission (SEC) has dismissed its lawsuit against the American branch of the world’s largest crypto exchange Binance.

In June 2023, the SEC sued Binance.US and its former then CEO Changpeng Zhao, accusing them of “artificially inflating trading volumes, diverting customer funds and misleading investors about its surveillance controls,” according to Reuters.

Now, the regulator has dropped this case just as it dismissed legal cases against Coinbase and Kraken earlier this year.