Ripple claims hundreds of bank partners, but with a 30%–40% drop in XRPL activity and institutional use concentrated offchain, transparency concerns persist. Ripple, the company behind major cryptocurrency XRP, is facing community backlash after online entrepreneur Andrei Jikh raised questions over the company’s projects and transparency. Jikh took to X on Wednesday to voice multiple concerns about Ripple, including the lack of verifiable onchain data to support the company’s claim of securing over 300 bank partnerships in its 13 years of operation. Ripple’s chief technology officer, David Schwartz, promptly joined the X thread, addressing all six questions raised by Jikh to defend the company’s approach to transparency, onchain data and institutional adoption. Read more
Investors are uncertain and moving their Bitcoin off exchanges, while stablecoins are set to take off after GENIUS passed. Crypto market analysts are optimistic as July winds to a close, and Bitcoin reserves on crypto exchanges are down 2% on the month. This is a bullish signal. A decrease in exchange reserves indicates people are taking their Bitcoin (BTC) off exchanges and holding it, anticipating the price to go higher. While 2% on the month sounds like small potatoes, it continues the overall decrease in exchange reserves since January. In the US, the House of Representatives passed three crypto laws in July. One of them — the GENIUS Act regulating stablecoins — was signed into law by President Donald Trump. With set rules for stablecoins, and a regulatory framework in the form of the CLARITY Act making its way through the Senate, observers predict substantial growth in the stablecoin sector. Read more