BB DAILY 12-16-2024: Ripple launches RLUSD stablecoin, FTX announces 2025 payout date, and MicroStrategy buys $1.5B in BTC, marking major crypto milestones
Ripple’s stablecoin gains traction with regulatory approval, FTX prepares for distributions after restructuring, and MicroStrategy’s massive BTC acquisition pushes its holdings to $27.1B, highlighting key developments in the crypto space.
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December 16, 2024
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Ripple to launch RLUSD stablecoin on December 17 following regulatory approval
Ripple announced the December 17 launch of its U.S. dollar-backed stablecoin, RLUSD, after securing regulatory approval from the New York Department of Financial Services. Initially listed on platforms like Uphold, MoonPay, and Archax, RLUSD will expand to additional exchanges in the coming weeks.
Backed by U.S. dollar deposits, government bonds, and cash equivalents, RLUSD aims to maintain a $1 price and compete with stablecoin leaders USDT and USDC. Ripple has appointed financial experts, including Raghuram Rajan and Kenneth Montgomery, to its advisory board and plans to expand RLUSD’s availability globally, although access in the EU is delayed due to licensing requirements.
Ripple cautions early demand might lead to supply shortages, with traders warned against speculative buying.
FTX sets January 2025 date for Chapter 11 plan to take effect, with initial distributions to claim holders
FTX Trading Ltd. and its affiliates announced that their Court-approved Chapter 11 Plan of Reorganization will take effect on January 3, 2025. This date also serves as the record date for the initial distribution to holders of allowed claims in the Plan’s Convenience Classes. Distributions, expected within 60 days of this date, require claimants to complete KYC verification, submit tax forms, and onboard with service providers BitGo or Kraken. Future dates for other claim classes will be announced later.
CEO John J. Ray III highlighted the progress in recovery efforts and encouraged customers to meet distribution requirements promptly.
MicroStrategy acquires 15,350 BTC for $1.5 billion, achieving 72.4% YTD BTC yield, now holding 439,000 BTC worth $27.1 billion
MicroStrategy has purchased 15,350 BTC for $1.5 billion at an average price of $100,386 per bitcoin, achieving a BTC yield of 46.4% quarter-to-date and 72.4% year-to-date. As of December 15, 2024, the company holds 439,000 BTC acquired for a total of $27.1 billion, with an average purchase price of $61,725 per bitcoin.
