These statements came after the announcement that U.S. President Donald Trump plans to include digital assets like Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA) in the country’s strategic cryptocurrency reserves.

ZachXBT highlighted the absence of stablecoins issued by Circle, Tether, and Paxos in major networks like Cardano and the XRP Ledger. According to him, if these issuers saw a “valuable opportunity” in those networks, they would have integrated their stablecoins into them.

Response from Cardano Foundation

Cardano Foundation CEO Frederik Gregaard stated that stablecoin integration is not the only factor determining a blockchain’s legitimacy. Gregaard emphasized that true legitimacy should rely on factors such as security, decentralization, sustainability, development activities, real-world usage, and community involvement.

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Gregaard noted that Cardano’s long-term goal is to build infrastructure capable of supporting global financial systems. He highlighted that the network is built on technical excellence, security, and scalability. However, he also mentioned that as Cardano’s adoption increases, he expects greater interest from major stablecoin issuers.

Gregaard also pointed out that despite stablecoins like Tether (USDT) and USD Coin (USDC) not being directly issued on Cardano, they can still be used within the ecosystem through the Wanchain Bridge.

Stablecoin Developments on XRP Ledger and Cardano

Although major stablecoin issuers are not directly present on the XRP Ledger and Cardano, both networks have seen stablecoin projects.

The RLUSD stablecoin, developed on the XRP Ledger, started trading on exchanges like Uphold, MoonPay, Archax, and CoinMENA after receiving approval from the New York Department of Financial Services on December 17, 2024. Ripple President Monica Long announced that RLUSD would soon be listed on more exchanges.

On the other hand, in the Cardano ecosystem, the ADA-backed and Shen (SHEN)-collateralized Djed (DJED) stablecoin was launched in 2022. According to CoinGecko data, DJED‘s market capitalization is at 4 million dollars. In 2024, Cardano integrated the fiat-backed USDM stablecoin. The USDM launch on March 18 is seen as a significant step by the community.

These developments show that, although major stablecoin issuers have not yet turned to these networks, stablecoins play an important role in the XRP Ledger and Cardano ecosystems.

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Binance will list SHELL on February 27, 2025, at 13:00 (UTC) and open trading with the following pairs: BTC, USDT, USDC, BNB, FDUSD, and TRY.

SHELL Airdrop and Listing Details

Binance is introducing MyShell (SHELL) to provide investors with a new opportunity. The token will launch with a total supply of 1 billion SHELL, and 25 million SHELL will be distributed through the HODLer Airdrops program, representing 2.5% of the total supply. Additionally, another 25 million SHELL will be airdropped six months after the initial listing.

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At the time of listing, the circulating supply of SHELL will be 270 million, accounting for 27% of the total supply. The token will operate on Ethereum and BNB Chain, and its smart contract address has been shared by Binance. The exchange has confirmed that there will be no listing fee for SHELL.

With Binance listing SHELL, investors will have the opportunity to trade the token across multiple pairs, including Bitcoin (BTC), Tether (USDT), USD Coin (USDC), Binance Coin (BNB), First Digital USD (FDUSD), and Turkish Lira (TRY). Trading will begin on February 27, 2025, at 13:00 (UTC).

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What is the HODLer Airdrops Program?

Binance HODLer Airdrops is a program that rewards BNB holders with token airdrops based on historical snapshots of their BNB balances. By subscribing BNB to Simple Earn or On-Chain Yields, users can receive airdrop rewards retroactively.

To maximize airdrop rewards:

• Go to the [Earn] section and search for BNB.
• Subscribe to Simple Earn (Flexible/Locked) and/or On-Chain Yields with your BNB holdings.
• Binance will take snapshots of user balances at random intervals and distribute rewards accordingly.

With the introduction of SHELL, Binance offers investors another opportunity to earn rewards while benefiting from the advantages of HODLer Airdrops.

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According to recent transactions:

• 99 million USDC 36 minutes ago,
• 97 million USDC 1 hour ago,
• 95 million USDC 2 hours ago,
• 3 hours ago, 88 million USDC were minted.

This data shows that a total of $380 million of new USDC supply has been released.

Large-scale stablecoin minting usually indicates that institutional investors are preparing to enter the market or that demand for stablecoins is growing. It can also be interpreted as a need for liquidity on centralized exchanges or preparation for large-scale trading.

USDC is one of the most widely used stablecoins, offering an asset whose value is one-to-one indexed to the US dollar. Such large issuances could be an important signal that the crypto market could see movement in the near term.

This development, which may be linked to the price movements of major cryptocurrencies such as Bitcoin and Ethereum, is being closely monitored by investors. It remains to be seen what impact this increase in stablecoin minting will have in the coming days.

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Joseph Lubin, co-founder of Ethereum and founder of Consensys, hinted at this development in a January 21 post on X.

“Based on what I am aware of, the Trump family will build one or more giant businesses on Ethereum,” Lubin stated, adding, “The Trump administration will do what is good for the USA, and that will involve ETH.”

Lubin suggested that the Trump administration might integrate Ethereum technology into government activities, much like the current use of internet protocols.

World Liberty Financial’s Ether Purchases

Although no official announcement has been made, Lubin pointed to recent Ether (ETH) purchases by World Liberty Financial (WLFI), a decentralized finance platform.

According to Arkham Intelligence data, a wallet labeled as WLFI has accumulated 55,341 ETH, worth over $183 million. Ether is the wallet’s largest holding after USD Coin (USDC), Circle’s stablecoin.

Trump Administration: Convergence of Crypto and Traditional Finance

Jenny Johnson, CEO of Franklin Templeton, stated that the Trump administration could provide greater regulatory clarity, fostering deeper integration between traditional finance and the cryptocurrency industry. Ryan Lee, chief analyst at Bitget Research, explained that regulatory clarity could act as a catalyst for market growth, especially in the development of cryptocurrency-based exchange-traded funds (ETFs) and tokenized assets.

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Lee further noted:

“This convergence may enhance the legitimacy of cryptocurrencies, paving the way for the development of financial products such as ETFs and tokenized assets. However, it also introduces challenges, including higher compliance costs, heightened security concerns, and the persistent issue of managing market volatility.”

According to Lee, regulatory clarity will provide a stable framework for crypto businesses, ultimately attracting more market participants.

Trump Memecoins and Legal Challenges

Meanwhile, the Trump family’s memecoins could create a new legal gray area for the U.S. securities regulator. Anndy Lian, an author and intergovernmental blockchain adviser, pointed out that the launch of these memecoins could set a precedent that blurs the lines between celebrity, politics, and finance.

Lian commented:

“The risk here is that without stringent oversight, the market could be flooded with similar tokens, potentially leading to volatility, scams, or even undermining the credibility of cryptocurrencies.”

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Why Was Polymarket Blocked?

On January 12, several users in Singapore reported issues accessing Polymarket. When attempting to enter the site, users encountered a warning citing the Gambling Control Act 2022, which prohibits betting with unlicensed operators.

Alex Zuo, Vice President of Investment and Custody at Cobo Global, shared on X:
“Polymarket is officially defined as a gambling website in Singapore. If you want to place a bet, you can only go to a state-owned gambling company. Otherwise, you will face fines and imprisonment.”

GRA and Gambling Laws

Users trying to access the site are met with the following message from the Gambling Regulatory Authority (GRA):
“You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed online gambling operator in Singapore.”

The GRA was established on August 1, 2022, by restructuring the Casino Regulatory Authority to oversee all forms of gambling under a single regulatory body.

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Polymarket operates on the Polygon blockchain, allowing users to bet on global events using USD Coin (USDC) as the primary currency.

As of January 1, enforcement authority over illegal gambling activities has been transferred from the GRA to the Singapore Police Force. According to a statement on the GRA website, individuals engaging in unlawful gambling may face fines of up to 500,000 Singapore dollars and imprisonment for up to 7 years. Repeat offenders may receive fines of up to 700,000 Singapore dollars and 10 years of imprisonment.

In a December 30 statement, the GRA revealed that since 2015, over 3,800 gambling websites and 145,000 transactions totaling 37 million Singapore dollars have been blocked.

Polymarket’s Regulatory Challenges

Polymarket has faced regulatory issues in the past:

• In 2022, the U.S. CFTC fined Polymarket $1.4 million for operating an unregistered derivatives trading platform, which led the platform to block U.S. users.
• In November 2024, the platform blocked users in France following reports of an investigation by French authorities regarding compliance with gambling laws.

Despite these challenges, Polymarket continues to see significant activity. In the first days of 2025, the platform recorded a trading volume of $431 million. Its largest market, the 2025 Super Bowl Championship, has attracted over $15 million in wagers, according to Dune Analytics.

Polymarket and the GRA have not responded to requests for comment at the time of publication.

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The newly branded USDS, formerly known as DAI, is touted as the first major DeFi-native stablecoin on Solana. It introduces innovative lending, borrowing, and trading capabilities across Solana’s top DeFi platforms.

Sky’s Vision for Solana

Sky’s Nov. 19 announcement described the USDS launch as the initial phase of its broader strategy to bolster Solana’s DeFi liquidity and TVL. The team is also considering deploying SkyLink, a cross-chain bridge for USDS and its savings-focused counterpart, sUSDS, subject to governance approval.

To accelerate adoption, Sky is offering a massive $500,000 USDS reward pool for early users and liquidity providers:

• Kamino Finance: Weekly rewards of 200,000 USDS for USDC/USDS liquidity providers and 100,000 USDS for stablecoin suppliers.
• Drift Protocol: 100,000 USDS rewards for stablecoin suppliers.
• Save Finance: Monthly rewards totaling 400,000 USDS for users supplying USDS.

The protocol utilizes Wormhole’s Native Token Transfer (NTT) for seamless operations, enhancing cross-chain functionality.

The shift from Maker to Sky has not been without challenges. The rebranding caused some confusion, even prompting co-founder Rune Christensen to propose reverting to the original name. However, the idea was ultimately rejected. Additionally, the governance token transition from MKR to SKY has been slow, as SKY is yet to list on exchanges, impacting its adoption.

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With a market capitalization of $5.3 billion, USDS ranks as the third-largest stablecoin, behind Tether (USDT) and USD Coin (USDC), which dominate 88% of the market. Despite its promising potential, USDS faces stiff competition in an already crowded stablecoin arena.

While Solana’s explosive DeFi growth has been noteworthy, much of its popularity has been fueled by the speculative frenzy surrounding meme coins, thanks to platforms like Pump.fun that make token creation fast and inexpensive.

Sky’s bold move onto Solana demonstrates a commitment to advancing DeFi innovation. The success of USDS will hinge on its ability to differentiate itself in a competitive market while leveraging Solana’s scalability and speed.

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As the trading volumes of altcoins continue to surpass those of Bitcoin (BTC) and Ethereum (ETH) on Upbit, the exchange has added the world’s second-largest stablecoin, USD Coin (USDC), to its platform.

In an effort to diversify investment options, Upbit made an official announcement on August 30, revealing that USDC was listed at 7:00 AM KST today.

According to the exchange’s statement, deposits for USDC will be supported exclusively through the Ethereum network. Upbit also issued a warning against transferring USDC through other networks.

Following the listing, USDC will be available for trading in pairs with Bitcoin (BTC), Tether (USDT), and the South Korean Won (KRW). Investors can now trade using the USDC/BTC, USDC/USDT, and USDC/KRW pairs.

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It is believed that Solana itself is leading the way in these transfers over the Solana network. Because Solana’s market share was only 1.17% a year ago, it has risen to 33.76%. SOL regained its upward momentum by rising above $100 for the first time in over two weeks.

The volume of stablecoins passing through the Solana network reached an all-time high in January, making it the largest blockchain. Solana, which surpassed the Ethereum and Tron (TRX) networks for the first time, also added value to the SOL coin.

According to data analysis by the AMBCrypto company, a record $497 billion worth of stablecoins were transferred to the Solana blockchain in January.

In addition, Solana’s market share has risen to 33.76%, up from 1.17% a year ago.

Solana Is Increasing Its Volume Every Day

The stablecoin transfers made over the SOL network are increasing exponentially every day. Demand for stablecoins has increased significantly in the last two months, especially due to the optimism associated with the approval of spot Bitcoin ETFs.

As the cryptocurrency market revives, people have begun to invest in their favorite projects using stablecoins. However, unlike the bear market, when Ethereum and Tron controlled more than 80% of the stablecoin volumes, this time the only reason for the rise was the Solana network.

When November and January are considered separately, the first striking data is that the monthly stablecoin volumes on Solana have increased fivefold. When we compare this data with Ethereum and Tron separately, Ethereum increased by 31%, while Tron remained almost the same.

Can We Attribute SOL Network’s Rise to USDC?

According to the DeFiLlama company, USD Coin (USDC), which has a significant share of 56% of the total supply on Solana, is a serious player. It is also interesting that USDC’s market capitalization on Solana increased by more than 14% last month, while most other stablecoins declined.

This strongly showed that the USDC volumes on SOL are the main factors driving the overall stablecoin transfer volumes.

The post Is the Solana Network Regaining Its Former Popularity? appeared first on Coin Engineer.

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The Rise of Stablecoins and the Role of USD Coin

Stablecoins are digital assets designed to minimize price volatility in the cryptocurrency world. USD Coin is a leading name in this category and is the second largest stablecoin in the market. Circle, the company behind USDC, is considered a reliable player in the cryptocurrency world.

The United States and Crypto Regulations: Heading to 2024 (Circle)

The United States plays a decisive role in cryptocurrency regulations. Uncertainty in this area can affect the decision-making processes of investors and companies, weakening confidence in the market. Jeremy Allaire notes that the US government and regulatory bodies are seeking clear regulations that cover stablecoins, and he predicts that these regulations could be implemented with concrete steps in 2024.

The Rise of Digital Dollars and Global Competition

Digital dollars are gaining increasing acceptance around the world. As other countries begin to regulate their own digital currencies, the United States’ efforts to maintain its leadership in this area are increasing. This reflects the United States’ desire to maintain its influence in the cryptocurrency world and to ensure consumer safety.

Growth in the Asia-Pacific Region and Increase in USDC Transfers

According to Circle’s latest report, the Asia-Pacific region showed significant growth in 2022 with USDC transfers exceeding $130 billion. This shows that Asia’s influence in the cryptocurrency market is growing and is changing the dynamics of shaping the global market.

Challenges in the United States: Stablecoin Draft and Current Status

The regulatory process in the United States, especially for stablecoins, brings with it many challenges. In the summer of 2022, the U.S. House of Representatives Financial Services Committee delayed the vote on a draft bill that would cover stablecoins, increasing the uncertainty on the matter. This highlights the challenges the United States faces in terms of cryptocurrency regulations.

2024 Vision

Jeremy Allaire predicts that 2024 could be a period when the United States takes concrete steps on stablecoin regulations. This is an important expectation that reflects the United States’ desire to maintain its leadership in the cryptocurrency world and to resolve uncertainty about regulations.

As the cryptocurrency world continues to change and grow rapidly, stablecoins and their regulations are becoming essential elements shaping the future of the sector. The United States’ steps in this area could affect the global cryptocurrency market and determine future trends. Jeremy Allaire’s 2024 vision is exciting the cryptocurrency community, while there is great curiosity to watch what will happen in the coming years. Let’s continue to follow the developments in the future cryptocurrency world.

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