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NewsBriefs - Tether launches Alloy, a new gold-backed digital asset

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  • Crypto Briefing

    Tether launches Alloy, a new gold-backed digital asset

    Tether introduced Alloy, a new digital asset backed by its Tether Gold and pegged to the US dollar, aimed at blending the stability of gold with digital currency benefits. Alloy allows users to mint tokens using Tether Gold as collateral on the Ethereum mainnet, facilitating diverse asset management opportunities. This innovation is part of Tether's broader strategy to expand beyond traditional crypto products into areas like education, AI, data, and Bitcoin mining, while investing $1 billion in startups by 2025.

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    • The Block

      Citigroup forecasts potential $3.7 trillion stablecoin market by 2030

      Citigroup projects a significant growth in the stablecoin market, suggesting it could magnify from around $240 billion currently to as much as $3.7 trillion by 2030. This anticipated expansion is driven by increased adoption in the finance and public sectors, influenced by regulatory changes capable of causing a transformative effect on the crypto market. The report also discusses potential scenarios where the growth could be lower depending on the challenges faced in adoption and integration.

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    • PayPal

      PayPal and Coinbase enhance partnership to promote PYUSD stablecoin usage

      PayPal and Coinbase are expanding their collaboration to boost the adoption and use of the PayPal USD (PYUSD) stablecoin. This partnership aims to provide fee-free transactions and seamless 1:1 fiat redemptions via Coinbase, leveraging PayPal's vast network and payment solutions for increased utility across consumer, enterprise, and institutional levels. The collaboration focuses on enhancing commerce applications, exploring decentralized finance (DeFi), and developing new use cases for PYUSD.

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    • The Block

      SEC delays decisions on Polkadot and Hedera ETF proposals

      The US Securities and Exchange Commission has postponed decisions on proposals to list and trade crypto funds based on Polkadot and Hedera's DOT and HBAR tokens until June 11, in order to have sufficient time to review. This delay also affects other crypto ETF decisions, including those by Grayscale and Canary. The SEC, under new management since January, appears more open to the crypto industry, demonstrated by its public roundtables and fewer lawsuits against crypto firms.

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    • The Block

      SEC postpones decisions on Polkadot and Hedera ETFs amid flurry of crypto ETF proposals

      The US Securities and Exchange Commission (SEC) is delaying its decisions on proposals for crypto funds based on Polkadot and Hedera, moving the deadlines for Grayscale's Polkadot ETF and Canary's HBAR ETF to June 11. These postponements come as the SEC considers multiple other crypto ETF proposals. This delay allows the SEC more time to assess these proposals thoroughly.

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    • New York Post

      TON Foundation names MoonPay co-founder Maximilian Crown as new CEO

      TON Foundation has appointed Maximilian Crown, co-founder of MoonPay, as its CEO. Maximilian Crown was previously COO and CFO at MoonPay and has established relationships with banks and regulatory bodies. This leadership change at TON Foundation follows a significant growth in TON blockchain users from 4 million to 41 million in a year, alongside a strategic $400 million investment received from venture capital firms. With this appointment, the foundation aims to leverage Crown's expertise and relationships to expand the TON blockchain, aiming to integrate 30% of Telegram's users by 2028.

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      New York Post

    • Forbes

      RockawayX launches new $125M fund focused on Solana

      RockawayX has raised a new $125 million fund to invest primarily in Solana-focused startups, despite a broader slowdown in crypto venture capital activity. The fund, which successfully closed in the first quarter, is RockawayX's second early-stage fund and aims to support seed investments and liquid, income-generating positions. This initiative follows RockawayX's significant achievements with its 2021 fund, which more than doubled investors' money. The firm, managing about $2 billion and operating with a tech-heavy team across offices in Prague, Dubai, and London, continues to build on its early support for Solana, planning to open a Solana-focused accelerator in Dubai.

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    • The Block

      ZKsync recovers $5 million in hacked tokens after offering 10% bounty

      ZK Nation, overseeing the ZKsync protocol, announced the recovery of approximately $5 million in previously stolen tokens. This was achieved after the hacker accepted a 10% bounty offer from ZKsync's Security Council. The returned assets, now valued at about $5.66 million, are in custody awaiting governance decisions. ZKsync reassured that all user funds were secure at all times, with no ongoing risk of further hacks.

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    • Cointelegraph

      BlackRock's iShare Bitcoin ETF named Best New ETF, records $643M in daily inflows

      BlackRock's iShare Bitcoin ETF (IBIT) was awarded 'Best New ETF' by etf.com on the same day it recorded highest inflows of $643.2 million since January. IBIT also won 'Crypto ETP of the Year' and has seen substantial growth with net assets of approximately $53.77 billion. The recognition and massive inflows underscore IBIT's significant impact in the ETF market.

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    • Decrypt

      FBI reports elderly most affected by $9.3B crypto fraud in 2024

      In 2024, crypto-related fraud in the US surged to over $9.3 billion, marking a 66% increase from the previous year, as reported by the FBI's Internet Crime Complaint Center. Seniors aged 60 and above, who make up just 17% of the population, were disproportionately affected, incurring nearly $2.8 billion, or 30%, of total losses. This demographic experienced significant losses particularly through crypto ATM and investment scams, with an average loss of $83,000 per victim, significantly higher than the $19,372 average for other online crimes. The FBI highlights the rise in crypto ATM fraud and continuous threats from investment scams against the elderly.

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    • The Block

      Russia to launch crypto exchange for qualified investors

      Russia's Central Bank and Finance Ministry are set to launch a crypto exchange specifically for highly qualified investors under an experimental legal regime. This initiative aims to legalize crypto assets, enhance market transparency, and offer sophisticated investment opportunities to individuals with significant financial assets. This development follows amidst international sanctions and previous restrictions on crypto asset payments within Russia.

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    • Protos

      Zora airdrop launch crashes BaseScan, triggers huge token value drop

      Zora launched its ZORA token and airdrop without prior announcement, leading to a crash in the block explorer BaseScan. The airdrop started hours before an official tweet was made, which was then deleted. BaseScan and Blockscout experienced outages, while ZORA's market cap dropped 64% from $461 million to $167 million, spurring user dissatisfaction and insider trading accusations. Zora allocated significant portions of the airdrop to its team and strategic contributors, with no voting rights assigned to token holders.

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    • SOL Strategies

      SOL Strategies secures $500M for Solana-focused convertible notes facility

      SOL Strategies has announced a groundbreaking $500 million convertible note issuance agreement with ATW Partners, focusing on the Solana ecosystem. This facility is dedicated to purchasing and staking SOL tokens through SOL Strategies' operations, with staking yield shared between the parties. This marks a significant development in digital asset financing tied directly to staking yield and highlights SOL Strategies' commitment to expanding its role as a key player in Solana's infrastructure and validator space.

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    • The Block

      Gate.io promises full compensation for users affected by system upgrade

      Gate.io has committed to providing 100% compensation for losses incurred by users during an emergency upgrade of its futures services due to high traffic. The upgrades, necessary to expand contract services, caused a temporary suspension of futures and related copy trading products, but did not affect spot trading, deposits, and withdrawals. The system has since been restored, and the compensation excludes losses due to market movements. Details on the specifics of the compensation plan have yet to be clarified.

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      The Block

    • The Block

      SEC charges PGI Global founder with $198 million crypto fraud involving Lamborghini purchases

      The US Securities and Exchange Commission has charged Ramil Palafox, founder of PGI Global, with leading a fraudulent scheme that raised approximately $198 million from investors globally. The scheme involved misappropriating over $57 million for purchasing Lamborghinis and other luxury items, and operating Ponzi-like payouts. Palafox is accused of violating anti-fraud and securities registration laws. The SEC seeks permanent injunctions, disgorgement, and penalties.

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    • The Block

      US spot bitcoin ETFs record $936 million in single-day inflows amid market uncertainty

      US spot bitcoin exchange-traded funds registered a record single-day inflow of $936 million, reflecting a strong belief in bitcoin as a defensive asset amid geopolitical and economic instability. Leading this surge were Ark & 21Shares, Fidelity, and BlackRock. Over a three-day period, US bitcoin funds received cumulative inflows exceeding $1.4 billion. This influx aligns with bitcoin's role as a strategic asset, responding to macroeconomic dislocations, supply dynamics, and its rising status in investment portfolios. Bitcoin's allure is enhanced by ongoing US inflation concerns, a weakening dollar, and potential Federal Reserve actions, contributing to substantial holdings in bitcoin ETFs and consistent price support.

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