XRPL Validator Reacts to Ripple’s Alliance With Crypto Heavyweights: ‘Important’

Ripple recently announced it has become a founding member of TRM Labs Beacon Network, the first-of-its-kind real-time crypto crime response network.

TRM Labs announced the launch of Beacon network, which works with the crypto industry and law enforcement to stop illicit funds before they exit the blockchain.

Aside from Ripple, founding members include Coinbase, Binance, PayPal, Robinhood, Stripe, Kraken, Crypto.com, Zodia Custody, Blockchain.com, Anchorage Digital, Bitfinex, HTX, Poloniex, OKX, LFJ, 1inch, Rhino.fi, Coinspot and ChangeNow, which creates a never-before-seen level of alliance in the crypto industry to block off-ramps for criminal funds.

Ripple’s latest move has drawn attention in the crypto community especially from the XRP community. In a recent tweet, XRP Ledger dUNL validator Vet called the move “important.”

Some members of the XRP community have recently voiced the need for an XRPL forensics team. Vet reacted in light of this, saying: “This is important. I hope this can help for fast, responsive and preventive XRP Ledger forensics work. More of this, the community and projects it.”

RLUSD in spotlight

This week, Bullish announced that it planned to receive $1.15 billion of proceeds from its recently completed initial public offering in stablecoins, a historic first for the use of stablecoins in an IPO in the United States.

The majority of proceeds from the IPO will be settled in USDC, along with a portion that were settled in EURC, are being custodied exclusively by Coinbase.

A portion of the IPO proceeds were settled in Ripple USD stablecoin RLUSD, which was issued on the XRP Ledger. Ripple stated that this is the first public listing to put the settlement process on-chain, establishing a precedent for how stablecoins can influence future listings.