Seeds of Wisdom RV and Economic Updates Sunday Morning 4-6-25
Good morning Dinar Recaps,
HOUSE ADVANCES STABLECOIN TRANSPARENCY AND ACCOUNTABILITY
The House Financial Services Committee voted on Wednesday to advance the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, also known as the STABLE Act. The legislation received overwhelming support, with a vote tally of 32 in favor and 17 opposed.
The STABLE Act aims to establish a regulatory framework for dollar-denominated stablecoins, addressing key issues such as reserve requirements and Anti-Money Laundering standards.
@ Newshounds News™
Source: Finance Yahoo
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RIPPLE TO PILOT RLUSD FOR DROUGHT RELIEF IN KENYA
Ripple has launched a pilot project that will see its stablecoin, Ripple USD, used for drought relief in Kenya.
The announcement comes just days after Ripple integrated the Ripple USD stablecoin in its payments solution.
Ripple is partnering with Mercy Corps Ventures and DIVA Donate, a platform that leverages decentralized finance technology to facilitate donations to pastoralists affected by drought in Kenya, for the initiative.
The partners will leverage blockchain technology to bring financial aid via RLUSD to the targeted communities, Team Ripple noted.
As outlined in a blog post, the pilot is part of Ripple’s broader efforts to expand its impact in cross-border payments, an effort expected to accelerate with the rollout of RLUSD. As with other blockchain-based projects, the use of stablecoins is aimed at improving transparency, settlement speed, and access for the unbanked.
According to Ripple, the pilot program will demonstrate how blockchain and stablecoins can improve the delivery of aid and insurance. The trial will use RLUSD on the Ethereum network.
The RLUSD pool for the program will be open to public contributions, with anyone able to donate by connecting a wallet.
Smart contracts will hold the funds in escrow, and automatically send RLUSD to those impacted by drought. However, this will only go into action once satellite tracking detects drought triggers- with the pilot targeting automated payouts should the system detect drought conditions by May 31, 2025.
If the system determines that pastoralists are likely to face a shortage of vegetation for their livestock, each participant will receive $75 (around 9,600 Kenyan shillings) in RLUSD. Organizers say this amount is sufficient to purchase food and water for one animal for six months.
Roughly 533 pastoralists in Kenya’s Laikipia County are expected to benefit from the aid.
Ripple plans to publish the results of the pilot later this summer. Fund contributors will also have the option to withdraw their RLUSD or allocate it to future campaigns.
@ Newshounds News™
Source: Crypto News
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