Tether CEO Paolo Ardoino recently emphasized USDT’s significant role in driving demand for the US dollar in emerging markets.🎗🎗
✅✅Ardoino’s comments were in response to an article suggesting that dollar-backed stablecoins contribute to the demand for US public debt.
OVER 300 MILLION PEOPLE USE USDT.
Ardoino revealed that over 300 million people globally use USDT as a digital dollar, offering essential financial services to communities in developing countries. This stablecoin enhances the efficiency of money transfers and storage, bypassing traditional financial systems that often exclude the underbanked.📶📶
“USDT is being used by more than 300 million people across the world as the digital dollar, providing a lifeline utility to entire communities in developing countries. These people are underserved by the banking industry, mostly remaining unbanked and subject to high inflation and fast devaluation of their national currencies,” Ardoino wrote.
💯💯This means if Tether were a country, it would rank ahead of nations like Indonesia, Pakistan, and Nigeria. Consequently, the high adoption of USDT significantly impacts the global financial system.
Ardoino noted that Tether is among the top three global purchasers of short-term US Treasury Bills and ranks within the top 20 overall buyers.👍 This reflects Tether’s growing influence in finance and the increasing integration of virtual assets with traditional financial systems.💎💎
According to Tether’s Q1 attestation report, the firm held approximately $90.87 billion in US Treasuries as of March 31, 2024. These holdings include direct and indirect ownership of US Treasuries, with indirect exposure comprising overnight reverse-repurchase agreements collateralized by US Treasuries. The firm also invests directly in US Treasuries through money market funds.😍

Tether’s USDT is the dominant stablecoin in the industry, with a market capitalization exceeding $1112 billion. According to CoinMarketCap, digital assets control around 70% of the market and are the most traded cryptocurrency, even ahead of Bitcoin.😍😍
Moreover, a Chainalysis report shows steady growth in global demand for stablecoins like USDT in emerging markets such as , Turkey, Thailand, Nigeria and Brazil. Despite its dominance, Tether faces consistent regulatory scrutiny.🧡🧡
Ripple CEO Brad Garlinghouse recently suggested that the US government might target the asset — a claim debunked by Ardoino.
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🇦🇺Australia’s largest stock exchange, the Australian Securities Exchange (ASX), has approved its first spot Bitcoin exchange-traded fund (ETF), which will commence trading on June 20.✅✅

Investment firm VanEck will be the issuer of the spot Bitcoin ETF — the VanEck Bitcoin ETF (VBTC) — according to a VanEck press release shared with Cointelegraph. It comes only months after the firm was approved to start trading spot Bitcoin ETFs, the VanEck Bitcoin Trust (HODL), in the United States on Jan. 11.🤗🥰
CEO for VanEck in the Asia-Pacific region, Arian Neiron, reiterated that the demand is growing for Bitcoin exposure in Australia, especially through a “regulated, transparent and familiar investment vehicle.”💯💯
“We recognize Bitcoin is an emerging asset class that many advisers and investors want to access,” Neiron said.
“VBTC also makes bitcoin more accessible by managing all the back-end complexity. Understanding the technical aspects of acquiring, storing and securing digital assets is no longer necessary,” he added.
Although this is the first time a spot Bitcoin ETF has been approved by the ASX, there have been two other instances when Bitcoin ETFs have launched in Australia over the past two years.🤔
🎗🎗Recently, the Monochrome Bitcoin ETF (IBTC) was approved and started trading on Australia’s second-largest stock exchange, the Cboe Australia exchange.
The Monochrome Bitcoin ETF started trading when the markets opened on the Cboe Australia exchange on June 4.🧡🧡

🥈🥈Monochrome said IBTC’s holdings are stored offline in a device not connected to the internet and with a crypto custody solution that meets “Australian institutional custody regulatory standards.”
In April 2022, the Global X 21 Shares Bitcoin ETF (EBTC) became the very first Bitcoin ETF product to debut in Australia.😍
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Bitcoin has faced a significant amount of selling pressure over the past week, according to the latest on-chain data. Expectedly, this bearish pressure has had a notable impact on the price of the premier cryptocurrency.📶📶
According to data from CoinGecko, the value of Bitcoin has declined by nearly 5% in the past seven days. 🥰🥰On Friday, June 14th, the BTC price fell to around the $65,000 level — its lowest level in nearly a month.

BITCOIN MINERS OFFLOAD OVER 1,200 BTC IN ONE DAY.
✅✅In a recent post on the X platform, crypto analyst Ali Martinez revealed that Bitcoin miners have been active in the open market in recent days. Specifically, these network entities have been trimming their BTC holdings, and selling their assets for profit.😯
Martinez mentioned in his post that the Bitcoin miners offloaded more than 1,200 BTC (worth roughly $80 million) in a single day. 👍According to the crypto pundit, this increased selling activity by the miners might have played a significant role in the premier crypto’s recent correction to $65,000.🤗🤗
This on-chain observation is in tandem with CryptoQuant’s latest weekly report. The blockchain analytics firm noted that miners were transferring their coins 🧡to exchanges and over-the-counter (OTC) desks for sale, as the Bitcoin price hovered between $69,000 and $71,000.🤔🤔
According to CryptoQuant, the recent decision of miners to offload their holdings Is associated with the declining revenues following the halving event. With reduced transaction fees and persistently high network hashrates, miner revenues have continued to dwindle over the past few months.
📶📶Furthermore, CryptoQuant mentioned that historical patterns suggest that sustained low revenues and high hashrate could imply a potential market bottom. Ultimately, this means that the Bitcoin market could be stabilizing or getting ready for upward movement.
WHALES JOIN THE SELL-OFF, DUMP 50,000 BTC
Further on-chain observations show that miners are not the only entities responsible for the recent selling pressure. In another post on X, Martinez revealed that Bitcoin whales have also been offloading significant BTC amounts in recent days.✅✅
Based on data from Santiment, whales have sold 50,000 BTC (equivalent to about $3.3 billion) in the past 10 days. Bitcoin whales – in this particular data point – refer to holders that own between 1,000 – 10,000 BTC.🎗🎗
📶While the price of BTC fell as low as 65,000 in the past day, it is beginning to show some signs of recovery. As of this writing, Bitcoin is valued at $66,300, reflecting a 0.7% decline in the past 24 hours.
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Bitcoin exchange-traded funds (ETFs) attracted $101 worth of inflows on Wednesday, according to the most recent update. ✅✅
😍😍Fidelity's Wise Origin Bitcoin Fund (FBTC) comes in first place with $50.6 million worth of inflows.
BlackRock's iShares Bitcoin Trust (IBIT) and Bitwise Bitcoin ETF (BITB) are in second and third place with $15.6 million and $14.5 million worth of inflows, respectively. 💎💎

As reported by U.Today, the Bitcoin price experienced a major correction earlier this week after Bitcoin ETFs ended their 19-day inflow streak. On Tuesday, the leading cryptocurrency dropped to as low as $66,011 on the Bitstamp exchange. 🤗
🧡🧡On Wednesday, Bitcoin surged sharply higher after the most recent US consumer price index (CPI) report showed that inflation was cooling. However, it then pared most of these gains during the same day after the Federal Reserve signaled that it would implement only one rate cut. Moreover, Federal Reserve Chair Jerome Powell stated that the Fed would need to bolster confidence on inflation before considering loosening monetary policy.
As reported by U.Today, gold bug Peter Schiff recently warned Bitcoin bulls that they would not be saved by ETFs since their buyers are future sellers. ✅✅
Michael Allegue, an investment officer at MassMutual, recently told CNBC that institutional investors who gain exposure to Bitcoin ETFs are not going to be "diamond-handed" holders due to portfolio rebalancing.
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📶📶Decentralized lending protocol UwU Lend was hacked for $3.7 million today,😯😯 according to blockchain security firms Beosin and Blocksec.
This exploit marks the second time UwU Lend has been compromised this week via flash loans, with security analysts attributing both attacks to the same perpetrator.🤔🤔
The stolen $3.7 million in assets currently sits in the attacker’s wallet address after being converted to ether.✈️
The lending protocol was attacked the first time on June 10, which led to a loss of $20 million.🧐🧐 Beosin identified the prior incident as a flash loan exploit that manipulated the price oracles of sUSDe stablecoin on the platform.
UwU Lend had acknowledged the first exploit and provided an additional update the following day, stating it had identified and resolved the security vulnerability. The protocol claimed the vulnerability was unique to the sUSDe market oracle.🥈
😍😍UwU Lend was established by Michael Patryn, who has also operated under the aliases Omar Dhanani and 0xSifu. Patryn had co-founded QuadrigaCX, a cryptocurrency exchange that ultimately collapsed amidst allegations of fraud.
The lending protocol did not immediately respond to The Block’s request for comment.
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The U.S. spot bitcoin exchange-traded funds experienced net outflows of $200 million on Tuesday — continuing the outflows from Monday that ended their record streak of net inflows.🥈✅

🥰Grayscale’s GBTC witnessed the largest amount of net outflows, totaling $121 million on Tuesday, followed by Ark Invest’s ARKB with $56 million in net outflows, according to SoSoValue data. Bitwise’s BITB reported $12 million in outflows, while Fidelity and VanEck experienced single-digit net outflows.🎗🎗
Outflows prevailed among U.S. spot bitcoin ETFs as other funds, including BlackRock’s IBIT, recorded zero flows on Tuesday.✅✅
The 11 spot bitcoin ETFs concluded their 19-day consecutive run of net inflows on Monday, with outflows totaling $64.93 million. 🥳🥳As of Tuesday, the funds have accumulated a total net inflow of $15.42 billion since their inception in January.
📶📶Markets are now anticipating key economic indicators from the U.S. later on Wednesday — the Federal Open Market Committee meeting results and the Consumer Price Index data.
The latest CPI, a crucial inflation indicator, is expected to show a 0.1% increase from April, suggesting a broader disinflationary trend, according to a CNBC report.🤔🤔
The Federal Reserve’s rate-setting meeting is anticipated to yield no surprises, with CME Group forecasting a 99.4% probability that the Fed will maintain the current interest rate of 5.25% to 5.50%, rather than implementing a rate cut.💎💎 However, a Reuters poll of economists indicated that the Fed is likely to reduce rates twice this year, beginning in September.💯

Bitcoin trades at $67,500, down from from last week’s peak of nearly $72,000, according to The Block’s bitcoin price page.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. 😇😇Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.✈️✈️
This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.🧡
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The US Securities and Exchange Commission (SEC) has added a spot Ethereum exchange-traded fund (ETF) application from asset manager ProShares.✅✅

This development came after ProShares filed a proposal to list and trade spot Ethereum ETF shares on the New York Stock Exchange (NYSE) on June 6.🥳
SEC RECOGNIZES PROSHARES’ SPOT ETHEREUM ETF FILING.
😘😘In a June 10 filing, the SEC noted that NYSE Arca proposed a rule change to facilitate this listing. The public now has 21 days to comment on the application. Meanwhile, the SEC has 45 days to decide, potentially by late July 2024.💯
However, this acknowledgment does not equate to approval. It only indicates that the SEC has received and is reviewing the filing.
ProShares’ entry into the spot Ethereum ETF market follows several other potential issuers whose 19b-4 filings were approved in May 2024. Bloomberg Intelligence ETF analyst James Seyffart commented on the timing of ProShares’ move.💎
🥳In another development, the SEC approved Ark Invest’s exit from a joint ETF application with 21Shares. This approval allows 21Shares to proceed independently. The SEC waived the usual 30-day delay, making the change effective immediately. The decision was based on the assessment that it does not significantly impact investor protection or competition.✅✅

Ark Invest and 21Shares announced their split on May 31. A newly amended S-1 form reveals that the spot Ethereum ETF will change its name from ARK 21Shares Ethereum ETF to 21Shares Core Ethereum ETF.
📶📶A spokesperson from Ark Invest mentioned they would not proceed with an Ethereum ETF without providing a specific reason. However, Ark remains active with its spot Bitcoin ETF, ARK 21Shares Bitcoin ETF (ARKB).🎯
Despite these developments, potential spot Ethereum ETF issuers are still awaiting feedback on their S-1 filings submitted on May 31.🥈🥈 The SEC’s comments, initially expected by June 7, have yet to be received by at least two issuers.
A recent report reveals that issuers anticipate feedback this week. This update follows SEC Chair Gary Gensler’s remarks on CNBC that the approval process for S-1 forms would “take some time.”😍😍
The approval process for these ETFs involves two steps: the 19b-4 filing and the S-1 filing. The S-1 forms are currently under review.🎗🎗 Bloomberg Intelligence ETF analyst Eric Balchunas previously indicated that another round of fine-tuning comments from the SEC staff would likely precede the final approval.
🤗🤗Nevertheless, the acknowledgment of ProShares’ spot Ethereum ETF application and the approval of Ark Invest’s split from 21Shares represent significant progress in the crypto ETF sector. This highlights regulatory recognition and potential market expansion.
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✅✅A piece of legislation with heavy implications for the digital assets sector made it through the Senate Select Committee on Intelligence's funding package recently without most in the industry – and many in Congress – apparently aware of it, but industry insiders consider its chances for survival to be limited.🧡

A Senate bill meant to fund U.S. intelligence operations included a section borrowed from an earlier bill aimed at preventing the use of cryptocurrency to support terrorism. 🎗🎗That provision, as written, could require a massive shift in the crypto industry toward identifying users' identities to prevent sanctions that could strangle digital assets businesses. 🥰🥰Were it to become law, it would mark the most important U.S. crypto policy yet adopted – and all without significant debate about its merits.
🎯This section of the intelligence funding effort would speed and automate the process to sanction "foreign digital asset transaction✅ facilitators" – including crypto exchanges – that are linked to users who support terrorism groups.
Though the Intelligence Authorization Act cleared the committee in a unanimous 17-0 vote, its crypto section wasn't mentioned publicly nor listed among the major provisions of the bill when Sen. 🤔🤔 Mark Warner (D-Va.), the committee's chairman, announced the passage in a press release. Now, Warner's office has been setting up meetings with people in the crypto sector to talk about that section, according to three people familiar with the discussions, and the Digital Chamber, an industry lobbying group, confirmed it's among those in the talks.✈️✈️
The dialogue suggests the matter is still in play as the spending package advances toward wider Senate consideration, potentially within the must-pass National Defense Authorization Act (NDAA).💎💎
"We’ve chatted with Warner staff on this, and they’re open to broader engagement here from industry," Cody Carbone, chief police officer for the Digital Chamber, told CoinDesk in an email. "I think it likely does get zapped out of the NDAA process given the immediate pushback from the industry."✅

The House of Representatives may also be unlikely to embrace this kind of provision that puts the industry in a strict U.S. box soon after the House approved wider crypto market-structure legislation meant to regulate the industry without stifling it. 💯💯That passage last month of the Financial Innovation and Technology for the 21st Century Act (FIT21) saw a third of House Democrats jump on board,suggesting that crypto regulation could have wide bipartisan support across Congress. 🤔🤔That showing reinforced another recent industry success in the Senate in which 11 Democrats voted with Republicans to erase the Securities and Exchange Commission (SEC) accounting policy despite a promised (and fulfilled) veto from President Joe Biden.😘😘
📶📶With so many senators sympathetic to the industry, passage may be difficult to win for illicit-finance legislation that didn't come through an open debate and amendment process. The original bill was backed by Sens. Warner, Jack Reed (D-R.I.), Mike Rounds (R-S.D.) and Mitt Romney (R-Utah).✌
Overly broad?
The language in the spending bill may implicate a broader-than-intended array of crypto interests, and it could include central banks that issue central bank digital currencies (CBDCs) and software developers, industry insiders contend, adding that other lawmakers seem to have been unaware of its existence. It could raise concerns, too, among users of the market-leading Tether stablecoin {{USDT}}, which has been under U.S. scrutiny for the use of its tokens by bad actors.
Warner's office didn't respond to a request for comment on the crypto provision, nor did the office of Sen. Mark Rubio (R-Fla.), who is vice chairman of the intelligence committee.😇
🥳🥳The Washington-focused representatives of the sector's lobbying groups have sought to make it clear to policymakers that they're open to discussion on legislation to prevent illicit use of cryptocurrency, as this provision aims to accomplish. Such bills have also been broadly recognized as necessary to get Senate Democrats on board with other crypto initiatives to regulate the structure of the markets and the issuance of stablecoins.🧐
The crypto industry is also keen to avoid a repeat of its painful legislative surprise in an infrastructure bill in 2021, which included an 11th-hour provision that directed crypto taxation. Getting blindsided by that bill amplified the industry's interest in funding a bigger Washington lobbying presence that's now weighing in on this intelligence bill.📶📶
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