Tether has announced the launch of a new digital asset, Alloy, backed by #Tether Gold. This "revolutionary asset" is designed to redefine stability in the digital economy by combining the benefits of a stable unit of account with the reliability of gold. The first token in the #Alloy lineup, $aUSDT, tracks the value of the US dollar and has an oversupply of physical gold held in Switzerland. Users can create $aUSDT using $XAUT as collateral via smart contracts based on #Ethereum . #USDT
Chairman of the US Securities and Exchange Commission (#SEC ) Gary Gensler said that the approval of spot #Ethereum #ETF possible as early as this summer. During the Senate hearing, Gensler noted that the registration process for individual issuers is ongoing, but is going "smoothly." Industry leaders expect these ETFs to begin trading in July or August. #ETH
The main theses from the meeting of the Federal Reserve System (#FRS ):
The Fed does not consider it appropriate to lower the policy target range until it is confident that inflation is moving steadily toward 2%. Although inflation has decreased over the past year, it remains at a high level. The risks to the achievement of policy objectives have become more balanced.
According to the forecasts of the Federal Service, out of 19 officials, 4 will not reduce the rate in 2024, 7 plan to reduce it by 1%, and 8 - by 2%. The Fed will continue to reduce its holdings of Treasuries and mortgage-backed securities. The vote for the policy was unanimous. The Fed forecasts a rate cut of 25 basis points in 2024 from current levels and another 100 basis points in 2025. #data #economy #news
Ripple has announced the launch of a new sidechain, the "XRPL EVM sidechain", which will use #Axelar as its exclusive bridge protocol. This solution will allow users to exchange #XRP for wrapped XRP (eXRP), which will be used to pay for gas on the new sidechain. In addition, #Ripple is creating a new fund to support the development of its blockchain in Japan and Korea, as well as revealing the ticker of its future dollar-pegged stablecoin, #RLUSD .
Spot issuers #Ethereum #ETF , which filed their S-1 forms on May 31, are still awaiting comments from the SEC. While they had hoped to receive them by June 7, they now expect a response by the end of this week. #SEC chairman Gary Gensler told CNBC last week that the approval process "will take some time," but exactly how much is not yet known. #ETH
Unlocking a cryptocurrency usually increases its supply in the market. If demand remains stable or decreases, an increase in supply can cause the value of the cryptocurrency to decrease. However, if demand increases along with supply, the price may remain stable or even increase.
The companies #Mastercard and #Visa have renewed their cooperation with the cryptocurrency exchange Binance, which allows users to buy cryptocurrency using their cards. A representative of #Binance noted that this decision was made after careful analysis of the strict controls and processes implemented by Binance.
The exchange also announced the restoration of services through the #SEPA system, which allows for account replenishment and the purchase of cryptocurrency, and soon the possibility of withdrawing funds will be added.
Previously, both payment giants stopped working with Binance due to allegations by #SEC and the US CFTC.
The American chain of fast food restaurants McDonald's launched an innovative metauniverse called "My Happy Place" in Singapore. Thanks to this platform, local residents can create virtual burgers and participate in various activities. Working with Bandwagon Labs, #McDonalds Singapore uses #Web3 technologies including #MetaMask to improve the security and functionality of the platform. The project will run from June 6 to July 7, and its future will depend on the success of the trial period.
Tether CEO Paolo Ardoino has expressed concern about the new regulatory rules #MiCA in the EU, arguing that these requirements could significantly complicate the work of the stablecoin issuer. In his opinion, the new regulations could make EU-licensed stablecoins extremely vulnerable and risky to operate. Ardoyno also drew attention to Binance's statement yesterday about restricting access to "unauthorized" stablecoins from June 30. While the exchange did not mention the #USDT vs.#Tether stablecoin in its announcement, it remains unclear whether MiCA will affect European access to the stablecoin. #news
Pay attention to the specified days! An increase in supply can cause additional pressure from sellers. Be careful and think carefully about your decisions to avoid unwanted consequences.
#SEC asked issuers of spot fees #ETH #ETF to update their applications by the end of the month. After the approval of the 19b-4 forms on May 23, there is only one step left before the start of trading - the filing of the S-1 forms. #VanEck and #BlackRock have already filed amended versions of their S-1 forms. According to The Block, the SEC will prepare the first round of comments after the updated filings are filed, which could drag out the process by several weeks or months. Investors are eagerly awaiting the news, hoping that June will bring positive changes for $ETH.
The New York Stock Exchange (#NYSE ) is considering cryptocurrency trading if regulatory clarity improves in the US. NYSE President Lynn Martin said at Consensus 2024 that demand for regulated cryptocurrency products is growing, as evidenced by $58 billion in spot #Bitcoin #ETF inflows.
Martin and Bullish CEO Tom Farley discussed changes in US cryptocurrency policy, including regulatory changes and policy support. They are optimistic about the future progress of regulatory clarity, regardless of the outcome of the presidential election.
Martin emphasized the importance of blockchain technology for increasing the efficiency and transparency of financial processes. Farley noted that regulators still do not trust public blockchain networks, which is holding back the mass migration of traditional assets to digital platforms. #news #BTC
#LayerZero expands its capabilities by integrating with the Solana blockchain. This allows cryptocurrency holders on #Solana to seamlessly transfer their assets to Ethereum, Arbitrum, Polygon and over 70 other chains. Such integration strengthens the interaction between blockchains and opens new horizons for users.
Today, #PayPal took a major step by launching the $PYUSD stablecoin on Solana, for the first time outside of Ethereum. This launch aims to expand the use of #PYUSD in the retail payments space with faster transactions and lower Solana fees.
These innovations indicate Solana's growing role in the cryptocurrency ecosystem, making it more attractive to investors and users looking for more efficient and cheaper solutions for their financial transactions. #SOL
According to a survey by #Grayscale , 47% of American voters plan to add Bitcoin to their investment portfolio, indicating significant interest in the asset. In addition, 32% of voters expressed interest in exploring cryptocurrencies as an investment vehicle. This may be due to the fact that 28% of voters consider inflation to be the most pressing issue in the upcoming US elections. According to Grayscale, geopolitical tensions, the polarization of political discourse and inflation have contributed to increased interest in Bitcoin among American voters ahead of the 2024 election. #economy #Bitcoin #BTC
Solana validators supported SIMD-0096, which changes the distribution of block processing fees. Instead of a 50/50 scheme where half the reward is burned, validators will now receive 100% commissions. This change aims to increase the security of the network by incentivizing validators to receive priority commissions. Also, SIMD-0096 can prevent side deals between block producers and transaction senders. The proposal received 77% support during a vote by validators in the network. #Solana #SOL #news
Nikolaos Panigirtzoglu, managing director of JPMorgan, said he doubts the approval of #ETF on #Solana or other cryptocurrencies by the US Securities and Exchange Commission. According to him, #SEC 's position on most altcoins remains unchanged. According to #JPMorgan , the regulator has more confidence that assets other than $BTC and $ETH should be classified as securities.