What Happened in the Crypto Market Today? Australia Approves Bitcoin ETFs | Tether Launches Gold-backed Coin

Ripple’s Chief Legal Officer Stuart Aldeloti responded on social media, highlighting the recent court ruling, in which he argued that XRP is not considered a security and there are no “injured parties” who need compensation.

Australian Securities Exchange Approves First Spot Bitcoin ETF

The Australian Securities Exchange (ASX) has approved the first spot Bitcoin exchange-traded fund (ETF). The fund, which will launch on June 20, will be a “feeder fund” that will passively track the price of Bitcoin by investing in the VanEck Bitcoin Trust (HODL), a US ETF already listed on the Cboe BZX exchange.

The approval, announced in a VanEck blog post, comes on the heels of smaller Australian exchange Cboe Australia listing the Monochrome Bitcoin ETF (IBTC) in early June. The move is significant as the ASX represents 90% of the Australian share market.

VanEck said its offering will be “Australia’s lowest-cost Bitcoin ETF.” The listing comes after a reapplication in February, earlier than initially expected that Australia’s first spot Bitcoin ETF would launch by the end of 2024.

Tether Launches New Synthetic Gold-Backed Dollar Alloy

Tether, the operator of the world’s largest stablecoin USDT, has announced a new synthetic dollar called Alloy (aUSDT), which is backed by the gold-backed stablecoin Tether Gold.

The new tokens will be traded on the Ethereum blockchain and users will be able to create (or mint) aUSDT by depositing Tether’s existing gold-backed token, XAUT, as collateral in an over-collateralized system where the value of the deposited gold exceeds the value of the minted aUSDT.

In a press release, Tether touted the launch of the new cryptocurrency as the introduction of a new category of digital assets, known as Tether Assets, “designed to track the price of a reference asset through stabilization strategies such as over-collateralization.”

Tether’s gold-collateralized cryptocurrency, XAUT, is backed by physical gold vaulted in Switzerland and currently has a market capitalization of over $570 million.

The new aUSDT token is aimed at users who want to transact in stable currencies like the US Dollar without having to liquidate their exposure to gold.

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