Ripple has announced its entry into the new TRM Labs Beacon Network, dedicated to combating cryptocurrency crimes. This collaboration includes many well-known crypto firms.
Launch of TRM Labs Beacon Network
TRM Labs has launched the Beacon network, designed to work with the crypto industry and law enforcement to prevent illicit fund transfers before they exit the blockchain. Founding members include Ripple, Coinbase, Binance, PayPal, and others. This network represents a new level of collaboration in blocking off-ramps for criminal funds.
XRP Community Reaction to the News
Ripple's recent move has attracted interest within the XRP community. XRP Ledger validator Vet commented that the initiative is crucial for fast and preventive XRP Ledger forensics work, stating, "This is important. I hope this can help for fast, responsive and preventive XRP Ledger forensics work."
Use of RLUSD in Bullish IPO
Bullish announced its plans to receive $1.15 billion from its recently completed initial public offering (IPO) in stablecoins. This marks a historic first for the use of stablecoins in IPOs in the United States. The majority of proceeds will be settled in USDC, while Ripple's USD stablecoin RLUSD was also utilized. This is the first public listing to conduct the settlement process on-chain, setting a precedent for how stablecoins can impact future listings.
Recent actions by Ripple and other participants in the crypto industry highlight efforts to combat illegal activity and establish new standards for the use of stablecoins in financial markets.
