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Ripple has announced a significant development in the cryptocurrency space with the launch of beta testing for its new stablecoin, Ripple USD (RLUSD). This move marks a crucial milestone for Ripple, as it aims to enhance the XRP Ledger (XRPL) and Ethereum ecosystems by introducing high-quality assets that promise to drive new opportunities, liquidity, and institutional use cases.

On August 8, the city of Santa Monica officially launched its Bitcoin Office, following a unanimous decision by the City Council on July 11. This strategic move aims to foster growth and innovation in the cryptocurrency sector, enhance local awareness about Bitcoin, and explore economic development opportunities associated with the digital currency.

Since its expansion to the Solana blockchain on May 29, PayPal USD (PYUSD) has experienced a dramatic 150% increase in its market capitalization, according to DefiLlama data. The stablecoin’s total market value has surged to $684 million, reflecting significant growth and adoption since its launch on Solana.

On August 8, the Internal Revenue Service (IRS) unveiled a revised draft of Form 1099-DA, aimed at streamlining the process for reporting digital asset transactions. The updated form, tentatively titled “Digital Asset Proceeds From Broker Transactions,” is set to come into effect for transactions starting in tax year 2025, with reports due by April 2026.

In recent developments, renowned crypto analyst Altcoin Sherpa has put forth an optimistic outlook for Dogecoin (DOGE), suggesting that the meme coin is on the verge of a potential bullish reversal.

In a recent development that's capturing attention in the Web3 and digital nomad communities, Solana SIM is offering a two-month free trial to holders of Genesis Saga and Chapter 2 NFTs.