The DeFi and cryptocurrency space continues to evolve rapidly, making it essential to stay abreast of the latest developments and trends. Our weekly recap provides a concise and comprehensive overview of the most significant news and trends.
Ripple Dollar (RLUSD) Launches
Ripple has introduced Ripple Dollar (RLUSD), a U.S. dollar-backed stablecoin aimed at improving blockchain-based financial solutions. RLUSD was officially launched on December 17, 2024, and is available on exchanges like Uphold, Bitso, and CoinMENA. In the future, Ripple plans to expand RLUSD’s role in tokenized assets and leverage the company’s global payment network to promote the currency in key regions.
Ohio Bitcoin Reserve Bill
Ohio Republican House leader Derek Merrin has introduced the Ohio Bitcoin Reserve Act (HB 703), aiming to establish a Bitcoin fund within the state treasury. If the bill passes, the state treasurer will be authorized to include Bitcoin in Ohio's asset allocation. Ohio has become the third U.S. state to propose such legislation this month, reflecting growing interest in Bitcoin's role in government reserves.
UK Judge Sentences Craig Wright
Dr. Craig Wright, the self-proclaimed inventor of Bitcoin, received a one-year suspended prison sentence from a UK court for contempt of court. He will avoid jail unless he breaches court orders within the next two years. Wright was also fined £145,000, payable within two weeks. The court cited his defiance, including refusing to attend hearings and demanding £240,000 to cover costs, as key factors in its ruling.
This week in DeFi and cryptocurrencies saw several significant events, including the launch of a new stablecoin, legislative initiatives, and a court ruling. These events illustrate the ongoing dynamic development of the sector and the variety of issues the industry faces.
