TheDinarian

News • Business • Investing & Finance

Independent Reserve First to List Ripple USD (RLUSD) Stablecoin in Singapore

December 24, 2024

Summary:

IR will be Singapore’s first licensed crypto exchange to offer RLUSD on its order book and OTC desk
RLUSD is available for trading on Independent Reserve Singapore from 22 December 2024

Singapore, 24 December 2024 – Independent Reserve (IR) – Singapore’s first licensed cryptocurrency exchange for all investors is pleased to affirm its leading position in listing Ripple’s USD-backed stablecoin, Ripple USD (RLUSD). Customers of Independent Reserve Singapore can trade RLUSD on the platform from 22 December 2024.

IR will be the first exchange in Singapore to offer RLUSD as part of its order book and OTC desk. This will allow IR’s clients in Singapore access to a seamless and efficient cross-border liquidity solution and enable them to conduct global transactions with enhanced speed and reduced costs.

A stablecoin valued one-to-one to the US dollar, RLUSD is issued natively on both the XRP Ledger and Ethereum networks and can be used in a variety of applications and use cases, from cross-border payments to decentralised finance.

Lasanka Perera, CEO of Independent Reserve Singapore said: “The stablecoin market has seen tremendous growth in the past few years, showing that stablecoins have found their product-market fit. Stablecoins have proven to be a viable solution for facilitating payment transactions and supporting decentralised finance (DeFi). RLUSD offers a compelling solution for investors and financial institutions, enabling more efficient and secure capital movement.

As long-standing partners of Ripple, we are proud to be the first regulated exchange to offer Ripple USD in Singapore. Ripple’s decision to launch its stablecoin on IR reflects the strong trust and mutual support we have built over the years. Independent Reserve is proud to be the first regulated exchange in Singapore to offer secure and reliable access to RLUSD, staying true to our mission of leveraging crypto and blockchain technology to transform financial services.”

Offering secure, accessible stablecoin opportunities in Singapore

Customers of Independent Reserve Singapore will be able to buy and sell RLUSD with either Singapore dollars (SGD) or US dollars (USD) on the order book and OTC desk.

RLUSD is issued under the New York Department of Financial Services (NYDFS) limited-purpose trust charter, a framework recognised as one of the most stringent regulatory standards.

Fully backed by the US Dollar, the Ripple USD Reserve is kept in a combination of USD fiat and cash equivalents, like government money market funds and short-term United States Treasury Bills, held at US-based financial institutions. Ripple will publish monthly third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm.

Link

Join the TheDinarian Community

To read more articles like this, sign up and join my community today

What else you may like…

Videos

Podcasts

Posts

Articles

thedinarian@thedinarian

6 hours ago

The derivatives market is about to EXPLODE‼️❤️

This is why the partnership between Robinhood, Bitstamp and Ripple is so important.

The derivatives market is about to EXPLODE‼️❤️

XRP-ETF’s will get the green light under Trump’s crypto friendly administration. Ripple lawsuit will be dropped. XRP will soar. 🚀

This isn’t hype, it’s reality. 😎

Robinhood’s acquisition of Bitstamp has significant implications for the top 30 global commercial banks. Bitstamp’s deep institutional infrastructure, regulatory compliance across 50+ jurisdictions, and global presence offer banks a trusted platform for crypto trading and settlement. This partnership creates on/off ramps for fiat-to-crypto transactions, critical for banks exploring digital asset integration. By legitimizing XRP as a regulated and widely traded asset, it encourages institutional adoption for cross-border payments. Robinhood’s expansion into institutional crypto services further bridges traditional finance and crypto.

Courtesy of MrManXRP
...

00:05:14

thedinarian@thedinarian

December 24, 2024

⛓️ Why Do I Hold $XRP? 💱

This video will say it all. 💡 From game-changing innovations to reshaping global finance, XRP speaks for itself.

💪 Watch and see the future unfold! 🚀

00:02:20

thedinarian@thedinarian

December 24, 2024

🌐 Theta Welcomes JON Launch!

Theta is thrilled about the potential of JON devices for its distributed edge network!

🔹 AI Power Boost: While individual JONs handle smaller workloads than high-performance GPUs like H100s, their aggregation within EdgeCloud unlocks new possibilities.

🔹 Affordability: At just $249, JON devices become accessible to more users, expanding EdgeCloud’s reach. Compatibility investigations are already underway!

This signals exciting synergy between cost-effective AI devices and Theta's cutting-edge EdgeCloud platform. 🚀

00:00:33

thedinarian@thedinarian

October 31, 2024

👉 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.

thedinarian@thedinarian

8 hours ago

🎁 🎄 Merry Christmas from The Dinarian! 🎅 🎁

As the year comes to a close and the holiday spirit surrounds us, I want to take a moment to extend my heartfelt gratitude to each of you for being a part of The Dinarian community. 🌟

This year has been one of growth, discovery, and meaningful conversations about blockchain, conspiracies, and the future of technology. Together, we've explored new ideas, challenged old beliefs, and built a community that thrives on curiosity and collaboration. Your support, insights, and passion have been the driving force behind our journey.

As we gather with loved ones to celebrate this festive season, let's also take a moment to reflect on the impact we're making as a community. Whether it's uncovering hidden truths or championing innovation, our mission continues to shine brighter than ever.

May this holiday season bring you joy, warmth, and countless moments of peace and happiness. Here's to a Christmas filled with love and a New Year brimming with opportunities to grow and connect even more. 🎁✨

Thank you for being...

RHINO.LNK.TO

Christmas Eve and Other Stories

Go to Christmas Eve and Other Stories.

thedinarian@thedinarian

3 hours ago

🚨🐻🧩 New Riddle Alert from Bearableguy123! 🧩🐻🚨

The latest image features a bear with 3 diamonds, 6 hearts, and 1 club on its hat, reminiscent of "Dogs Playing Poker" by Cassius Marcellus. 🎩💎❤️♣️

Notably, there are 12 rays emanating from the sun in the background. ☀️🔍

This riddle was shared on December 24th, adding a festive twist to the mystery. 🎄🕵️‍♂️

What could these symbols signify? 🤔💭

Join the discussion and share your theories! 🗣️💡
https://x.com/bearableguy123/status/1871441514427281490

For a deeper dive into the riddle, check out this analysis:

X.COM

bearableguy123 (@bearableguy123) on X

Yəhaw̓! Merry Christmas and Happy New Year 2025!

thedinarian@thedinarian

7 hours ago

🚀 Uniswap 🤝 Sonic Proposal Passed 🚀

The deployment of Uniswap on Sonic has sucessfully be completed. This is a vote to gauge whether we should match $250k of incentives for Sonic's $500k commitment.

Key Benefits of Sonic and synergy with Uniswap:

👉 Scalability and Speed: Sonic boasts the ability to process 10,000 transactions per second (TPS) with sub-second transaction finality, ensuring fast and irreversible transactions. This makes it highly efficient for applications requiring high throughput and low latency.

👉 Availability of Key Infrastructure: Sonic Labs has confirmed integration of key infrastructure partners such as Alchemy, Safe, Etherscan, Chainlink, Gelato, Biconomy, Dune, etc., making it extremely easy to onboard new builders.

👉 Cost Efficiency: Operating on Sonic is cost-effective, with a 66% reduction in validator node costs and up to a 96% reduction in large-scale RPC node costs compared to previous solutions. This is coupled with advanced live-pruning capabilities that streamline node management.

👉 ...

thedinarian@thedinarian

3 hours ago

One in three Koreans now own crypto, Bank of Korea says

A new report shows that more than 30% of the South Korean population holds crypto, with investors now holding over 100 trillion won in assets.

South Korea‘s crypto market is rapidly booming as the number of investors reached 15.59 million by the end of November, Yonhap News Agency reports, citing data shared by Democratic Party lawmaker Lim Kwang-hyun.

The latest figure shows an increase of 610,000 investors from the previous month, likely fueled by optimism following Donald Trump’s presidential election victory.

According to the data, the total value of crypto held by South Korean investors reached a record 102.6 trillion won (around $78 billion) in November, up from 58 trillion won in July. While the data doesn’t specify which cryptocurrencies are most popular among investors, the average amount held by each investor surged to 6.58 million won, a huge increase from previous months.

In terms of trading activity, the daily trading volume on South Korea’s top five crypto exchanges — Upbit, Bithumb, Coinone, Korbit, and GoPax — reached nearly 15 trillion won in November, almost matching the daily trading volume of the country’s stock markets.

However, some warn that the market is growing too fast. Lawmaker Lim Kwang-hyun has asked the government to make sure the crypto market remains stable and to protect consumers from possible risks. However, it is still unclear what steps the authorities will take in the near future.

Link

Read full Article

thedinarian@thedinarian

3 hours ago

The Sonic Airdrop Details

Airdrop

We're planning an airdrop of 190,500,000 S to incentivize users of both Opera and the new Sonic chain. The airdrop will be distributed using two main approaches, Sonic Points and Sonic Gems.

Sonic Points

User-focused airdrop points, earned by interacting with various tokens and apps on the Sonic mainnet.

Sonic Gems

Developer-focused airdrop points, earned by driving user engagement and innovation on the Sonic mainnet.

💥The airdrop will also reward historical activity on Opera, participation on Sonic Arcade, and minters of the exclusive Shard NFT.💥

Distribution

The S token airdrop includes a linear decay mechanism to tackle the challenges of an airdrop on an active chain. This approach helps prevent sudden large changes in the circulating supply of S by gradually reducing and burning tokens over time.

On the first day of the S airdrop, 25% of a user's token allocation becomes available immediately. The remaining 75% is vested over 270 days as NFT positions; users can choose to claim these tokens early, but doing so incurs a penalty, with a portion of their airdrop allocation burned.

This unique burn factor motivates recipients to increase their on-chain activity while waiting for their ideal time to claim the remainder of their airdrop. It also penalizes those who decide to claim their airdrop before it fully matures by burning a portion of their tokens. For users who prefer not to wait or participate, there will be a speculative NFT marketplace where they can trade their airdrop allocation.

The chart below illustrates how many tokens will be burned based on when users choose to claim their remaining airdrop.

Burn Amount and Examples

Day/Burn Amount

0–30 100%–88.9%

31–60 88.9%–77.8%

61–90 77.8%–66.7%

91–120 66.7%–55.6%

121–150 55.6%–44.4%

151–180 44.4%–33.4%

180–210 33.4%–22.3%

211–240 22.3%–11.2%

241–270 11.2%–0%

Example A: Andrew earns 1,000 S in the Sonic airdrop. Andrew can claim his 25% liquid allocation at any time and receive 250 S in his wallet. 90 days pass and Andrew returns to the claim portal, deciding he would like the rest of his airdrop. As 90 days have passed by, he can claim 249.75 S tokens (33.3 of the remaining 750 token allocation) but must burn 500.25 S (66.7% of his locked allocation).

Example B: Bob earns 10,000 S in the Sonic airdrop. Bob can claim his 25% liquid allocation at any time and receive 2,500 S. Bob is excited to use his S in the ecosystem and decides he would like all of his eligible airdrop allocation after day 30. Bob claims again (the final 75% portion), receiving 1,110 S and burning 6,667.5 S (88.9% of the final portion).

Data Collection

We have engaged OpenBlock and Sentio to manage and oversee our points and airdrop designs through data-backed decision-making.

OpenBlock’s data-driven incentive modeling platform powers over $2B in annual incentive spend and has been a leading provider of rewards design and efficacy analysis for leading protocols in the space including EigenLayer, Lido, Linea, Mode, Arbitrum, Solana, Sui, and many others. To initiate and sustain its ecosystem, Sonic will utilize OpenBlock’s incentive modeling frameworks, ensuring continuous and balanced growth for all actors in the system.

Sentio is an industry-leading indexing service that aids in streamlining continuous point tracking, helping retrieve historical states of all user positions to update user points upon every interaction. With its high-performance database infrastructure, engineered to handle queries at unprecedented speeds, Sentio enables the onboarding of tens of thousands of new users easily and efficiently.

Legal Provisions

As part of the Sonic Foundation’s research and commitment to this airdrop, we have sought legal opinions to ensure its success.

The program will likely need to exclude any sanctioned country or person including all those who are citizens or residents of or residing in (the “Restricted Countries”): Belarus, Burundi, Central African Republic, Congo, Cuba, DPRK (North Korea), Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Libya, Mali, Myanmar (Burma), Republic of South Sudan, Russia, Somalia, Sudan, Syria, United States of America, Ukraine, the Crimea, Donetsk, and Luhansk regions of Ukraine, Venezuela, Yemen, or Zimbabwe.

These potential provisions may include:

Geoblocking: Implementing geo-blocking measures for all restricted countries
Self-declaration: Requiring participants to say they are not from one of the restricted countries
Discretionary exclusion: The Sonic Foundation reserves the right to exclude any wallet address at its sole discretion

There will be a comprehensive set of terms and conditions provided at the program’s launch.

Learn more about Sonic in their documents here.

Read full Article

thedinarian@thedinarian

5 hours ago

MicroStrategy goes on $11bn holiday shopping spree in record Bitcoin binge

Key Takeaways:

Founder and chairman Michael Saylor gobbles up Bitcoin.
MicroStrategy has almost doubled its Bitcoin holdings in six months.
The software company is now part of the Nasdaq 100.

Michael Saylor, founder and chairman of MicroStrategy, is Christmas’ most predictable gift giver.

All he ever does is buy Bitcoin.

On Monday, his publicly-traded software company announced that it had acquired more than 5,000 of the cryptocurrency.

That caps a frenetic holiday shopping spree.

MicroStrategy has gobbled up about 113,000 Bitcoins since mid-November, according to filings with the Securities and Exchange Commission.

At current prices, that’s about $11 billion.

Microstrategy’s buying spree from mid-November to December is its largest month-long splurge on record.

The company’s Bitcoin treasury now numbers more than 444,000 Bitcoins, or about $44 billion.

Nasdaq 100

MicroStrategy’s substantial Bitcoin purchases come as the firm has ridden a soaring stock to land in the Nasdaq 100, an index of the largest non-financial companies on the stock exchange.

Since January, its stock price has more than quintupled to now trade at about $360.

It’s a surprising surge for a company whose actual business, selling data analytics software to large enterprise businesses, has taken back seat to its never-ending purchases of Bitcoin.

Traders and Wall Street analysts see the company’s stock as a proxy, which moves in lockstep with Bitcoin’s rises and falls, for the cryptocurrency.

To fund its Bitcoin purchases, MicroStrategy uses surplus cash from its software business as well as equity and debt issuances.

It’s a strategy some analysts have criticised.

“Eventually, the debt will far eclipse equity, the trading premium will disappear, the conversion prices on the notes will feel unreachable and equity price will collapse under the weight of senior debt, particularly during a gnarly Bitcoin dip,” Tatiana Koffman, author of the “Myth of Money,” recently said on X.

Link

Read full Article

Available on mobile and TV devices