Ripple to Launch RLUSD Stablecoin Tomorrow, MicroStrategy Acquires Another $1.5 Billion Worth of Bitcoin, Aave Considers Exiting Polygon Amid a "Risky" Bridge Proposal and More

Meanwhile, bitcoin hits a new all-time high above $107,000. Plus, FTX customers will receive distributions through Kraken and BitGo with its bankruptcy plan

Good morning, dear Block readers.

In today's Daily: Ripple will launch its RLUSD stablecoin tomorrow, MicroStrategy acquires another $1.5 billion worth of bitcoin, Aave considers exiting Polygon amid a "risky" bridge proposal and more.

Meanwhile, bitcoin hits a new all-time high above $107,000.

Plus, FTX customers will receive distributions through Kraken and BitGo with its bankruptcy plan set to be effective on Jan. 3.

Let's get started.

Ripple set to launch RLUSD stablecoin

Ripple will launch its U.S. dollar-pegged stablecoin RLUSD on Tuesday, initially available on the XRP Ledger and Ethereum networks.

The stablecoin will be fully backed by fiat and will be available for minting and redemption through licensed payment providers, starting with MoneyGram and Custodio.

Once launched, users will be able to mint and redeem RLUSD at a 1:1 ratio to USD through these payment providers, with MoneyGram offering the service at launch and Custodio joining in Q2 2024.

The stablecoin will be available for trading on exchanges, starting with Binance, Bitstamp, FTX and Huobi. Other exchanges, including Coinbase, are expected to integrate RLUSD in the coming weeks.

MicroStrategy acquires another $1.5 billion worth of bitcoin

Business intelligence firm and corporate bitcoin holder MicroStrategy has acquired another 15,350 BTC for $1.5 billion, raising its total holdings to 439,000 BTC, currently valued at over $46 billion.

The purchase was made between Dec. 21 and 27, according to a filing with the U.S. Securities and Exchange Commission on Monday. The average price paid for the bitcoin was around $98,000 each.

MicroStrategy now holds an unrealized gain of $36.1 billion on its bitcoin holdings, which were acquired at an average price of $30,397 each.

Aave considers exiting Polygon amid 'risky' bridge proposal

Aave contributor Marc Zeller has proposed phasing out its decentralized lending services on Polygon's PoS chain due to perceived risks from Polygon's recent proposal to use over $1 billion in bridge stablecoins for yield generation.

The proposal, put forward by Polygon co-founder Sandeep Nailwal, would see a portion of the MATIC tokens bridged to Ethereum being used to generate yield on Aave.

However, Zeller argues that this move would create a "feedback loop of dependencies" between Aave and Polygon, potentially leading to a "chain reaction" of risks.

Ethena's USDtb stablecoin, backed by BlackRock's BUIDL token, goes live

Synthetic dollar project Ethena has launched USDtb, a new stablecoin backed by BlackRock's tokenized BUIDL fund, offering a more traditional reserve-backed model compared to its experimental USDe token.

The stablecoin is designed to be pegged to the U.S. dollar through a decentralized mechanism, with reserves held in a smart contract on the Arbitrum chain and fully redeemable by authorized parties.

Hyperliquid sees over $1 billion in USDC net inflows since token launch

Decentralized trading platform Hyperliquid has seen over $1 billion in USDC net inflows and a surge in total value locked to $3.2 billion since launching its HYPE token on Nov. 29, according to blockchain analytics firm Spot On Chain.

The platform, which offers a hybrid model of centralized and decentralized trading, launched the HYPE token to reward users for providing liquidity and using the platform's services.

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