XRP price fell by 10% as whales sold and wider market liquidations spread to the altcoin. Key takeaways: XRP’s liquidation was the third-largest long liquidation on Binance this year. XRP’s higher time frame trend remains bullish, as bulls aim to defend the $2.95–$3.00 support zone. Read more
Goldman Sachs and BNY Mellon’s tokenization push aims to keep money market funds competitive as the US accelerates stablecoin adoption, according to a JPMorgan strategist. The tokenization of money market funds marks a significant step in preserving the appeal of “cash as an asset,” especially as the growing adoption of stablecoins threatens to erode the attractiveness of traditional fund offerings, according to JPMorgan strategist Teresa Ho. Commenting on recent initiatives by Goldman Sachs and Bank of New York Mellon to tokenize shares of money market funds, Ho noted that such services will help maintain the competitiveness of these funds while unlocking new use cases, such as margin collateral. This development is particularly timely given the recent passage of the US GENIUS Act, a comprehensive stablecoin bill expected to accelerate the usage of digital dollars by integrating the speed and predictability of blockchain technology into the traditional banking system. Read more
Reliance on centralized cloud infrastructure and the IRS’s proposed “mega API” expose vulnerabilities in data privacy and accountability that decentralized technologies can address. Opinion by: Angie Darrow, chief marketing officer and chief ecosystem communications officer at Web3 Foundation When a temporary data cloud outage can disrupt the global financial system — as the AWS Tokyo outage demonstrated in April — something’s gone wrong with the infrastructure that underpins today’s data economy. In the early hours of April 12, Amazon Web Services (AWS) experienced a “connectivity issue” at its Tokyo data center. The outage lasted just 36 minutes, but the ripple effects were immediate. When AWS falters, so does the architecture of the global economy. It’s not just our assets or money at risk. Read more