This week, Ripple Labs celebrated a significant milestone as it secured approval from the New York Department of Financial Services (NYDFS) for its RLUSD stablecoin.
CEO Brad Garlinghouse shared the exciting news, stating that Ripple is gearing up to unveil a list of partners and exchange platforms where RLUSD will be available.
The company is optimistic, projecting that this stablecoin could reach a market cap of $2 trillion by 2028.
Investments and Market Movements
In other noteworthy developments, Riot Platforms is pursuing a substantial $500 million fundraise aimed at increasing its Bitcoin holdings.
The tech firm is exploring a private bond offering specifically designed for institutional investors.
This initiative follows a remarkable uptick in Bitcoin’s price.
The proposed notes, which are unsecured senior obligations, are set to mature on January 15, 2030.
Meanwhile, JPMorgan’s recent analysis has triggered heightened price targets for several Bitcoin mining stocks, emphasizing the value these companies gain from their energy assets and Bitcoin holdings.
Companies such as Marathon Digital Holdings (MARA), CleanSpark (CLSK), Riot Platforms (RIOT), and Iren (IREN) are all currently trading at or above these new, adjusted targets.
Initial Public Offerings and Global Developments
In the realm of initial public offerings, Bitwise, a prominent player in the cryptocurrency exchange-traded fund space, predicts that at least five “crypto unicorns” will seek to go public by 2025.
Notable candidates include Circle, known for its stablecoin development, and the cryptocurrency exchange, Kraken.
This anticipated trend is driven by increasing investor enthusiasm and growing institutional participation.
On the international front, Richard Teng, the CEO of Binance, addressed rumors surrounding the exchange’s potential re-entry into the U.S. market, following its previous exit last year.
He clarified that discussions related to this move are still in their infancy and stated that Binance is currently focused on expanding its operations globally.
As the week came to a close, Bitcoin (BTC) stood at $101,296, while Ether (ETH) traded at $3,900, and XRP reached $2.43.
Together, these figures contributed to a total market capitalization of $3.63 trillion.
The cryptocurrency market exhibited a mix of movements, with various altcoins showing considerable volatility.
Institutional Investment and Regulation
Sygnum Bank highlighted the possibilities of significant institutional investment leading to potential “demand shocks” for Bitcoin by 2025.
Their forecast suggests that an influx of $1 billion into spot exchange-traded funds could lead to price increases between 3% and 6%.
In other news, a recent security breach on December 12 revealed a critical vulnerability within the Dogecoin network, affecting a staggering 69% of its nodes.
Additionally, Australia is considering stricter regulations on anti-money laundering in the cryptocurrency sector, with the aim of tightening surveillance and combating financial crime.
Further complicating matters, the Australian Federal Court has levied a fine of $5.1 million against the local operator of cryptocurrency exchange Kraken, ruling in favor of the corporate regulator due to compliance shortcomings.
Source: Cointelegraph
