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Today in crypto, Ripple is expected to launch its United States dollar-pegged stablecoin Ripple USD (RLUSD) on Dec. 4, Grayscale filed for a spot Solana ETF in the US, and Bitcoin has recovered on South Korean exchanges after a sudden $30,000 drop following President Yoon Suk Yeol’s declaration of martial law, which has since been reversed.
Ripple’s RLUSD stablecoin: Here’s what you need to know before launch
Ripple is preparing to launch its United States dollar-pegged stablecoin RLUSD. The cryptocurrency community highly anticipates the launch, which is expected on Dec. 4.
According to Fox Business, Ripple is expected to launch RLUSD on Dec. 4, following approval by the New York Department of Financial Services.
The blockchain firm has cautioned against tokens claiming to be RLUSD or Ripple USD until an official announcement confirms the launch.
Preview listings of RLUSD have already appeared on major cryptocurrency data providers, including CoinGecko and CoinMarketCap.
Introduced in June, RLUSD is a 1:1 US dollar-backed stablecoin 100% backed by US dollar deposits, short-term US government Treasurys and other cash equivalents.
Since early August, the RLUSD stablecoin has been in beta testing on Ripple’s decentralized public blockchain platform, the XRP Ledger (XRPL), and the Ethereum mainnet. Ripple said it plans to expand RLUSD to additional blockchains and decentralized finance (DeFi) protocols over time
Grayscale bids for spot Solana ETF
Grayscale Investments filed with the United States Securities and Exchange Commission on Dec. 3 to launch a spot Solana exchange-traded fund (ETF) — which would convert its existing Grayscale Solana Trust, under the ticker GSOL, to an ETF.
According to the filing, “The Trust is the world’s largest Solana investment fund by assets under management as of the date of this filing,” holding roughly $134.2 million in assets under management and around 0.1% of all Solana SOL $ 233.33 in circulation.
Grayscale joins ETF issuing rivals 21Shares, Canary Capital, VanEck and Bitwise in vying for the SEC’s approval of a spot SOL ETF — which Franklin Templeton is also considering to launch.
Grayscale’s 19b-4 filing will have to be coupled with an SEC-approved Form S-1 registration statement before GSOL goes live.
Crypto recovers from crash after South Korea’s brief martial law
Bitcoin and other cryptocurrencies have started to recover from a plunge on Dec. 3 after South Korean President Yoon Suk-yeol reversed his short-lived declaration of martial law.
The Bitcoin-Korean won (KRW) exchange rate plunged from 130 million KRW to 93.6 million KRW following the announcement, according to data from Upbit. A nearly 30% drop.
Bitcoin also dived in global markets, but recovered 2.4% after the martial law declaration was lifted around 4:30 am local time during a Cabinet meeting.
Yoon’s declaration of martial law came in response to “threats posed by North Korea’s communist forces,” the president claimed, with measures intended to “eliminate anti-state elements.”
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