Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 1-7-25
Good Afternoon Dinar Recaps,
BRICS NEWS: BRICS MAKES HUGE ANNOUNCEMENT ON COMMON CURRENCY
The BRICS alliance is working towards the formation of a common currency for trade settlements to sideline the US dollar. Russian Deputy Foreign Minister, Sergey Ryabkov confirmed that the currency is on the table and will be a reality soon. He explained that the bloc is working on payment-clearing mechanisms, which will also include insurance systems for goods and cargo.
He stressed that the BRICS common currency is real and will be unveiled to the world becoming an alternative option to the US dollar. “Not only it exists. It is not hypothetical,” Ryabkov said during a press conference when asked if the currency is a real idea.
BRICS Common Currency Will Include Safety Features
The Russian diplomat revealed that the BRICS common currency will include a variety of options to safeguard its users.
The safety mechanisms include: clearing mechanisms, insurance systems, and insurance for the movement of goods and cargo, among other features. Things have moved forward and a real alternative to the US dollar has emerged through the BRICS common currency.
Ryabkov said that once the BRICS common currency is launched, other developing countries will begin settling cross-border transactions with it. “Moreover, the others would join as well. This plan is now on the table and that will be implemented is not a pattern for dollar substitution in all settlements.
It is a pattern for creating an additional circuit for work in conditions when the main and well-known to all dollar channel is failing for reasons beyond the control of BRICS.”
“I would like to add: that the financial pattern as such for all its importance is not enough for the system to function properly. We also need clearing mechanisms, we are also working on them – transaction insurance systems, including insurance for the movement of goods and cargoes, which would also not depend on harmful external influences,” the Deputy Foreign Minister noted on the BRICS common currency.
@ Newshounds News™
Source: Watcher Guru
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RIPPLE WELCOMES 1.7 MILLION NEWLY MINTED RLUSD AHEAD OF BIG DEVELOPMENT
On-chain data shows that Ripple has minted big new RLUSD batch, while almost 7 million were transferred
Data shared by the Ripple Stablecoin Tracker account shows that blockchain behemoth Ripple has created another large chunk of its new product — Ripple USD stablecoin.
This continuation of the RLUSD minting spree has taken place ahead of a major development that is expected to happen later this month.
In the meantime, the same data source has spotted that almost 7 million of these stablecoins have been transferred over the past 24 hours.
Ripple mints millions of RLUSD, 6.7 million moved Ripple Stablecoin Tracker revealed that roughly 16 hours ago, Ripple Treasury minted an impressive stablecoin chunk of 1,790,000 RLUSD.
This amount of RLUSD was created on the Ethereum chain. Previously, when the product was in a private beta, Ripple announced that it intended to use two chains for launching the stablecoin — XRP Ledger and Ethereum chain.
On Jan. 3, as covered by U.Today, Ripple also minted a new batch of 600,000 RLUSD. After that minting took place, the aforesaid data source revealed that during the past 24 hours, approximately 6.7 million RLUSD were transferred in total.
According to the details provided by Etherscan, approximately 1.5 million were moved by major cryptocurrency exchange Bitstamp. A total of 500,000 RLUSD were transferred by Ripple. The rest of the 6.7 million RLUSD mentioned above were shoveled by anonymous whales to unidentified blockchain wallets.
Later this month, Ripple giant is to release an attestation report, which will unveil the composition of the backing assets. So far, Ripple has issued a little less than $80 million RLUSD, having approximately $83 million in reserve to back this stablecoin.
Ripple previously announced that its RLUSD would be audited by independent auditors and promised to release the first attestation report within 30 days of the stablecoin's public launch.
Ripple owns $100 billion in XRP and not going public In a recent interview, Ripple CEO Brad Garlinghouse revealed that the amount of XRP tokens owned by Ripple at the moment surpasses the $100 billion equivalent. He said that it was important when talking about the company valuation. The CEO believes that it is far higher than the $11 billion figure that was reported by Reuters at the start of 2024. Besides, Garlinghouse refuted speculation that Ripple intends to conduct an IPO, adding that this was never a priority.
@ Newshounds News™
Source: U Today
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