We see a lot of action in the stablecoin arena.
Ripple is nearing a potential internal rift. Investors are tired of the continuous dumping of value by the existing management.
A particular investor is threatening a hard fork if the situation won’t change in the next 60 days.
Facebook is continuing its maneuvers around Libra, but Telegram will beat it on timing by releasing its Gram by October.
Alternative Cryptocurrencies & Markets
Vitalik Buterin, the co-founder of Ethereum, warns that soon processing transactions in Ethereum could become be expensive. Etherscan.io tracks the utilization of the Ether network and shows an increased to around 90%. In the past month, Tether has paid close to $260,000 in fees to the Ethereum network. It is 17.5 times more than CryptoKitties and six times more than IDEX, the largest distributed exchange in the World. With Tether taking up so many resources, other developers will shy away from the Ethereum network until it increases its capacity.
Banks, Lenders & Stablecoins
Ripple is selling XRP to its clients angering its token holders. A forking proposal has been floated so to prevent more founders dumping. Three weeks ago, a petition entitled “Stop Ripple dumping,” secured almost 2,500 signatures so far. Ripple has sold a high number of XRP tokens to fund its investments and operations. XRP’s value continues to sink. Investors are worried. One has even filed a class-action suit against the company. The management is accused of selling XRP as an unregistered security, which would be a violation of US federal law.