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Vechain Financial Report — Q1 2023
July 06, 2023
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We are pleased to present the latest financial report for the vechain Foundation, covering the first quarter of 2023. This report provides an overview of our balance sheet, treasury holdings, expenses, and notable developments during this period. Despite ongoing challenges in the crypto market, we have successfully navigated turbulent conditions and continued to make strides in our mission to drive blockchain adoption and foster sustainability.

The balance sheet reflects the total value of tokens held by vechain Foundation, denominated in US Dollar value. Our treasury holdings have shown positive growth, with a surge from $275,561,329.42 at the end of December 2022 to $380,412,300.26 at the end of March 2023. This increase demonstrates better market conditions compared to the previous quarter and highlights returning confidence in the crypto market and we expect this amount to continue growing significantly in the coming years.

While maintaining a strong treasury, we have made strategic expenditures in various areas to support the growth and development of the vechain ecosystem. Our total expenses for Q1 2023 amount to $6,957,477.31, or 1.8% of our Treasury at its current value, primarily allocated to ecosystem integration, operations, PR and marketing, tech operations, and legal & finance. These investments reflect our commitment to expanding our reach, enhancing user experience, and strengthening our technological infrastructure.

During this quarter, we achieved significant milestones and made notable contributions to the blockchain industry. The launch of VeWorld Wallet, our fully decentralised self-custody wallet, brings new advancements and improved functionality to the vechain ecosystem. Furthermore, our collaboration with Electi Consulting resulted in the release of Dev Tool Updates, including Hardhat, Remix and the Open Zeppelin Library, aligning our tools with Ethereum standards to ensure greater interoperability.

We were honoured to host the HiVe Summit, a groundbreaking event that brought together leaders in web3, ESG, and academia. The summit provided a platform to address sustainability challenges and propose solutions while leveraging the power of blockchain technology. Additionally, we released our White Paper 3.0, co-authored with Boston Consulting Group, outlining our approach to sustainability via the Blockchain Biosphere, novel DAO and incentive-based ecosystems comprising many kinds of stakeholder.

In conclusion, we remain committed to advancing the adoption of blockchain technology and driving sustainable practices. Despite the challenges posed by the market, we have managed our treasury effectively and invested in strategic initiatives that we expect to add even more layers to our capabilities and prestige. We appreciate the continued support of our stakeholders as we strive to build a resilient, equitable and impactful ecosystem.

Thank you for your trust and confidence in vechain as we continue building the future of blockchain-powered economies.

Sincerely,

The vechain Team

Balance Sheet

The balance sheet shows the total value of tokens held by vechain, denominated in US Dollar value.

Considering both stablecoin and BTC/ETH/VET holdings, the total treasury value of vechain Foundation has increased from $275,561,329.42 at the end of Q4 2022 to $380,412,300.26 at the end of Q1 2023. This significant surge reflects a better crypto market situation compared to the previous quarter. Despite still being in a bear market, there has been a notable improvement in market confidence.

Expenses Sheet

The expenses sheet covers all spending categories and provides an expenses statement that summarises the cost and expenses incurred by Foundation activities.

Ecosystem Expense

This includes the BD expense for integration with DappRadar, which aims to provide more exposure to community projects on the VechainThor blockchain. Operation expenses cover all salary expenses for the crypto operation team.

PR & Marketing Expense

These expenses cover collaborations with the National University of Singapore, HiVe Summit, regular press releases, and community support.

Tech Operation Expense

These encompass the Grant program, salaries, software subscriptions, and IT equipment expenses for the Dublin Tech Center.

Vechain Products

VeWorld Wallet

VeWorld is vechain Foundation’s new fully decentralised self-custody wallet. It serves as the gateway to the world of Vechain, offering several quality-of-life upgrades for the ecosystem. The web wallet has been launched, and mobile and desktop versions are scheduled for release in Q3.

Vechain Adoption

Dev Tool Update with Electi

Vechain has been adapting popular tools to align with standards published by Ethereum. Through a strategic partnership with Electi Consulting, a Hardhat plugin and library were released on March 24.

Vechain Events

New Steering Committee Elected

Between February 14th to March 1st, the vechain Foundation launched the Steering Committee elections. Open to all, over 16 candidates put their names forward, undergoing public interviews on Twitter before two rounds of community voting took place.

HiVe Summit

Held on March 4th in Las Vegas, the inaugural web3/sustainability event brought together over 100 leaders in web3, ESG, and academia. The event aimed to foster an inclusive community and inspire action using blockchain technology. Notably, Sir Konstantin Novoselov, a Nobel Laureate, was announced as an advisor to vechain.

White Paper 3.0 Release & Boston Consulting Group Partnership Announcement

Vechain released a new whitepaper co-authored with Boston Consulting Group (BCG) at the HiVe Summit. The whitepaper focuses on sustainability initiatives in blockchain technology and introduces the concept of the “vechain Biosphere,” a new DAO and on-chain incentive-based ecosystem that rewards stakeholders for “green” actions. The release was accompanied by a new logo and official website.

This financial report provides a snapshot of vechain Foundation’s treasury holdings, expenses, and key developments during Q1 2023. The increase in treasury value, despite spending, indicates positive market sentiment and improved confidence in the crypto market. The foundation continues to develop innovative products, drive adoption, and participate in industry events to promote sustainability initiatives and expand its ecosystem.

About vechain

Vechain, headquartered in San Marino, Europe, is the curator of VechainThor, a world leading smart contract platform spearheading the real world adoption of blockchain technology.

Through leveraging the capabilities of ‘trustless’ data (information without intermediaries), smart contracts and IoT technologies, VechainThor has enabled solutions across a wide array of fields. vechain now turns its attention to the greatest challenge of all — building digital ecosystems to drive sustainability and digital transformation at global scale.

Visit https://www.vechain.org to learn more.

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Nation First outlines how the Israeli attack on Iran was planned by the Deep State and the Military Industrial Complex over 15 years ago.

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~Namasté 🙏 Crypto Michael ⚡ The Dinarian

Dear friend,

What just happened in Iran wasn’t a surprise attack. It wasn’t a last-minute decision. It wasn’t even Israel acting alone.

It was a war plan written years ago — by men in suits, sitting in think tanks in Washington and New York. And yesterday, that plan was finally put into action.

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Israel launched a massive, unexpected strike on Iran. They hit nuclear facilities. They killed military generals. They struck deep inside Iranian territory — and now the whole region is on edge, ready to explode into full-blown war.

The media is acting shocked. But I’m not. You shouldn’t be either.

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Because we have the documents. They told us this was coming. Years ago.

Exhibit A: The Brookings Institution.

The Brooking Institution is a fancy name for what’s basically a war-planning factory dressed up as a research centre. Back in 2009, Brookings published a report called Which Path to Persia?

It laid out exactly how to get the U.S. into a war with Iran — without looking like the bad guy.

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“The United States would encourage — and perhaps even assist — the Israelis in conducting the strikes… in the expectation that both international criticism and Iranian retaliation would be deflected away from the United States and onto Israel.”

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  • Which Iranian sites to hit (Natanz, Arak, Esfahan).

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US human rights lawyer and journalist Dan Kovalik, in his book The Plot to Attack Iran: How the CIA and the Deep State Have Conspired to Vilify Iran, shows how the CIA and Israel’s Mossad have been working together for decades — not just watching Iran, but actively sabotaging it. Killing scientists. Running cyberattacks. Feeding lies to the media to make Iran look like it’s always “six months away” from building a nuke.

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You’re paying attention.

Because the documents are real. The war was planned. And the bombs are falling — right on schedule.

Pray for Iran’s civilians.

Pray for the Israelis caught in the crossfire.

Pray for a President who still wants peace.

And pray that we wake up before it’s too late.

Because the war has started.

But the truth has just begun to spread.

Until next time, God bless you, your family and nation.

Take care,

George Christensen

Source:

George Christensen is a former Australian politician, a Christian, freedom lover, conservative, blogger, podcaster, journalist and theologian. He has been feted by the Epoch Times as a “champion of human rights” and his writings have been praised by Infowars’ Alex Jones as “excellent and informative”.

George believes Nation First will be an essential part of the ongoing fight for freedom:

The time is now for every proud patriot to step to the fore and fight for our freedom, sovereignty and way of life. Information is a key tool in any battle and the Nation First newsletter will be a valuable tool in the battle for the future of the West.

— George Christensen.

Find more about George at his www.georgechristensen.com.au website.

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The Possible Impact Of USDC On The XRP Ledger And RLUSD
Key Points
  • It seems likely that USDC on the XRP Ledger (XRPL) boosts liquidity, benefiting XRP, though some see it as competition for RLUSD.
  • Research suggests both stablecoins can coexist, enhancing the XRPL ecosystem.
  • The evidence leans toward increased network activity being good for XRP, despite potential competition.

The recent launch of USDC on the XRP Ledger has sparked discussions about its impact on the ecosystem, particularly in relation to RLUSD, Ripple's own stablecoin. This response explores whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Impact on Liquidity and XRP

The introduction of USDC, a major stablecoin with a $61 billion market cap, likely increases liquidity on the XRPL by attracting more users, developers, and institutions. This boost can enhance DeFi applications and enterprise payments, potentially driving demand for XRP, the native token used for transaction fees. While some may view it as competition for RLUSD, the overall effect seems positive for the XRPL's growth.
 

Competition vs. Coexistence with RLUSD

USDC and RLUSD cater to different needs: USDC appeals to those valuing regulatory compliance, while RLUSD, backed by Ripple, may attract users preferring ecosystem integration. Research suggests both can coexist, increasing options and fostering innovation, rather than purely competing.
 

Detailed Analysis of USDC on XRPL and Its Implications

The integration of USDC on the XRP Ledger (XRPL), announced on June 12, 2025, by Circle, has significant implications for the ecosystem, particularly in relation to RLUSD, Ripple's stablecoin launched in 2024. This section provides a comprehensive analysis, exploring whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.
 

Understanding RLUSD and Its Role

RLUSD, Ripple's stablecoin, received approval from the New York Department of Financial Services (NYDFS) in 2024 and is designed to be fully backed by cash and cash equivalents, ensuring stability. It is available on both the Ethereum and XRP Ledger blockchains, aiming to enhance liquidity, reduce volatility, and serve cross-border payments. With a current market cap of $413 million, RLUSD is smaller than USDC's $61 billion but has regulatory credibility, particularly appealing to institutions.
 

Impact of USDC on the XRPL

The launch of USDC on the XRPL is a significant development, given its status as the second-largest stablecoin by market cap.
 
Key impacts include:
  • Liquidity Boost: USDC's integration can attract more users, developers, and institutions, increasing overall liquidity. This is crucial for DeFi applications, as Circle's announcement emphasizes its use in liquidity provisioning for token pairs and FX flows.
  • Increased Utility: USDC enhances the XRPL's utility for enterprise payments, financial infrastructure, and DeFi, potentially making it more attractive for global money movement and transparent settlements.
  • Regulatory and Institutional Appeal: As a regulated stablecoin issued by Circle, USDC can bring institutional users to the XRPL, aligning with Ripple's goals for regulated financial activities.
  • Network Growth: Supporting a widely recognized stablecoin like USDC on 22 blockchains, including the XRPL, increases the network's visibility and adoption, potentially driving more activity.

Competition vs. Complementarity with RLUSD

While USDC's launch could be seen as competition for RLUSD, the evidence suggests a more nuanced relationship:
  • Competition: Both are stablecoins on the XRPL, and USDC's larger market presence ($61 billion vs. RLUSD's $413 million) might attract users and developers away from RLUSD. However, competition can drive innovation, such as lower fees or better services, benefiting the ecosystem
  • Complementarity: Different stablecoins cater to different needs. USDC appeals to users valuing regulatory compliance and widespread adoption across multiple blockchains, while RLUSD, backed by Ripple, may attract those preferring ecosystem integration and regulatory approval from NYDFS. The XRPL can benefit from having multiple options, increasing liquidity and fostering a diverse ecosystem.
  • Coexistence Benefits: Research suggests that having multiple stablecoins enhances liquidity and provides users with more choices, potentially leading to higher network activity. For example, institutions might use USDC for global payments and RLUSD for specific XRPL-integrated applications, creating a symbiotic relationships.

Impact on XRP

The introduction of USDC, alongside RLUSD, is likely beneficial for XRP, the native token of the XRPL, for several reasons:
  • Increased Liquidity and Activity: Higher liquidity on the XRPL, driven by both stablecoins, can increase transaction volumes. XRP is used for transaction fees, with some fees burned, potentially reducing supply over time and increasing demand.
  • DeFi and Enterprise Use Cases: Both USDC and RLUSD enhance DeFi and enterprise applications, such as liquidity pools and cross-border payments, which can drive demand for XRP as a settlement token.
  • Network Growth: A more liquid and active XRPL is more attractive to developers and users, potentially leading to long-term growth for XRP, as increased utility can drive its value.
Expert analyses, such as those from u.today and ledgerinsights.com, suggest the launch is a "massive boost" for liquidity and adoption, with RLUSD also playing a significant role.
 

Comparative Analysis: USDC vs. RLUSD

To further illustrate, consider the following table comparing key attributes:
 
Given the evidence, it is more accurate to view the introduction of USDC on the XRPL as beneficial for liquidity, which is ultimately good for XRP, rather than solely as competition for RLUSD. The XRPL benefits from increased options, with both stablecoins enhancing liquidity, utility, and network growth. While some competition exists, the overall impact is positive, fostering a robust ecosystem that can drive demand for XRP. This conclusion aligns with expert analyses and community discussions, acknowledging the complexity of the stablecoin market within the XRPL.
 

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