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US Dollar Exposure via Digital Assets Takes Off — TradingView News
More and more crypto firms are looking to capitalize on the demand for US dollar-denominated digital assets. Tether, the company behind Tether 
The move comes just days after Assymetry released its synthetic dollar, afUSD, with an elastic supply based on market conditions.
New tokens that mimic the US dollar have surged since the launch of Ethena’s synthetic dollar, USDe. According to DefiLlama, the protocol, which launched in February 2024, has accumulated over $3.4 billion in total assets locked in four months.
Ethena’s synthetic dollar has shaken up stablecoin operators and highlights strong global market demand for dollar-denominated cryptocurrencies. Another similar move is also seen in the growing size of tokenized funds offering exposure to US Treasury securities.
As of June 19, BlackRock’s recently launched USD Institutional Digital Liquidity Fund (BUIDL) had more than $462.7 million in assets, while Franklin Templeton’s OnChain US Government Money Fund (FOBXX) had $357 million in assets. 6 million dollars. Overall, $1.5 billion in U.S. Treasury securities have been tokenized, most of it in recent months.
As traditional finance moves on-chain, this week’s Crypto Biz also explores Hashdex’s filing for a combined spot exchange-traded fund (ETF) for Bitcoin (BTC) and Ether (ETH), Coinbase’s pre-launch market, Ripple’s challenges with regulators in the United States, as well as other stablecoins exiting Europe.
Hashdex file with SEC for combined Bitcoin and Ether spot ETFs
Hashdex has filed with the US Securities and Exchange Commission (SEC) to launch a combined Bitcoin and Ether spot ETF on the Nasdaq exchange. This ETF aims to track the daily market movements according to the Nasdaq Crypto US Settlement Price Index, maintaining a composition of approximately 70.54% Bitcoin and 29.46% Ether. Both Coinbase and BitGo will act as custodians of BTC and ETH assets. Hashdex is still required to file and receive SEC approval on an S-1 application.
Coinbase International Announces Support for Pre-Launch Marketplace
Coinbase International has announced support for a pre-launch marketplace, which will allow users to trade futures of tokens and coins yet to be listed on exchanges. This new feature enables early trading activity before the official launch of these digital assets, allowing traders to interact with upcoming tokens in advance. The feature will be available to institutional investors via Coinbase International and retail traders via Coinbase Advanced. Pre-launch market assets are limited to an initial margin of 50%, or 2x leverage, and a notional position limit 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 provide similar services.
SEC Rejects Ripple’s Argument for Lower Fine
The SEC has criticized Ripple’s request for a lower fine in the ongoing legal battle. Ripple had argued for a significantly reduced fine, no more than $10 million, citing the SEC’s previous settlement with Terraform Labs as a benchmark. The SEC suggested that, based on Ripple’s gross profits and considering a similar ratio to the Terraform case, this would imply a fine of $102.6 million for Ripple rather than the suggested $10 million. Overall, the SEC is seeking nearly $2 billion from Ripple, which includes $198.2 million in prejudicial interest, $876.3 million in civil penalties, and another $876.3 million in reversals.
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 upcoming implementation of the Markets in Crypto-Assets (MiCA) regulation. This move is part of a larger 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 holding these stablecoins must convert them to a different cryptocurrency by June 28; otherwise, they will automatically be converted into USD Coin (USDC).
Before you go: Since the end of May 2014, more than $100 billion has been raised for cryptocurrency startups. Looking back over the last four years, the roof and floor have been raised despite the constant ups and downs.
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