Ripple’s US dollar-pegged RLUSD has entered the top 10 stablecoins by market cap, reaching $1 billion less than a year after launch. Ripple USD, a stablecoin created by XRP issuer Ripple, has surpassed $1 billion market capitalization, marking a significant milestone less than a year after its launch. Officially launched in December 2024, the Ripple USD (RLUSD) stablecoin has achieved a remarkable 1,278% year-to-date growth in market capitalization. The stablecoin first broke through the $1 billion mark on Monday, just a few days after reaching $900 million on Oct. 24, according to CoinGecko data. Read more
Extending ESMA jurisdiction to include financial markets threatens to slow innovation for crypto and fintech companies, but some policy experts see a silver lining. The European Commission’s plan to expand the authority of the European Securities and Markets Authority (ESMA) over cryptocurrency and capital markets has sparked debate across Europe, with critics warning it could stifle innovation and slow decision-making. The European Union is reportedly exploring giving the ESMA direct supervisory powers over stock exchanges and crypto service providers, potentially creating a centralized regulatory framework similar to the US Securities and Exchange Commission (SEC). The European Commission is expected to publish a draft of the plan in December. Under the existing Markets in Crypto-Assets Regulation (MiCA), which took effect for crypto asset service providers in December 2024, companies authorized in one EU member state can “passport” their licenses to operate across the 27-nation bloc. Read more
Yields and More maps out over $284 million in DeFi debt tied to Stream Finance, exposing complex loops across stablecoins and lending markets. Decentralized finance (DeFi) researchers mapped out more than $284 million in stablecoin exposure and outstanding loans linked to Stream Finance, following the protocol’s collapse. On Tuesday, a detailed post by DeFi group Yields and More (YAM) flagged dozens of lending markets and vaults, including platforms Euler, Silo, Morpho and Gearbox, that held positions connected to Stream’s synthetic assets, which include xUSD, xBTC and xETH. The data highlighted the extent of the fallout. Exposure loops involving Elixir’s deUSD, Treeve’s scUSD and other assets suggested that at least $284.9 million in overall debt is owed to lenders across various markets. This excludes indirect exposure via secondary vaults and other lending strategies. Read more
Giggle Academy, founded by Binance’s CZ, clarified that it is not behind the GIGGLE token as market swings and community confusion continue to unfold. Giggle Academy, a crypto educational project founded by Binance co-founder and former CEO Changpeng “CZ” Zhao, has renewed efforts to distance itself from the Giggle Fund token amid heightened volatility and mounting community skepticism. In a Tuesday X post, Giggle Academy clarified that GIGGLE — a newly launched token linked to the project — is not issued by the organization and is a community-initiated memecoin. “The Giggle memecoin is not an official coin launched by Giggle Academy,” CZ wrote on X on Monday, adding: “I don’t know who launched it.” Read more
Selling by long-term Bitcoin holders, capitulation by short-term holders and a weakening technical structure could fuel BTC’s price drop to $72K. Key takeaways: Long-term Bitcoin holders have sold 400,000 BTC over the past 30 days. Short-term Bitcoin holders panic-sell $3 billion in BTC at a loss. Read more
The $116 million Balancer exploit appears to have been months in the making, with the attacker utilizing Tornado Cash and advanced methods to evade detection. The onchain transactions of the exploiter behind the $116 million Balancer hack point to a sophisticated actor and extensive preparation that may have taken months to orchestrate without leaving a trace, according to new onchain analysis. The decentralized exchange (DEX) and automated market maker (AMM) Balancer was exploited for around $116 million worth of digital assets on Monday. Blockchain data shows the attacker carefully funded their account using small 0.1 Ether (ETH) deposits from cryptocurrency mixer Tornado Cash to avoid detection. Conor Grogan, director at Coinbase, said the exploiter had at least 100 ETH stored in Tornado Cash smart contracts, indicating possible links to previous hacks. Read more
The Chinese budget AI model QWEN3 was the only one to generate positive returns, while its more heavily funded competitors returned significant losses. Two Chinese artificial intelligence chatbots outperformed some of the world’s most advanced models, including OpenAI’s ChatGPT, in an autonomous cryptocurrency trading competition that ended Tuesday. Budget AI models QWEN3 MAX and DeepSeek finished first and second in the trading challenge, outpacing higher-profile and more expensive competitors. QWEN3 was the only AI chatbot to generate positive returns, making a total profit of $751 at a 7.5% return rate, while all other AI bots ended the competition in the red, according to data aggregator CoinGlass. Read more