The stablecoin market, valued at $150 billion, is expanding, as Ripple announced plans to release a dollar-backed stablecoin later this year. The company highlighted the clear demand for trust, stability, and utility in the market. By launching this stablecoin, Ripple aims to bridge the gap between crypto and traditional finance, allowing for securities trading utilizing blockchain technology. The stablecoin will be fully backed by dollar deposits, cash equivalents, and government bonds, with Ripple committing to monthly attestations for transparency. Ripple plans to launch the stablecoin on Ethereum and the XRP Ledger initially, with possible expansion to other blockchains in the future. Regulatory approval is required before the stablecoin can be released to customers.

Analyst Samson Mow Compares Bitcoin ETFs to Matrix's Neo

Samson Mow, a Bitcoin advocate and CEO at Jan3, drew a comparison between Bitcoin and Neo from "The Matrix" movie in a recent post. Mow likened the current market situation to a scene where Neo dives into Agent Smith and explodes him from within using his powers. He suggested that Bitcoin is integrating into the legacy financial system through spot ETFs and potentially has the ability to disrupt it entirely. Mow, known for his bullish Bitcoin price predictions, believes that Bitcoin will reach $1 million soon, with the introduction of spot ETFs bringing that goal closer.

Shiba Inu Experiences 1,058% Surge in Whale Activity

Data from IntoTheBlock revealed a significant 1,058% increase in large holder netflow for Shiba Inu, indicating a surge in whale activity in the market. This spike in the metric suggests strong buying activity, as whales are accumulating SHIB tokens. The recent price decline of the meme coin may have presented whales with an opportunity to buy large quantities of SHIB at a discounted rate. This behavior is typical for large holders looking to strengthen their positions during market corrections. As of the latest update, SHIB is trading at $0.0000268, down 2.09% in the last 24 hours according to CoinMarketCap.