Ripple's stablecoin RLUSD approved, Microsoft shareholders oppose Bitcoin investment proposal

Headline

▌Ripple CEO: Stablecoin RLUSD has been approved by the New York Department of Financial Services

Ripple CEO Brad Garlinghouse announced on the X platform that the stablecoin RLUSD has been approved by the New York Department of Financial Services (NYDFS), and the exchange and partner list will be online soon.

▌Microsoft shareholders vote against Bitcoin investment proposal

The voting results show that Microsoft's major shareholders opposed the company's Bitcoin investment proposal on Tuesday. Microsoft's board of directors had earlier urged shareholders to reject a proposal from the National Center for Public Policy Research that the company invest 1% of its total assets in Bitcoin to hedge against inflation. At the annual meeting, MicroStrategy Chairman Michael Saylor made a three-minute speech trying to convince Microsoft shareholders to support the proposal. His company has invested billions of dollars in Bitcoin. Data shows that Microsoft's largest shareholders are institutional investors, including Vanguard and BlackRock.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $96,643.19, with a daily increase or decrease of -0.5%;

ETH's latest transaction price is $3,628.53, with a daily increase or decrease of -1.9%;

BNB's latest transaction price is $676.37, with a daily increase or decrease of -1.4%;

SOL's latest transaction price is $213.85, with a daily increase or decrease of -1.0%；

DOGE's latest transaction price is 0.395 yuan, with a daily increase or decrease of -3.9%；

XPR's latest transaction price is 2.36 US dollars, with a daily increase or decrease of +7.5%。

Policy

▌Trump: Appoint Andrew Ferguson as Chairman of the US Federal Trade Commission

President-elect Trump said he would appoint Andrew Ferguson as Chairman of the US Federal Trade Commission (FTC). (Jinshi)

▌El Salvador signs agreement with Argentine regulators to help both countries develop crypto industries

Regulators from El Salvador and Argentina have signed an agreement to help both countries develop their crypto industries. Juan Carlos Reyes, El Salvador's top cryptocurrency regulator and chairman of the National Digital Activities Commission (CNAD), said the agreement will help El Salvador expand its influence through a strategic partnership. While the details of the deal are unclear, Reyes said the agreement is designed to enable the two regulators to share knowledge and experience to promote crypto innovation.

▌US judge vacates sentence of former Celsius executive after Alex Mashinsky pleads guilty

Roni Cohen-Pavon, former chief revenue officer of crypto lending platform Celsius, will not be sentenced on December 11 after former CEO Alex Mashinsky reached a plea agreement with U.S. prosecutors.  

In a filing with the U.S. District Court for the Southern District of New York, Judge John Koeltl granted a request by U.S. Attorney Damian Williams to cancel Roni Cohen-Pavon’s sentencing hearing until after Alex Mashinsky’s sentencing hearing, which was scheduled for April 2025. Williams said the information provided by Cohen-Pavon “may be relevant to Mashinsky’s sentencing hearing.”  

Roni Cohen-Pavon pleaded guilty to U.S. criminal charges in 2023 and has been granted bail to travel to Israel.

▌Trump will pay close attention to Bitcoin’s price during his term

According to an anonymous source cited by Axios, Trump will “pay close attention to the price of BTC during his presidency” and he “hopes” that the price of Bitcoin will reach $150,000. Axios said that cryptocurrency is "another stock market" for the politician. During his previous presidency, Trump often used the performance of the U.S. stock market as a measure of his government's effectiveness in managing the country's economy.

Blockchain Applications

▌Messari: Solana Ecosystem DEX Raydium's monthly trading volume exceeded Uniswap for the second consecutive month

According to a report released by Messari, the monthly trading volume of decentralized exchange (DEX) Raydium exceeded Uniswap for the second consecutive month. In November, the monthly trading volume of Solana's native platform Raydium was about 30% higher than Uniswap, or about US$30 billion.  

Messari reports that Raydium’s “success is largely due to its dominant position in the Solana ecosystem,” adding that DEXs continue to account for more than 60% of daily DEX volume on layer 1 blockchain networks, and memecoin trading has become a significant driver of Raydium’s volume, with memecoin accounting for 65% of Raydium’s monthly volume in November, a record high.

Cryptocurrency

▌Synthetix Announces Acquisition of Leveraged Token Platform TLX via Token Swap

Synthetix announced the acquisition of leveraged token platform TLX via a token swap transaction, which was previously approved by SIP-412 and TIP-14.  

Synthetix said it is working with the TLX team to optimize several parameters in the current implementation and is fully committed to launching on the Base chain. It plans to complete a comprehensive review, implement parameter improvements, and redeploy all contracts in the next few weeks. Once completed, Synthetix said it will announce a generous leveraged token incentive plan to welcome the arrival of 2025.

▌The Uniswap Foundation has awarded Blockful $110,000 for a governance security review

The Uniswap Foundation announced a $110,000 grant to Blockful for a governance security review aimed at enhancing the resilience of the Uniswap protocol governance system.  

Blockful will analyze key governance data, identify potential vulnerabilities, and create a public dashboard for monitoring governance security indicators to improve the security of the Uniswap community and the broader DeFi sector.

▌Bridgewater Fund founder Ray Dalio: will invest in "hard currencies" such as gold and Bitcoin, while avoiding debt assets

Ray Dalio, founder of hedge fund Bridgewater Fund and billionaire investor, said in a speech at a financial conference held in Abu Dhabi on Tuesday that he will invest in "hard currencies" such as gold and Bitcoin, while avoiding debt assets, because most major economies are facing rising debt problems.  

He said: "I think the debt currency problem may be about to emerge, and I hope to avoid debt assets such as bonds and debts and hold some hard currencies such as gold and Bitcoin."  

The senior investor mentioned that the debt levels of all major countries, including the United States, have reached "unprecedented levels" and emphasized that the current debt levels are unsustainable. He said: "It is impossible for these countries not to have a debt crisis in the next few years, which will lead to a significant depreciation of the currency value." Bloomberg analyst: BlackRock IBIT's asset size is equivalent to the sum of 50 ETFs focused on Europe Bloomberg analyst Eric Balchunas wrote on the X platform that BlackRock IBIT's asset size is equivalent to the sum of 50 ETFs focused on Europe (region + single country), and these European ETFs have existed for 20 years. In addition, ETF and technical strategist Todd Sohn believes that the investment environment in Europe has bottomed out and it is impossible to get worse.

▌CryptoQuant: More than 2.66 billion XRP were transferred to Binance in the past 30 days, the highest since April

CryptoQuant monitoring data shows that more than 2.66 billion XRP tokens have been transferred to the Binance exchange in the past 30 days, which is the highest amount of XRP deposited by large holders since April 2024.

CryptoQuant analysts said that the large inflow shows that large XRP holders are actively transferring XRP through the network and interacting with Binance as an exchange. Whale deposits can often indicate a potential shift in strategy because these players have a large amount of disposable assets.

▌Digital asset holding company COSIMO completes $25 million in financing

Founded in 2014, digital asset holding company COSIMO has completed $25 million in financing, led by Des Mac Intyre, co-founder of Eolas Capital and former executive of Bridgewater Fund and Mellon Investment Company.  

According to the announcement, COSIMO is involved in multiple crypto fields, including tokenized venture capital, custody and equity hedge funds. In the ten years since its operation, COSIMO has expanded into multiple cryptocurrency sub-industries and plans to become a competitor to Galaxy Digital, a cryptocurrency management and service provider. Co-founder Ciaran Haynes said the company is planning a series of new announcements, including a new project involving the "creator economy."

Important Economic Dynamics

▌The probability of the Federal Reserve cutting interest rates by 25 basis points in December is 85.8%

According to CME's "Fed Watch", the probability of the Federal Reserve maintaining the current interest rate unchanged by December is 14.2%, and the probability of a cumulative interest rate cut of 25 basis points is 85.8%. The probability of maintaining the current interest rate unchanged by January next year is 10.5%, the probability of a cumulative interest rate cut of 25 basis points is 67.5%, and the probability of a cumulative interest rate cut of 50 basis points is 22%.

▌Yellen: Has spoken with Scott Bessent, the nominee for Treasury Secretary, to discuss the broad responsibilities of the Treasury

U.S. Treasury Secretary Yellen said that she had spoken with Scott Bessent, Trump's nominee for Treasury Secretary, to discuss the broad responsibilities of the Treasury.  

Yellen said, I told Bessent, the Treasury Secretary nominee, that the Treasury Department has professional staff who work with integrity and can make reliable analysis. I also expressed concerns about fiscal responsibility and that we need to reduce the deficit. I hope Congress can find a way to pay for any extension of the individual tax cuts passed by Trump in 2017.

Golden Encyclopedia

▌What is Rollup?

Rollup is a way to process transactions on a Layer 2 protocol that frees up valuable space on the base layer. Rollup folds transactions one by one on the second layer, sometimes dozens of times, and then rolls them together before sending the data back to Layer 1. There are two main types of Rollup, optimistic and zero-knowledge (ZK) proofs. Optimistic Rollup is a fairly clear term. It means that Rollup runs with an "optimistic" approach, assuming that transactions are valid unless the validator proves them wrong. Only when there is a dispute do they check the validity of the transaction. ZK Rollup proves transactions without revealing any transaction data. Hence, it is called "zero knowledge". ZK Rollup provides instant finality because the cryptographic proof guarantees that the data is valid. In many ways, Rollup is to your standard blockchain transaction like Calzone is to your ordinary pizza slice. By rolling, you can put more things in.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish correct investment concepts and be sure to increase risk awareness.