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USDT Issuer Tether Launches New Gold-Backed Stablecoin aUSD₮

Abdulkarim Abdulwahab
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USDT Issuer Tether Launches New Gold-Backed Stablecoin aUSD₮

Tether, the largest stablecoin issuer, has officially unveiled Alloy by Tether, a pioneering asset class secured by Tether Gold. 

Tether disclosed this development in an official press statement today. It noted that Alloy by Tether seeks to elevate stability within the digital economy by merging the consistency of a stable currency with the dependability of gold.

Alloy by Tether

Notably, Alloy by Tether marks the start of a new class of digital assets known as tethered assets. These assets are engineered to mirror the value of reference assets using stabilization mechanisms such as over-collateralization with liquid assets and the use of secondary market liquidity pools.

According to the report, the approach ensures a steady value correlation between the reference asset and its tethered equivalent.

At the launch period, the inaugural token in the Alloy by Tether series is aUSD₮, a digital token pegged to the USD dollar. Tether claims aUSD₮ stands out due to its over-collateralization with Tether Gold (XAU₮), backed by tangible gold reserves in Switzerland.

How to Get aUSD₮ 

Notably, users can generate aUSD₮ tokens by using XAU₮ as collateral. Per the report, the combination is particularly beneficial for users seeking to participate in digital transactions such as payments and remittances with a currency as familiar as the USD without liquidating their XAU₮ holdings.

At present, Alloy by Tether’s smart contracts are operational on the Ethereum Mainnet. Accordingly, users can generate aUSD₮ by depositing XAU₮ as collateral through a process supervised by Ethereum smart contracts. 

Tether stressed that  aUSD₮ smart contracts provide transparency by continuously monitoring collateral and minted tokens with the help of Price Oracles to maintain an optimal mint-to-value ratio.

Paolo Ardoino, CEO of Tether, conveyed enthusiasm about the launch of Alloy by Tether, stressing that it represents a significant milestone. He noted that aUSD₮ stabilization mechanism differs from standard options like USD₮.

Additionally, Ardoino revealed plans to integrate the technology into Tether’s forthcoming digital asset tokenization platform.

Notably, Alloy by Tether is also a public platform facilitating the creation of various tethered assets with diverse backing strategies. The announcement noted that this technology provides a contemporary approach to asset management.

Moon Gold NA, S.A. de C.V., and Moon Gold El Salvador, S.A. de C.V. will oversee the issuance and management of Alloy by Tether. Both entities have authorization from the CNAD in El Salvador to cater to various customer needs and regulatory frameworks.

Binance Announces $2M+ ZKSync Airdrop After ZK Listing

Lele Jima
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Binance Announces $2M+ ZKSync Airdrop After ZK Listing

Following the listing of ZKsync, Binance has launched a reward program to distribute 10.5 million ZK tokens to over 52,000 eligible users.   

Binance has listed ZKsync under multiple spot trading pairs. The exchange opened trading and deposits for ZK today at 08:00 (UTC), according to a blog post. However, withdrawal service will be available tomorrow, June 18, at 08:00 (UTC). 

Binance to Distribute 10.5M ZK 

In addition to the ZK listing, Binance announced a reward program, with the exchange offering 10.5 million tokens to 52,500 eligible users. At press time, the 10.5M ZK tokens are worth $2.69 million. The one-month reward program will run from June 17 at 02:00 (UTC) to July 16 at 23:59 (UTC). 

Binance noted that it will distribute the tokens based on four criteria. The first criterion includes eligible users who initiated a minimum of 50 transactions on ZKSync Era between February 2023 and March 2024.

Second, these transactions must occur within the timeframe stated above for seven months, with the exclusion of self-transfer.

For the third criterion, the Binance airdrop is for addresses that did not receive ZK tokens from the official ZK Nation airdrop. Lastly, this requires that the claim address is not a contract, bridged, or linked to a centralized exchange. 

For those who meet the eligibility criteria, the process to claim the ZK tokens is straightforward. Users are required to deposit at least 0.02 ETH ($69.84) from the ZKsync whitelisted address. Once this is done, the exchange will distribute 200 ZK tokens to eligible users on a first-come, first-served basis. The first ZK airdrop is scheduled to commence on June 25.  

Major Exchanges List ZK 

The announcement comes a few minutes after ZK officially went live. Besides Binance, other major exchanges have also listed and opened trading for the token, including KuCoin, Bybit, and Gate.io. 

ZK is currently trading at $0.2566. With a total supply of 21 billion tokens, and only 3.675 billion in circulation, the token’s market cap stands at an impressive $ 933.72 million. In just a few hours after its launch, ZK has already secured the 76th position on CoinMarketCap, with a 24-hour trading volume of $544.7 million. 

Australia’s ASX Approves Launch of First Spot Bitcoin ETF

Sam Wisdom Raphael
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Australia’s ASX Approves Launch of First Spot Bitcoin ETF

In a landmark move for crypto investment in Australia, the Australian Securities Exchange (ASX) has given the green light to its inaugural spot Bitcoin exchange-traded fund (ETF). 

The ASX, Australia’s principal stock exchange, has authorized the VanEck Bitcoin ETF (VBTC) to commence trading, slated for June 20. This development is a testament to Australia’s progressive regulatory stance on cryptocurrencies and reflects the burgeoning interest in crypto ETFs globally.

Australia Welcomes Spot Bitcoin ETF

A spokesperson for the ASX emphasized that the VanEck product is the only one with approval for now, stressing that there are ongoing discussions involving other issues. The introduction of VBTC by investment firm VanEck offers investors a direct and regulated avenue to invest in Bitcoin. 

This is particularly noteworthy as it follows the successful trajectory of spot Bitcoin ETFs in the United States, which have garnered substantial investor interest and have been pivotal in bringing Bitcoin to conventional investment portfolios.

Australia’s regulatory climate around crypto has been cautiously optimistic. Notably, crypto trading in Australia is both legal and taxed by the Australian Tax Office (ATO). Exchanges operating in the country are mandated to register with AUSTRAC.

The approval of a spot Bitcoin ETF by ASX is indicative of a maturing market that is increasingly acknowledging the potential of cryptocurrencies as legitimate investment vehicles as Australians continue to show interest in crypto. The IRCI confirmed that about 28.8% of the Australian population held or had held crypto as of December 2021.

Success of Spot Bitcoin ETFs in Other Markets 

Amid the surging interest among Australians, the success of spot Bitcoin ETFs in other major markets has undeniably influenced ASX’s decision. Notably, the spot Bitcoin ETFs in the United States have recorded $15.1 billion in positive capital netflows since they launched in January.

Moreover, Hong Kong also approved spot Bitcoin and Ethereum ETFs two months back. Despite not catching up to their U.S. counterparts in capital inflows, these investment products have witnessed significant interest from investors.

The launch of VBTC is expected to pave the way for more diversified crypto products on the ASX, as it sets a regulatory precedent for future approvals. Such a pattern is observed in the United States, where the launch of spot Bitcoin ETFs have influenced the approval of spot Ethereum ETFs.

Expert Says XRP and its Ledger Now Have New Firepower and Unique Use Cases 

Abdulkarim Abdulwahab
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0
Expert Says XRP and its Ledger Now Have New Firepower and Unique Use Cases 

Crypto Eri, a widely followed figure in the XRP community, asserts that XRP and its associated blockchain XRP Ledger (XRPL) now wield new firepower use cases. 

Eri voiced this sentiment in a recent post on X amid Ripple’s recent Asian market initiative. Last week, Ripple unveiled a new fund targeting Korea and Japan. The move is to foster innovation on XRP and strengthen Ripple’s foothold in the Asia-Pacific region.

Specifically, the fund’s resources will be allocated to bolster partnerships, provide developer grants, invest in startups, and nurture community growth in Japan and Korea. Notably, this initiative aligns with Ripple’s pledge to allocate 1 billion XRP for technical and financial support for developers.

Emi Yoshikawa, Ripple’s vice president of strategic initiatives, emphasized that the fund’s launch underscores Ripple’s confidence in Japan and Korea as key centers for blockchain innovation.

XRP, XRPL Having New Firepower and Unique Use Cases 

In response to the announcement, Crypto Eri remarked that the future of XRP and its blockchain in Asia is evident without the need for foresight. She voiced confidence that the new initiative will reveal unique applications and move beyond traditional business models.

In her words, “The Asian era of XRP and the ledger. This new firepower will unveil unique use cases.”

Additionally, Mayukha Vadari, a senior software engineer at RippleX, noted that Ripple is also gaining significant traction in South America, with Brazil leading the charge.

Ripple’s Commitment to Asian Market

Last year, Ripple highlighted that the Asia-Pacific region is among its fastest-growing markets. Consequently, it reaffirmed its focus on promoting the adoption of its cryptocurrency payment services there. This was amid Ripple securing a full operational license in Singapore in October 2023.

Two months ago, Ripple formed a partnership with HashKey DX, a Tokyo-based firm to introduce XRPL-based solutions pertaining to supply chain finance in Japan. 

Meanwhile, in 2016, Ripple and Japanese financial services giant SBI Holdings launched SBI Ripple Asia to enhance the adoption of Ripple’s payment solutions in the territory.

Ripple’s commitment to promoting XRP in the Asian market is further confirmed by the fact that XRPL will be utilized to issue official Expo NFTs for millions of attendees next year.

Ripple Confirms Collaborations with 10 Governments on CBDCs Initiatives

Zabi
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0
Ripple Confirms Collaborations with 10 Governments on CBDCs Initiatives

Ripple is collaborating with ten governments on CBDCs, aiming to enhance the utility of the XRP Ledger and develop stablecoins for global financial inclusion.

Ripple’s CEO, Brad Garlinghouse, has confirmed that the company is actively collaborating with ten governments worldwide on Central Bank Digital Currencies (CBDCs). 

This was spotlighted by The Good Morning Crypto’s X account. Notably, Garlinghouse views a Central Bank Digital Currency as a stablecoin issued by the government. Ripple wants to enhance the utility of the XRP Ledger (XRPL), as it moves from speculation to practical application in 2024.

Reactions and Community Feedback

The announcement has sparked a range of reactions within the crypto community. Some users speculate that the push for CBDCs might be the reason behind the swift release of RLUSD. One user expressed concerns about the implications of CBDCs on personal freedoms, questioning the enthusiasm for what they see as a potential loss of freedom.

Other community members focused on the practical aspects, highlighting the value of a network that supports free and stable value transfers without necessarily needing the internet.

Ripple’s Global CBDC Collaborations

Ripple has continued to partner with global governments. The firm collaborated with the Royal Monetary Authority of Bhutan to enhance digital and cross-border payments, leveraging the XRP Ledger’s infrastructure. Additionally, Ripple partnered with the Republic of Palau to develop a climate-friendly digital currency aligned with Palau’s environmental values.

In a similar fashion, Ripple announced a collaboration with the Central Bank of Montenegro to explore the potential of blockchain technology in launching a CBDC, aimed at improving financial inclusion and modernizing monetary policy. Furthermore, Ripple’s partnership with the National Bank of Georgia focuses on piloting the Digital Lari to enhance Georgia’s public and financial sectors. 

Moreover, Ripple teamed up with Colombia’s Banco de la República to use blockchain technology to improve the country’s high-value payment systems, as part of a broader initiative by Colombia’s Ministry of Information and Communications Technologies to educate public entities on blockchain benefits.

Ripple’s partnership with The Digital Dollar Project (DDP) further highlights its influential role. The DDP, an independent non-profit initiative, collaborates closely with U.S. policymakers to explore the design and implications of a potential digital dollar.

Ripple Moves to Real USD (RLUSD)

Ripple is also gearing up to introduce its stablecoin, Real USD (RLUSD). Unveiled at the XRP Ledger Apex Summit in Amsterdam, RLUSD is designed to be directly linked to the US dollar, facilitating stable and efficient transactions. The stablecoin will be available on the XRP Ledger and Ethereum platforms.

XRP Army Eyes $1.375 Price Amid Speculation of $100M Ripple Settlement

Abdulkarim Abdulwahab
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XRP Army Eyes $1.375 Price Amid Speculation of $100M Ripple Settlement

XRP community members eye a $1.375 price point amid growing speculation surrounding a purported $100 million settlement amount between Ripple and the U.S. SEC.

This speculation picked up momentum following the SEC’s latest filing, which countered Ripple’s insistence on a $10 million remedies amount for securities law violations. 

Origin of $100M Settlement Speculation 

In a previous filing, Ripple drew inspiration from the $420 million penalty levied against Terraform Labs (TFL) to strengthen its stance on a reduced levy instead of the SEC’s $2 billion penalty demand.

However, in a Friday letter to District Judge Analisa Torres, the SEC emphasized that Ripple’s situation is dissimilar to Terraform Labs’. The regulator pointed out that TFL is bankrupt and discontinuing operations and has agreed to substantial reimbursement to investors, among other settlement terms.

However, the SEC stressed that Ripple agreed to no such settlement terms in its legal case, further invalidating the comparison. Moreover, the regulator corrected Ripple’s assessment of Terraform’s $420 million civil penalty.

According to the SEC, the actual ratio was 11.7% of Terraform’s $3.5 billion gross profit from violative conduct, not 1.27%, as Ripple suggested.

Notably, the SEC is seeking disgorgement of $876.3 million in gross profits from Ripple. The regulator argued that if the same 11.7% ratio is applied, the resulting civil penalty would be approximately $102.6 million. 

This calculation from the SEC led some members of the XRP community to believe that the SEC might be looking to drop its initial request for a $2 billion penalty from Ripple, unlikely the case.

XRP Army Targeting $1.375 XRP

Banking on the view that the SEC now requests $100 million from Ripple, the XRP Army believes a settlement is imminent. Interestingly, the founder of Humanitarian Trust Compliance Services even speculated that the final settlement would range between $50 million and $62.5 million. 

In parallel, he predicts that XRP will trade up to $1.375 due to the hypothetical settlement. At press time, XRP currently changes hands at $0.492.

Clarification on $100M Settlement View 

While Ripple’s Chief Legal Officer, Stuart Alderoty, previously suggested that the SEC had dropped its $2 billion request based on their recent filing, reputable community members like Moon Lambo have argued otherwise. 

They assert that a careful reading of the SEC’s wording does not support this view. SEC lawyer Marc Fagel has concurred with Moon Lambo, emphasizing that the interpretation of a reduced settlement figure is incorrect.

Here’s When Shiba Inu Can Hit $0.0001 if It Rises Only 10% Every Month

Sam Wisdom Raphael
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0
Here’s When Shiba Inu Can Hit $0.0001 if It Rises Only 10% Every Month

Shiba Inu would take 17 months to reach the much-coveted $0.0001 price target if it increased by a mere 10% every single month from the current price.

Shiba Inu (SHIB) is currently trading at $0.00002086. This marks a significant decline from its previous highs, such as the $0.000045 yearly peak, largely due to the broader market downturn that has also brought Bitcoin down to the $66,000 territory. 

Shiba Inu Battles Bearish Pressure

Amid this bearish pressure, Shiba Inu is battling to stay above the $0.00002 price mark, eagerly awaiting the next market uptrend to push through its immediate resistance at $0.00002191, currently aligning with the Fibonacci 23.6% retracement.

Despite these challenging conditions, optimism remains high among SHIB enthusiasts and market analysts. Many believe that Shiba Inu has the potential to achieve significant gains once the market stabilizes. One ambitious target that frequently comes up in discussions is the $0.0001 price mark. 

However, SHIB would require a substantial spike of 379% to reach the $0.0001 price from its current level. While this surge is highly feasible, it becomes more achievable if SHIB rises by a smaller margin each month. If Shiba Inu were to rise consistently by 10% every month, it could reach this target within a foreseeable time frame.

The Path to $0.0001

Starting from its current price of $0.00002086, a steady monthly increase of 10% could propel SHIB significantly over time. In the first month, Shiba Inu would rise to approximately $0.00002295. 

By the second month, this increase would bring the price to around $0.00002525. Continuing this trend, after six months, SHIB would trade close to $0.00003744, and by the end of the first year, it would reach approximately $0.00005579.

In the second year, the compounding effect becomes even more pronounced. At the 15-month mark, Shiba Inu’s price would be roughly $0.00008151. By the 17th month, SHIB is projected to hit $0.00010029, surpassing the $0.0001 milestone. 

Meanwhile, several analysts have weighed in on Shiba Inu’s future, offering varying price targets based on different scenarios. Most recently, Mags, a Bitcoin analyst, predicted SHIB to reach $0.00014. Market watcher SHIB Knight also believes Shiba Inu could set a new ATH of $0.0001 this market cycle. 

Last month, another Bitcoin analyst projected $0.000114 to be Shiba Inu’s peak price for this cycle. Meanwhile, Eunice Wong, a market commentator, is also confident that Shiba Inu could breach $0.0001 this market cycle, predicting a rise to $0.000125 in the upcoming second upswing. If any of these materializes, SHIB might hit $0.0001 before October 2025.

Shiba Inu Lead’s “Moon” Tweet Excites SHIB Community

Lele Jima
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0
Shiba Inu Lead’s “Moon” Tweet Excites SHIB Community

Shiba Inu lead developer Shytoshi Kusama stirs positive engagement within the SHIB community following his recent X post on the moon. 

According to the post, Kusama noted that ‘the beauty of the moon’ is an element he shares with everyone, including Shiba Inu community members. While reflecting on the moon’s beauty, the Shiba Inu ecosystem lead wished enthusiasts of the canine-themed token ‘the most peaceful holiday of the year.’ 

Although the tweet exudes an enigmatic aura, Kusama’s mention of the moon sparked excitement within the Shiba Inu community, with projections that Shiba Inu ecosystem tokens, including SHIB, BONE, and LEASH, are heading ‘to the moon.’ 

Moon’s Significance to Crypto and Muslims 

In crypto, the phrase ‘to the moon’ indicates a strong belief that the price of a particular token could rise significantly. While Shiba Inu investors attributed Kusama’s post to crypto, the moon is also a significant element in Islam. 

Its sighting on certain days paves the way for commemorating different festivities, like the Eid-el-Kabir. Notably, this year’s June 15-16 are set aside by the Muslim community to celebrate Prophet Ibrahim’s willingness to sacrifice his son, which many consider to be an act of obedience to God. 

Interestingly, this year’s Eid-el-Kabir coincided with other special days, including Father’s Day, International Day of Family Remittances, Bloomsday, and Veggies Day. 

Given the significance of this period, Kusama decided to extend warm wishes to Shiba Inu community members. 

Kusama Breaks Silence on X 

It bears mentioning that Kusama has not been active on X lately. He published his last X post on June 5, when he thanked Ethereum co-founder Vitalik Buterin for speaking on the rise of celebrity-owned memecoins. 

Notably, Buterin highlighted three criteria these memecoins must meet to earn his respect. They include possessing some public-good goal, demonstrating over ten-year longevity, and boasting fun mechanics beyond trading alone.  

Reacting, Kusama believed the post came at the right time as he was about to discuss the matter in a meeting. 

Following the tweet, Kusama became inactive on the social media platform for nearly two weeks. With his weekend post, the Shiba Inu lead is expected to become more active on X and share interesting updates about ongoing developments. 

Industry Expert Envisions Shiba Inu Hitting $1T Market Cap 

Lele Jima
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Industry Expert Envisions Shiba Inu Hitting $1T Market Cap 

Casey Stubbs, founder of Trading Strategy Guides, portrays an optimistic outlook about Shiba Inu potential, projecting a $1 trillion market cap for SHIB and BONE.  

In an X post yesterday, Stubbs said he envisions a day when Shiba Inu’s Layer-2 blockchain Shibarium would witness widespread adoption. He envisages a future when thousands of Shiba Inu (SHIB) and Bone ShibaSwap (BONE) pairs are actively traded on ‘Shibarium,’ with 24-hour volume worth billions of USD. 

Through this hypothetical scenario, Stubbs foresees SHIB and BONE potentially hitting a trillion-dollar market cap. He made the projection while reacting to an X post from Shibarium’s Discord and Telegram moderator SpecialK.

According to the post, SpecialK characterized Shibarium as the backbone of Shiba Inu, projecting that the L2 network could redefine standards within the crypto space. Furthermore, he urged investors to prepare for a transformative journey that will elevate Shiba Inu to unprecedented levels of innovation and impact. 

Shibarium Adoption Rate 

Although Stubbs and SpecialK envision an optimistic future for Shibarium, the network’s adoption rate has declined massively in recent times. Since this month, the network has been averaging daily transactions of less than 10,000. 

This sharply contrasts the figures recorded in December 2023, when the stats surged to between 5 million and 7.5 million. 

Consequently, Shibarium has processed only 17.72 million transactions since March 7, 2024. Despite its low adoption rate, Stubbs and SpecialK are optimistic that the network would witness a significant turnaround. 

SHIB and BONE Prices if They Reach $1 Trillion Market Cap 

This could positively impact the prices of Shiba Inu ecosystem tokens, including SHIB and BONE. At the moment, both tokens are far from hitting the $1 trillion market cap Stubb envisions. 

While SHIB boasts a market cap of $11.94 billion, BONE has a valuation of $123.34 million. They are priced at $0.00002018 and $0.53, respectively. 

A trillion-dollar market for SHIB could bring its price to $0.016 per token if the circulating supply of 589.27 trillion remains constant. Similarly, BONE could be worth $4,349 per token if its market cap hits $1 trillion. 

XRP Regarded a Currency by Currency Converting Resource 

Sam Wisdom Raphael
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0
XRP Regarded a Currency by Currency Converting Resource 

A reliable currency converting resource lists XRP as a currency alongside Bitcoin (BTC) and Ethereum (ETH), stirring discussions within the community.

Media personality and XRP community figure King Valex first spotlighted this in a recent post. He called attention to Valutakalkulator, a Norwegian currency converter and calculator that looks to provide market participants with useful data on conversion rates across multiple currencies globally.

A quick look at the platform confirms that it lists XRP as one of multiple currencies. However, the platform also lists six other cryptocurrencies, namely Bitcoin, Dash (DASH), Dogecoin (DOGE), Ethereum, Litecoin (LTC) and Monero (XMR). While most of these assets already boast regulatory clarity as currencies, only XRP has legal clearance.

XRP on Valutakalkulator
XRP on Valutakalkulator

Notably, the platform exclusively caters to currencies, with little provision for cryptocurrencies, whose tags have been contested by multiple entities. For instance, the U.S. SEC has leveled charges against multiple crypto-focused companies such as Binance and Coinbase, alleging that they facilitated services involving cryptocurrencies which it finds are “unregistered securities.”

Significance of a Cryptocurrency’s Status

The status of a cryptocurrency as a security or an actual currency has legal repercussions. As a currency, a crypto asset’s primary utility is for transactions. Authorities regulate such an asset under financial laws for typical currencies, focusing on AML and KYC regulations. 

However, as a security, a cryptocurrency serves as an investment vehicle, regulated by securities laws which require registration and disclosure to protect investors. This classification impacts regulatory compliance, market perception, taxation, and use cases.

Notably, nearly all the cryptocurrencies in existence did not undergo any registration process with any country’s SEC, especially the United States. However, these crypto assets, including XRP, are bought, held and sold by U.S. citizens, leading the U.S. SEC to allege cases of securities laws breach as they look to bring these assets under their purview.

XRP was one of the first crypto assets to face this sort of scrutiny, resulting in a multi-year legal battle with Ripple, the largest XRP holder. Amid the SEC’s allegations, there are divided opinions in the crypto community, with some claiming the SEC’s charges are justifiable, while others contest that XRP, like other cryptocurrencies, is not a security.

XRP Widely Regarded as a Non-Security

Valutakalkulator’s tag, which suggests that XRP is a currency, might lend a voice for the XRP community, but it is far from significant. Notably, the platform’s position on the matter would not count in legal standings. However, it is important to note that a U.S. judge has already declared XRP a non-security in the SEC vs. Ripple case.

In addition, several reputable government entities’ tags for XRP contrast the security claims. These tags are pivotal for XRP’s position in jurisdictions overseen by these entities. Notably, the European Corporate Governance Institute cited the Ripple case ruling that dubbed XRP a non-security. Also, the U.K Financial Conduct Authority (FCA) regards XRP as a utility token. 

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