Gate.io Blog Daily News | The SEC Seeks An Appeal Against the Ripple Case, Tether Will Launch An App that Supports International Procurement Settlement

Daily News | The SEC Seeks An Appeal Against the Ripple Case, Tether Will Launch An App that Supports International Procurement Settlement

11 August 11:47

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## Crypto Daily Digest: The SEC is seeking an appeal against the Ripple case, and Tether will launch an international procurement settlement application based on stablecoin
According to Bloomberg, the SEC plans to challenge the federal judge's ruling that Ripple Labs Inc.'s <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> tokens were not securities when sold to the public. The SEC stated that the current Ripple ruling will affect the SEC's handling standards in <a href="/price/terra-luna" target="_blank" class="blog_inner_link">Terra</a>, Coinbase, and Binance cases.

Yesterday, Ripple announced it is collaborating with Hong Kong companies and financial regulatory agencies. Kirit Bhatia, the head of business development at Ripple, stated that Hong Kong, China is one of the most important and sustainable financial centers in the world, and also one of the cities with the largest scale of blockchain investment and developers, with a highly concentrated developer and blockchain-related investment.

Ripple will promote value tokenization and works closely with Hong Kong financial regulatory agencies to promote pilot CBDC and XRP Ledger-based real asset tokenization projects.

Recently, <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> Chief Technology Officer Paolo Ardoino posted on social media that he will launch a mobile application entirely based on USDT and XAUT payments to achieve international procurement settlement for B2B, B2C, and C2C. The solution supports functions such as direct payment, custodial, and dispute resolution platforms, as well as <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Lightning Network. The application is still in the testing stage and will be launched soon.

In terms of data churn, according to Token Unlocks, <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>'s Shanghai Upgrade has driven industry growth, especially in the ETH staking field. One of the most significant indicators of the surge is the significant increase in staked Ethereum, with a total of 22.99 million ETHs staked, accounting for approximately 18.86% of the total issuance.

Since the upgrade in Shanghai, the number of staked ETHs has reached 5.84 million, accounting for approximately 4.8% of the circulation. It indicates that Shanghai Upgrade directly affects its significant growth, with the net staking ratio soaring by 147%. Currently, 25% of staked ETH are staked after Shanghai Upgrade.

Justin Sun can make daily gains by staking ETH alone. According to Spot On Chain monitoring, Justin Sun currently has collateralized a total of 157,000 stETHs (worth approximately $330 million), minted 117.8 million DAIs, and deposits them into MakerDAO to earn its current 8% deposit rate. At the current deposit rate, Justin Sun's 117.8 million DAI deposits are expected to generate annual revenue of $6.53 million and daily revenue of approximately $17,900.

Yesterday, according to the latest updates monitored by PeckShield Alert, Justin Sun collateralized 67,000 wstETHs (worth approximately $140.8 million) again, minted 58 million DAIs, and deposited them into MakerDAO to earn its current deposit interest rate of 8%.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1691732623BTC.png)
In the short term, if BTC does not fall below $28.5K USD, it still has the potential to form a head and shoulders bottom pattern. A conservative approach suggests entering long positions upon breaking through $30,888 USD or entering short positions if it falls below $28,535 USD while maintaining the overall structure's stability along the ascending purple trendline.

### WLD
![](https://gimg2.gateimg.com/image/article/1691732643WLD.png)
Seizing short-term rebounds is deemed an effective strategy, with estimated support at $1.650 USD and $1.586 USD. A rebound is likely following a short-term bottom, targeting $1.714 USD, $1.745 USD, $1.790 USD, and a peak at $1.845 USD. Quick entry and exit are advised for rebound strategies.

### UNIBOT
![](https://gimg2.gateimg.com/image/article/1691732661UNIBOT.png)
UNIBOT achieved a historic high at $205.15 USD yesterday, followed by a retracement to the neckline support at $160.20 USD. In the short term, there is potential for a cup and handle pattern formation, with targets at $234 USD, $259 USD, $292 USD, and $335 USD upon successfully retesting the $200 USD resistance level.
 
## Macro: CPI meets expectations, but the possibility of interest rate hikes still exists
The annual CPI rate for July without seasonal adjustment in the United States recorded 3.2%, ending 12 consecutive months of decline, but lower than the expected 3.3%; The core CPI annual rate for July without seasonal adjustment recorded 4.7%, the lowest since October 2021.

San Francisco Fed Chairman Daley stated that the CPI data aligns with expectations. It's too early to say whether it's raising interest rates or keeping them unchanged. It is expected that there will be discussions on interest rate cuts next year, which will depend on the trend of the economy and inflation; Philadelphia Fed Chairman Huck believes that progress has been made in terms of inflation; Nick Timiraos, a Wall Street Journal journalist known as the "New Federal Reserve News Agency," said that inflation has rebounded, but mild price pressures may keep the Fed interest rates unchanged.

US President Biden stated that inflation data shows that the US economy is still strong, and the US has made progress in inflation while maintaining a strong economy.

Traders have been speculating about the possibility of the Fed raising interest rates again this year. The new round of encouraging inflation data has weakened some confidence in these bets.

The likely path for the Fed is to maintain interest rates between 5.25% and 5.5% for the rest of this year, the highest level in 22 years. This is based on the conclusion drawn by speculators in the federal funds rate futures market, but the possibility of another rate hike still exists. By the end of 2024, the market reported a rate cut of approximately 1.25 percentage points.

According to the financial website Forexlive, the market expects a 13% chance for the Fed to raise interest rates at its September meeting and around a 35% chance for a rate hike in November. After the data was released, these numbers decreased to 7.5% and 27% respectively.

The agency commented that the data largely meets expectations. Nevertheless, the yield of two-year US treasury bond bonds fell by about 8 basis points. It may confirm that the Fed may not raise interest rates in September.

It is worth mentioning that with the decline of core CPI, the actual policy interest rate of the Fed has further turned positive. Fed Williams has stated that if inflation continues to decline, the central bank may need to cut interest rates in 2024 or 2025 to ensure that real interest rates do not rise further.

As the Fed's tightening cycle approaches its end, it is already considering the next stage of policy trajectory. Of course, the risk lies in the current downward trend in inflation is temporary, and the Fed may declare victory too early.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Daily News | The SEC Seeks An Appeal Against the Ripple Case, Tether Will Launch An App that Supports International Procurement Settlement

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