The DeFi and crypto space continues to evolve rapidly. Our weekly recap provides a concise yet comprehensive overview of the most significant news and trends in the decentralized finance and crypto sphere.
Ripple Dollar Launches with Regulatory Backing
Ripple has introduced Ripple Dollar (RLUSD), a U.S. dollar-backed stablecoin aimed at improving blockchain-based financial solutions. Officially launched on December 17, 2024, RLUSD is available on exchanges like Uphold, Bitso, and CoinMENA. Future plans include expanding RLUSD’s role in tokenized assets and leveraging Ripple’s global payment network to drive adoption across key regions.
Ohio Introduces 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 passed, the bill would authorize the state treasurer to include Bitcoin in Ohio's asset allocation. Ohio becomes the third U.S. state to propose such legislation this month, reflecting growing interest in Bitcoin's role in government reserves.
Nigeria's Crackdown on Crypto Schemes
Nigeria's Economic and Financial Crimes Commission (EFCC) has arrested 792 suspects in Lagos, dismantling a major cryptocurrency romance scam syndicate. The December 10 raid, described as the largest in Nigeria’s history, involved locals and foreigners, including 148 Chinese nationals, 40 Filipinos, and others from Kazakhstan, Pakistan, and Indonesia. EFCC spokesperson Wilson Uwujaren confirmed the suspects' ties to a global network of crypto and online romance fraud operations.
This week has seen significant events in DeFi, including the launch of a new regulator-backed stablecoin and the development of cryptocurrency legislation in the US. Efforts to combat fraudulent schemes in the cryptocurrency industry continue to be noteworthy.
