USDT Faces New Competition as Ripple’s RLUSD Gains Momentum Post-GENIUS Act

The U.S. Congress's approval of the GENIUS Act has marked a significant milestone in the stablecoin market, providing much-needed regulatory clarity. This legislation is expected to bolster the adoption of Ripple’s RLUSD, a stablecoin built on the XRP Ledger, while indirectly enhancing XRP’s utility in the market. The $261.5 billion stablecoin sector, currently dominated by USDT and USDC, will now face stricter requirements, including full reserve backing. This development could reshape the competitive landscape, offering RLUSD a unique opportunity to gain market share. As of June 2025, the crypto community is closely watching how these changes will influence the broader digital asset ecosystem.

Ripple’s RLUSD Stablecoin Gains Boost After GENIUS Act Approval

The U.S. Congress has passed the GENIUS Act, a landmark legislation providing regulatory clarity for stablecoins. This development is poised to accelerate adoption of Ripple’s RLUSD, a stablecoin built on the XRP Ledger, while indirectly enhancing XRP’s market utility.

The $261.5 billion stablecoin market, dominated by Tether (USDT) and USD Coin (USDC), now faces stringent requirements including full reserve backing, independent audits, and strict licensing. Senator Bill Hagerty hailed the 68-30 vote as ushering in "a new era of payments," emphasizing efficiency gains across financial systems.

Regulatory uncertainty had previously hindered institutional participation in stablecoins. The GENIUS Act mandates transparency measures that could reshape market dynamics, compelling issuers to demonstrate asset-backed reserves.

Iranian Crypto Exchange Nobitex Loses $48M in Hack, Israel-Linked Group Claims Responsibility

Iran-based cryptocurrency exchange Nobitex suffered a major security breach, with hackers draining over $48 million from its hot wallets. The attack, detected on June 19, targeted USDT tokens on the TRON network, according to blockchain investigator ZachXBT.

Nobitex swiftly suspended all access and assured users that cold wallet funds remain secure. The exchange pledged full reimbursement through its insurance fund and internal resources, though its platform remains offline during investigations.

Cyber collective Gonjeshke Darande (Predatory Sparrow) claimed responsibility for the attack. The Israel-linked group has a history of targeting Iranian infrastructure, though no state sponsorship has been confirmed.

Iran’s Largest Crypto Exchange Nobitex Hit by $48M Israeli-Linked Hack

Iran’s leading cryptocurrency exchange, Nobitex, suffered a significant security breach with $48 million in USDT stolen. The attack, attributed to the Israeli-linked cyber group Gonjeshke Darande (Predatory Sparrow), occurred on June 18. Blockchain security firm Onchain Labs identified suspicious outflows from Nobitex wallets on the TRON network, prompting the exchange to shut down its website and app.

The hackers’ motives appear political rather than purely financial. Gonjeshke Darande has a history of targeting Iranian infrastructure, including gas stations and Bank Sepah, a financial institution tied to Iran’s military. The group threatened to release Nobitex’s source code and internal data within 24 hours, accusing the exchange of aiding the Iranian government.