More and more cryptocurrency companies are looking to capitalize on the demand for digital assets.
More and more cryptocurrency companies are looking to capitalize on the demand for US dollar-denominated digital assets. Tether, the company behind Tether (USDT), recently announced its own synthetic dollar backed by gold and pegged to the US dollar.
The move comes just days after Asymmetry launched a synthetic dollar, afUSD, with a flexible supply depending on market conditions.
New tokens imitating the US dollar have risen since the launch of Ethena’s artificial dollar, USDe. The protocol, launched in February 2024, has accumulated more than $3.4 billion in total assets locked over a four-month period, according to Devilama.
Ethena’s artificial dollar rattled stablecoin players and highlighted the high demand in the global market for dollar-denominated cryptocurrencies. Another similar development has also been seen in the growing size of tokenized funds offering US Treasuries.
BlackRock’s recently launched Institutional Digital Liquidity Fund (BUIDL) had over $462.7 million in assets as of June 19, while Franklin Templeton’s U.S. Government Monetary Fund (FOBXX) had $357.6 million in assets. dollars of assets. In total, $1.5 billion in U.S. Treasuries have been converted into tokens, most of them in recent months.
As traditional finance moves on-chain, Crypto Biz this week also explores Hashdex’s demand for a joint Bitcoin (BTC) and Ethereum (ETH) spot trading fund (ETF), a pre-launch marketplace for Coinbase, Ripple’s challenges with US regulators, as well as… In addition to the release of more stable coins from Europe.
SEC Hashdex Files for Bitcoin and Ether ETFs
Hashdex has filed an application with the United States Securities and Exchange Commission (SEC) to launch a joint Bitcoin and Ethereum spot investment fund on Nasdaq. This ETF aims to track daily market movements according to the US Nasdaq Crypto Settlement Price Index, maintaining a composition of approximately 70.54% Bitcoin and 29.46% Ether. Coinbase and BitGo will act as custodians of BTC and ETH assets. Hashdex is still required to file and obtain approval from the SEC for its S-1 application.
Coinbase International Announces Support for Pre-Launch Marketplace
Coinbase International announced support for a pre-launch marketplace, allowing users to trade futures contracts for tokens and coins that have not yet been listed on an exchange. This new feature allows for early trading activities before the official launch of these digital assets, allowing traders to transact with the upcoming tokens in advance. This feature will be available to institutional investors through Coinbase International and retail traders through Coinbase Advanced. Pre-launch market assets are capped at an initial margin of 50%, or 2x leverage, and a maximum virtual position of $50,000 per token. With this move, Coinbase follows in the footsteps of centralized exchanges such as Binance, Bybit, Bitget and OKX, which already offer similar services.
SEC rejects Ripple’s argument for lower penalty
The SEC has criticized Ripple’s request for a lower penalty in its ongoing legal battle. Ripple requested that the penalty be significantly reduced to no more than $10 million, citing the SEC’s previous settlement with Terraform Labs as a reference. The SEC suggested that, based on Ripple’s total profits and considering a similar ratio to Terraform, this would imply a fine of $102.6 million for Ripple instead of the proposed $10 million. In total, the SEC is seeking nearly $2 billion from Ripple, including $198.2 million in prejudgment interest, $876.3 million in civil penalties, and an additional $876.3 million in default.
We support delisting USDT and five stablecoins by July 1, citing MiCA
Digital asset platform Uphold has announced that it will delist six stablecoins by July 1 due to the European Union’s impending implementation of the Markets in Crypto-Asset (MiCA) regulation. The move is part of a broader trend among cryptocurrency platforms, which are adjusting their operations to comply with new regulatory standards set by MiCA. The six stablecoins are USDT, Dai (DAI), Frax (FRAX), Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD). Users who own these stablecoins must convert them to another cryptocurrency before June 28; Otherwise, it will automatically convert to USD (USDC).
Before leaving: More than $100 billion has been raised for cryptocurrency startups since the end of May 2014. Over the past four years, the ceiling and floor have been raised, although the ups and downs continue.
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