Ripple's Upcoming Stablecoin

Binance Ends Bitcoin NFT Support, Google Sues Crypto Scammers On Google Play

Welcome to Coinfeeds Daily Digest! Today we cover Coinbase becoming Canada's largest crypto exchange after securing a "registered dealer" license, following Binance's departure from the country last year, and Google taking action against alleged crypto scammers uploading fraudulent apps. In Bitcoin world, Binance is ending its support for Ordinals NFTs in the marketplace, and Ethena Labs is to add Bitcoin backing to its now popular USDe stablecoin. Also, we cover the ongoing Solana transaction finality troubles, where reports say that 75% of non-vote transactions are failing on the chain, which sparked an active discussion within the community regarding causes, solutions, and to what extent this is true.

Market Update

News

Ripple to Launch Its Own Stablecoin

Ripple, a prominent player known for its XRP Ledger, is making headlines with its announcement to launch its own stablecoin. This move places Ripple in direct competition with established stablecoin giants such as Tether and USDC. The new stablecoin, which is yet to be named, will be pegged to USD and promises to offer a secure, transparent, and compliant option for enterprise customers and banks. | Read More

Binance Ends Support for Bitcoin NFTs

In a bid to streamline its services, Binance has decided to discontinue support for Bitcoin-based NFTs. This decision requires users to withdraw their Bitcoin NFTs from the Binance NFT Marketplace by a specified deadline. The exchange has cited the need to focus on its core offerings and improve the overall user experience as the primary reasons behind this strategic move. | Read More

Are 75% of Solana Transactions Really Failing?

Reports indicate that a staggering 75% of non-vote transactions on the network are failing. This issue has sparked a debate among users and critics, with many pointing to it as a sign of poor user experience on the blockchain platform. The surge in transaction failures on Solana is primarily attributed to the recent memecoin mania. According to Mert Mumtaz, CEO of Helius, a significant portion of these failed transactions is due to bot spam rather than genuine user transactions. | Read More

Google Sues Alleged Scammers Behind Fraudulent Crypto Apps

Google has initiated legal action against two individuals, Yunfeng Sun from China and Hongnam Cheung from Hong Kong, for their alleged involvement in a sophisticated crypto scam operation. The scam in question involved the creation and distribution of 87 fraudulent cryptocurrency trading and investment apps through Google's Play Store. The romance scam affected over 100,000 users. | Read More

Coinbase Is Now Registered Dealer In Canada

Coinbase has been granted a "restricted dealer" registration by Canadian regulators, marking it as the largest registered crypto exchange in the country. Coinbase's registration as a restricted dealer is seen as a significant step towards building trust within the Canadian crypto market. This is particularly important in the wake of Binance's departure from Canada last year due to regulatory issues. | Read More

Ethena Labs Boosts USDe with Bitcoin Backing

Ethena Labs has announced the integration of Bitcoin into its backing assets. This strategic decision is aimed at making USDe a safer and more robust offering for its users, leveraging the substantial liquidity and scaling potential of Bitcoin. The inclusion of Bitcoin is expected to allow USDe to scale by more than 2.5 times its current supply, which stands at roughly $2 billion. | Read More