As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space.
Ripple Dollar (RLUSD) 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, with more listings planned. Future plans include expanding RLUSD’s role in tokenized assets and leveraging Ripple’s global payment network to drive adoption across key regions.
Ohio Proposes 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 a growing interest in Bitcoin's role in government reserves.
Combatting Crypto Fraud in Nigeria
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.
These events showcase the diversity and speed of change within the cryptocurrency and DeFi industries, from new financial instruments to legal initiatives and anti-fraud efforts.
