Ethena Expands USDe Stablecoin to Solana

Ethena Expands USDe Stablecoin Access to Solana

Ethena Labs has announced the integration of its USDe stablecoin with the Solana blockchain, allowing users to trade USDe on the Solana network. This move is expected to boost the adoption of USDe and its reward-accruing variant, sUSDe. Additionally, Ethena has added Solana's SOL as a backing asset, following a similar move with Bitcoin in April.

This integration will strengthen USDe's backing and add additional open interest in the SOL futures market, supporting the stablecoin's growth and scalability. Unlike traditional stablecoins like USDT and USDC, USDe employs derivative hedging strategies with collateral in ETH and BTC, along with an arbitrage system, to maintain its US dollar peg.

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Ripple Fined $125M Instead of SEC's $2 Billion Demand

A federal judge has ordered Ripple Labs to pay a $125 million civil penalty for violating U.S. securities laws. The ruling, based on 1,278 transactions that violated Section 5 of the Securities Act, was made by Judge Analisa Torres. The court also issued an injunction preventing future violations, despite the possibility of some recent sales not breaching federal law.

Ripple's CEO, Brad Garlinghouse, and Chief Legal Officer, Stuart Alderoty, regarded the reduced penalty as a victory, highlighting the 94% reduction from the SEC's initial proposal of up to $2 billion. This ruling brings Ripple's 4-year-long legal battle with the SEC closer to resolution. Following the announcement, the price of XRP rose by approximately 24%.

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Grayscale Launches Decentralized SUI & TAO Trust

Grayscale, a leading investment firm known for its Bitcoin and Ethereum ETFs, has announced the launch of two new crypto funds focused on the native tokens of the decentralized AI project Bittensor (TAO) and the Layer 1 network Sui. The Grayscale Bittensor Trust and Grayscale Sui Trust are single-asset funds and are available to accredited individual and institutional investors.

Grayscale's head of product and research, expressed excitement about these additions, citing Bittensor's central role in decentralized AI growth and Sui's innovative approach to smart contracts. These new offerings build on Grayscale's recent launch of a decentralized AI-focused digital asset trust, which includes exposure to TAO and other tokens like NEAR, RNDR, and FIL.

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Bitstamp & Stripe Partner for Fiat-to-Crypto Onramp in EU

Stripe, a leading payments processor, has partnered with the crypto exchange Bitstamp to enhance its presence in the European Union by simplifying the fiat-to-crypto conversion process. Stripe offers a customizable widget that developers can integrate into their products, enabling users to convert cryptocurrencies and settle transactions instantly.

This widget supports multiple cryptocurrencies such as Bitcoin, Ethereum, Solana, Stellar, and USD Coin, though it will not be available to customers in the UK. Bitstamp will facilitate the conversion and transfer of fiat to crypto. Meanwhile, Robinhood has announced plans to acquire Bitstamp for $200 million, aiming to extend its reach beyond the US and compete with other exchanges like Coinbase.

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Data of the Day

Unsurprisingly, Solana meme coins have rebounded the most following the recent market crash, with their market cap reaching $6.6 billion, a 24.2% increase in the last 24 hours. This growth synergizes with other categories, such as cat-themed meme coins, which saw a 21.8% rise to $2.13 billion. Top Solana meme coins like Dogwifhat, Popcat, and Ponke posted double-digit gains of 19%, 28.3%, and 5.9%.

Analysts from K33 Research highlight Solana's strong potential for mean reversion plays, suggesting that these meme coins have capitalized on market opportunities following volatility. Another recent and interesting fact is that the SOL/ETH and SOL/BTC ratios have reached all-time highs.

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More Breaking News

• Robinhood's crypto transaction-based revenues rose 161% to $81 million in Q2, while nominal trading volumes rose 137% to $21.5 billion.
• Two sons of former US President Donald Trump have teased a crypto and DeFi announcement on social media in the past 24 hours.
• Plus Token Ponzi wallet moves $2 billion (789,533 ETH) after 3.3 years of inactivity, potentially affecting the market.
• Bitcoin Ordinal projects have recovered during the last day following widespread sell-offs and fears of a recession at the beginning of the week.
• Morgan Stanley, one of the biggest wealth managers in the US finally authorized its 15 thousand financial advisers to start pitching Bitcoin ETFs.

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