Ripple Reveals Symbol of Next Stablecoin, Shiba Inu Praised by Forbes, Coinbase Sees $1B+ Ethereum Outflow: U.Today’s Crypto News Digest

Ripple Reveals Symbol of Next Stablecoin, Shiba Inu Praised by Forbes, Coinbase Sees $1B+ Ethereum Outflow: U.Today's Crypto News Digest

Check out the top three Guru-Investingstories from the past day.

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Check out the top three Guru-Investingstories from the past day.

Ripple is one step closer to stablecoin launch with ticker reveal

Emi Yoshikawa, vice president of strategy and operations at Vibehas recently adopted the X platform for reveal the ticker symbol of Ripple’s upcoming stablecoin: “RLUSD”. The name of the stablecoin was initially announced at the XRPLApex summit in Amsterdam, Netherlands, by Ripple CEO Brad Garlinghouse. The fintech giant expressed its plans to launch its own stablecoin in April; However, very few details about RLUSD have been revealed since then. It is known that it will be backed by the US dollar and issued on XRP Ledger. The exact launch date has not yet been announced, as Ripple intends to obtain all necessary licenses before the stablecoin can officially go live. It’s understandable why the company is trying to play it safe: the SEC, Ripple’s long-term legal opponent, has already targeted one stablecoin issuer, Paxos, by filing a Wells Notice against it.

SHIB praised by Forbes as “beyond cute,” Shiba Inu executive reacts

Like recently shared by Shiba Inu marketing leader Lucie about her X handleForbes, the leading American business magazine, mentioned the SHIB token in His article dedicated to cryptocurrency meme. Among other things, like a recently signed partnership with Zama.ai, Forbes dubbed Shiba Inu “the cutest of all doges.” However, this is not the only praise the meme token received from mainstream media; The article says that Shiba Inu is “a great example of how meme currencies are developing real utility and even setting the technological pace for other digital currencies.” Lucie wrote that she was delighted to see an “objective source recognizing the hard work of the SHIB developers,” and many members of the SHIB community shared her enthusiasm in the comments.

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Coinbase Sees Over $1 Billion Outflow in Ethereum – What’s Happening?

According to a recent report by CryptoQuant, Coinbase saw the biggest departures of the year. The data shows that yesterday, June 12, more than 336,000 ETH worth approximately $1.17 billion were withdrawn from the platform. The scale and frequency of these withdrawals indicate that the driving forces behind them are whales or unknown institutional actors. The exact reason for this massive withdrawal is still up for debate. However, historical patterns and market behaviors provide some insights. Similar massive Bitcoin withdrawals were detected on Coinbase prior to the introduction of Bitcoin spot ETFs earlier this year. This has led to speculation that the current outflow of ETH could be due to the anticipation of possible Ethereum spot ETFs in the near future.

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