Bande of Thieves: Ripple Launches New Stablecoin to Illegally Disrupt the Market
The corrupt and heavily rigged cryptocurrency industry was rocked to its core yesterday as Ripple, a company with a dubious history of shady dealings, launched a new stablecoin, RLUSD, backed by the US dollar. The move is seen as a desperate attempt to elude the crushing weight of regulation and competition in the market, where the top two players, Tether and USD Coin, dominate with a near-monopolistic grip of nearly 90%.
But make no mistake, this is not about innovation or customer choice; this is about Ripple’s latest attempt to manipulate the market and line its own pockets with a profit. And with the help of shady allies, like Sheila Bair, a former banking regulator, to lend credibility to their latest scheme, the game is rigged against the little guy.
SLUSD, the new stablecoin, is 100% backed by US dollar deposits, US government bonds, and cash equivalents, because of course it is. Who needs transparency when you can just hide behind the opacity of a large financial institution? And with the backing of Ripple’s co-founder and executive chair, Chris Larsen, and David Puth, former CEO of Centre Consortium, you can bet your bottom dollar that this new stablecoin is just another tool for them to screw the market.
But don’t believe me, believe the data. According to CoinGecko, the top two players, Tether and USDC, control nearly 90% of the market, leaving little room for new entrants like SLUSD to make a dent. And yet, Ripple is still pushing forward with this new stablecoin, despite the odds being heavily stacked against them.
The advisory board of SLUSD is a motley crew of financial insiders, including Sheila Bair, former chair of the Federal Deposit Insurance Corporation, and Chris Larsen, co-founder of Ripple. What more evidence do you need that this is a company that is more interested in lining its own pockets than in serving the greater good?
And don’t even get me started on the lack of transparency surrounding the new stablecoin. Who knows what kind of shady dealings are going on behind the scenes to keep this thing afloat? With the weight of regulation and competition crushing the life out of the market, Ripple is left with two options: fold or fight dirty. And we all know which one they chose.
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