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? The Dinarian on Locals brings you the latest in news, interviews, in-depth conversations, and stories from across the blockchain and global communities—within and beyond cryptocurrency ?. Experts delve into how blockchain technology is reshaping industries, enhancing business networks ?, transforming transaction workflows, and advancing distributed ledger systems ??. We also explore intriguing topics that may venture into the realm of conspiracies—and so much more!
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Circle Claims USDC Stablecoin Is Now Fully Backed by Cash, US Treasuries

Circle's latest report follows a move from fellow stablecoin issuer Paxos last week to release a detailed breakdown of all assets held in reserve.

Circle, the payments company behind the USDC stablecoin, has released a full asset breakdown of the reserves backing its growing dollar-pegged token.

The level of detail provided by Circle in its Thursday report, while unaudited, is a first for the company and a notable display of transparency given the scrutiny stablecoins currently face from regulators around the world, which recently intensified following the collapse of Terra.

Circle’s report shows that the company no longer holds commercial paper—a type of short-term, unsecured debt instrument—as part of its serves. In July of last year, Circle held 9% of its reserves in commercial paper but later promised to completely move to cash and U.S. treasuries.

Thursday's report shows that Circle held $42.1 billion in U.S. treasury bonds as of June 30. All of such bonds expire before September 29 or earlier. The remainder of the company’s reserves, $13.6 billion, are reportedly stored in cash and held with regulated financial institutions such as Signature Bank, Silicon Valley Bank, Silvergate Bank, and others.

That brings Circle’s total reserves to $55.7 billion—slightly higher than the 55 billion USDC tokens in current circulation.

USDC is currently the fourth largest cryptocurrency by market cap, and second largest stablecoin in the crypto economy. A stablecoin is a token value-pegged to a relatively price-stable asset or currency, such as the U.S. dollar.

Typically, stablecoins achieve stability by offering instant and easy redeemability with their underlying asset. This creates arbitrage incentives within the market that allow the stablecoin to reliably return to its price peg if ever met with volatility.

But that reliability has for years been put into question by both vocal critics within the crypto industry and the politicians and regulators who keenly observe it. And those voices have only grown louder following the May collapse of the former third-largest stablecoin in the market, Terra’s UST—an algorithmic stablecoin which was held steady by code and not by reserves.
Terra, once a popular blockchain for DeFi trading, drew in billions of dollars worth of investments by promising up to 20% returns on UST deposits on the now-defunct lending protocol Anchor. Following a run on Anchor, UST failed to hold its price and both the stablecoin and its sister token LUNA collapsed to zero.

Centralized stablecoin issuers such as Circle, Tether, and Paxos have since faced increased pressure to assure their clients that their tokens won’t meet the same fate, especially as account freezes and bankruptcies rock the once-trusted crypto lending sector.

Last week, Paxos—the USDP stablecoin issuer and custody platform behind the third-largest stablecoin, BUSD—provided a similar report on its reserve holdings. It too was backed solely by treasury bills, treasury bonds, and cash as of June 30, amounting to $17.5 billion in assets, according to its report.

👉Only Tether, the issuer behind the long-time king of stablecoins USDT, is yet to provide a similar detailed report. The firm’s most recent attestation numbers from late March showed $82 billion in reserve assets, though this figure has likely decreased as the token has since undergone billions of dollars in redemptions.

https://decrypt.co/105223/circle-usdc-fully-backed-cash-us-treasuries

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Ripple's RLUSD & Uphold For B2B Customer Payouts

Upholds integration of RLUSD enhances B2B customer payouts by offering faster, cost-effective cross-border transactions. RLUSD's stability and liquidity, supported by market makers, ensure efficient payouts. Upholds features like high-interest accounts and instant withdrawals complement this, providing a compliant, globally accessible solution for businesses seeking reliable and seamless financial operations across borders.

Courtesy of @mrmanXRP: https://x.com/MrManXRP/status/1853623113638199617

00:02:23
🚨 If you see any signs of voter or election fraud 🚨

🚨 If you see any signs of voter or election fraud, please report here: https://protectthevote.com/ReportFraud/

00:00:15
⚠️EXPERT ATTORNEY EXPOSES DECADES OF FLUORIDE HARMS⚠️

👉Knowledge is Power... Using that knowledge can be powerful!

Fresh off a historic win against the EPA over the use of fluoride in drinking water, lead attorney for the plaintiffs, Michael Connett, Esq., discusses the decades-long concealment of the significant harms fluoride poses to human health and its implications for the future of water fluoridation.

👉 On January 20, the Trump White House will advise all U.S​. water systems to remove fluoride from public water.

👉 Fluoride is an industrial waste associated with arthritis, bone fractures, bone cancer, IQ loss, neurodevelopmental disorders, and thyroid disease.

👉 President ​@realDonaldTrump and First Lady @MELANIATRUMP want to Make America Healthy Again.

01:06:26
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
Announcing the Launch of Silver (SLR) and Stellar (XLM) Futures from Coinbase Derivatives

On November 11, Coinbase Derivatives is launching retail-sized futures contracts for Silver and Stellar, enhancing our suite of CFTC-regulated offerings alongside BTC, ETH, BCH, LTC, DOGE, SHIB, AVAX, DOT, LINK, Gold, and Oil.

At Coinbase Derivatives, we are on a mission to reshape how traders engage with derivatives markets. Our latest initiative involves the launch of new futures contracts for Silver (SLR) and Stellar (XLM), expanding our commitment to providing innovative trading opportunities in a secure, regulated environment.

● Unlocking New Opportunities

The introduction of Silver and Stellar futures aligns with our commitment to diversifying market offerings and enhancing trading possibilities for our participants. Silver, alongside Gold has long been recognized as a strategic asset, offering potential protection against inflation and market volatility. Known for its fast and cost-effective cross-border payment solutions, Stellar adds an exciting dynamic to our digital asset derivatives ...

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💥 Joe Rogan releases surprise podcast episode with Elon Musk 💥

Joe Rogan releases episode 2223 with special guest Elon Musk.

https://open.spotify.com/episode/3wUQy68EVwNjTb0yBOhYm9?si=woQZ4mWCQjqKbiserXwBDw

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Crypto.com Announces Acquisition of SEC Registered Broker-Dealer Watchdog Capital, LLC

Crypto.com announced today the acquisition of a SEC registered broker-dealer and member of FINRA and SIPC, Watchdog Capital, LLC. This acquisition will enable Crypto.com’s new subsidiary to offer equities and equity options, among other things, to eligible traders in the U.S.

“We are aggressively working towards integrating traditional financial tools with digital financial capabilities and are doing so while maintaining our focus on building responsibly with the necessary licenses and registrations to operate as the industry’s leader.” said Kris Marszalek, CEO of Crypto.com. “We are extremely confident in the future of the U.S. market as we see growing bipartisan support for our industry. This acquisition furthers the capabilities of the Crypto.com family of companies through a fully registered broker dealer.”

With this acquisition, the Crypto.com family of companies will offer users in the U.S. the ability to engage with stocks and options markets. Additional information on the new ...

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🚨 A Platform 150X More Effective Than Dexscreener 🚨

While many rely on Dexscreener for market insights, there's a powerful alternative that often flies under the radar—one that could enhance your trading strategy dramatically.

Meet GMGN, a platform 150 times more effective, designed to help you spot hidden gems and identify insider trades to follow. With GMGN, you can easily uncover valuable trading opportunities by tracking insider activity, allowing you to make more informed decisions and potentially maximize returns.

Here's a guide to finding hidden gems and discovering insider trades with GMGN.

👉 If you're still searching for hidden gems on Dexscreener, it might be time to explore new horizons.

As the industry evolves, fresh platforms are emerging with more advanced tools and insights, leaving older ones behind. I've discovered one such platform that has truly transformed my strategy, helping me boost my returns by 100x or more.

Stay ahead of the curve with cutting-edge tools and maximize your earning potential!

The universal platform I'm talking about is GMGN. Using it you can analyze the market, for the most profitable transactions. Find smart traders. And of course trade. No matter if you are a beginner or an expert trader, you will have a better chance of success by using these tools.

  1. To get started, visit the website and complete the registration process by connecting your wallet.

I recommend beginning with Smart Traders. By following them and analyzing their actions, you’ll gain valuable insights into effective trading strategies.

There are two ways to find these traders:

  • Navigate to the Meme section and select "Smart Money" as shown below.
  • Alternatively, utilize the "Discover" feature to search for them directly.

This approach will help you make more informed trading decisions!

2. Personally, I find the first method more practical, so let’s dive in!

Start by selecting a successful token and identifying smart traders associated with it. Here are key factors to consider:

  • Trader's Balance: Ensure the balance looks healthy; a poor balance may indicate that the trader isn’t actively participating in the market.
  • Purchase Timing: Take note of when the trader acquired the token—whether during a pump or a dip can significantly impact their strategy.
  • Trader's Portfolio: Review their portfolio to understand their investment choices and risk appetite.

By analyzing these aspects, you can curate a list of top wallets to follow for enhanced trading insights!

3. The next step is to set up filters that will assist in selecting the right tokens:

  • Social Activity: Ensure the token has at least 1 social mention.
  • Market Cap: Set a minimum market cap of $150,000.
  • Hourly Transactions: Filter for tokens with at least 200 transactions in the past hour.
  • Total Holders: Look for tokens that have a minimum of 250 holders.

With these filters in place, you’re ready to start trading with more informed choices!

4. It's essential to remember that you should first identify the right token, and then verify the wallets as a proof of concept.

Avoid blindly copying all the actions of a single smart trader; that approach isn’t advisable. Over time, you'll develop your own insights and strategies, allowing you to make more informed decisions based on your analysis. Trust in your ability to learn and adapt!

5. Finally, it's time to uncover those hidden gems! 💎💎💎💎💎

With your filters set up, start monitoring the tokens individually.

Head over to "X" and review the token's official account. Look for any recent activity or discussions surrounding the token—this information can offer valuable insights and help you gauge market sentiment. Keep an eye out for trends or news that could influence your trading decisions!

6. To ensure that all wallets are unconnected, you'll need to utilize a Bubble map.

Dive into the map and examine the wallet connections. It's crucial to understand which tokens are held in each owner's wallet, as this can reveal potential influences on the market.

If there’s a Telegram group associated with the token, join it and engage with the team to inquire about their plans. This can provide you with valuable information directly from the source!

⚠️ As you can plainly see in the example above 4 wallets hold around 9% of the tokens in each. Being this just launched, I would continue to watch this before investing.⚠️

Now that you’ve conducted all your checks, the final step is to identify the perfect entry point for your trade.

Timing can be crucial in maximizing your potential returns, so analyze the market trends and signals to determine the optimal moment to enter. 

In conclusion, the GMGN platform is an incredibly powerful tool for trading, offering features that can significantly enhance your investment strategy. By leveraging its advanced capabilities and following the steps outlined, you can uncover hidden gems and make more informed trading decisions. Remember to use this tool wisely and stay engaged with the community for continuous learning and growth in your trading journey. 

Happy trading! ~The Dinarian

 

 

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Ripple prepares for what could be the largest XRP dump in 7 years

November has arrived, and Ripple has shocked the market, preparing what could be its largest monthly dump in seven years. The company, XRP Ledger (XRP)’s core developer and largest holder, reserved 470 million XRP to sell, worth $240 million.

Every month since 2017, Ripple unlocks 1 billion XRP and reserves part of it – usually 200 million XRP – to sell. In November, Ripple unlocked the 1 billion but for the first time in years, reserved above two times the usual amount.

This month’s escrows finished within Ripple (24) and Ripple (25) accounts, unlocking 500 million XRP each, as usual. Ripple (25) re-locked it all in escrows for 2028 within Ripple (12) and Ripple (13) accounts, as usual.

However, Ripple (24) re-locked only 30 million XRP within Ripple (12), unprecedentedly sending 470 million XRP to Ripple (1). This is the account used for the monthly dumps throughout the years. The company’s move raised concerns as such a large sell-off could drastically impact the token’s price, punishing XRP investors.

Ripple’s unlocks and largest XRP dumps history

Notably, Ripple’s previous largest dump occurred in June after reserving 200 million XRP and adding an extra 200 million from the idle account Ripple (35), as Finbold reported. The massive and unprecedented sell-off concluded on June 20, which we also covered, totaling 400 million XRP sold.

On this occasion, the XRP price dropped nearly 20% from June 1 to July 7, highlighting the nefarious financial effects. There are no records of such a high dump since 2017 when Ripple implemented the escrow system for more transparency.

Currently trading at $0.511, XRP has accumulated 18.70% losses year-to-date. Interestingly, Ripple sold 2.576 billion XRP in 2024 so far. The largest sales to date occurred in June (400 million), September (350 million), and July (300 million).

What’s next for XRP as Ripple could sell over 470 million tokens

Yet, in all these previous months, Ripple had only reserved the usual 200 million XRP from the escrow unlock. The additional selling pressure came from idle accounts throughout the month – differently from what we are observing now, in November.

Therefore, it is possible that Ripple could add even more selling pressure to the already record-high 470 million XRP. On that note, this month’s activity happens a few days before the U.S. Presidential Election. Chris Larsen, Ripple co-founder and CEO, disclosed a $10 million donation to Kamala Harris’s campaign, which came after the sales.

“It’s time for the Democrats to have a new approach to tech innovation, including crypto. I believe Kamala Harris will ensure that American technology dominates the world, which is why I’m donating $10M in XRP in support of her.”

– Chris Larsen

While Ripple has not disclosed any of these sales, in particular, the company has already disclosed its selling model on many occasions. According to sources, its XRP sales go through an On-Demand Liquidity (ODL) model, selling at market price to willing customers.

Moreover, the cryptocurrency community expects this election’s results to have a profound impact on the market. XRP investors and traders should carefully watch Ripple’s next moves depending on the outcome in the next few days.

 

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This billionaire copy-traded Warren Buffet and Cathie Wood — Here’s why

Billionaire Israel Englander, founder of Millennium Management, has significantly increased his stake in Nu Holdings (NYSE: NU), a move that aligns with the investment strategies of Warren Buffett and Cathie Wood.

These high-profile investors, each known for distinct approaches, have found common ground in Nu Holdings, a digital bank making waves in Latin America.

Nu Holdings, a Sao Paulo-based Brazillian neobank, has seen its stock surge by 73% in 2024, currently trading at $14.34.

 

Nu Holdings: A disruptor in digital banking

Nu’s appeal to investors lies in its groundbreaking approach to banking in historically underserved markets. Operating as a fully digital bank, Nu has streamlined financial services in Brazil, Colombia, and Mexico—regions long dominated by traditional banking behemoths.

With over 104.5 million customers, Nu has captured a significant market share, particularly in Brazil, where it serves more than half of the adult population. 

This remarkable growth is attributed to Nu’s intuitive platform and its ability to outpace legacy banks through technological innovation and cost efficiency.

By eliminating physical branches and leveraging technology, Nu has achieved operational excellence, translating into impressive financial results. 

In Q2 2024, the company reported a 65% year-over-year revenue increase and a 30% rise in average revenue per active customer.

“Our customer base grew to 105 million customers. The recent launch of checking accounts in Mexico and Colombia has ushered deposits of US$ 3.3 billion and US$ 220 million in those countries, respectively, and fuels our growth expectations in those operations.” – the bank said

Why Englander, Buffett, and Wood are betting big

Warren Buffett, through Berkshire Hathaway (NYSE: BRK.A), was an early believer in Nu. Buffett purchased his stake in the company for almost $750 million in 2021, around its initial public offering (IPO) phase.

Today, Berkshire holds 107 million shares, valued at approximately $1.7 billion. Despite being a small fraction of Berkshire’s massive portfolio, Buffett’s stake in Nu signals his confidence in its long-term potential.

On the other hand, Cathie Wood’s ARK Innovation (ARKK), through its Fintech Innovation ETF, has acquired 2.12 million shares, worth $30.3 million. These positions highlight a shared belief in Nu’s growth trajectory despite their otherwise divergent investment philosophies.

Nu’s profitability has also caught the eye of Millennium Management, which increased its stake by 371% in the last quarter.

The company has posted GAAP net income for six consecutive quarters, an impressive feat for a fintech in growth mode.

Revenue soared 65% year-over-year in Q2 2024, driven by a 30% increase in average revenue per active customer. Nu’s efficient model allows it to scale without a corresponding rise in costs, as evident from its expanding net interest margins, which climbed from 18.3% to 19.8%.

What’s Next: High expectations for Q3 earnings

All eyes are now on Nu’s Q3 earnings report, scheduled for release on November 13. Analysts project $2.9 billion in revenue, reflecting a 39% year-over-year increase, with earnings per share expected at $0.11.

The market will be watching closely for updates on Nu’s loan portfolio, delinquency ratios, and the broader economic outlook in its key markets.

Additionally, analysts maintain a cautiously optimistic outlook for Nu Holdings over the next 12 months, with the stock rated as a ‘buy’ on TradingView. However, the overall price target remains conservative, reflecting expectations of only modest upside potential.

That being said, Englander’s decision to copy-trade two of the most respected names in investing may turn out to be a brilliant move as Nu positions itself for even greater success in the rapidly evolving digital banking space.

This trio’s alignment on Nu Holdings shows the company’s potential to dominate the fintech landscape, making it a must-watch stock for growth-oriented investors.

 

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