Australia Approves Bitcoin ETFs and Tether Launches Gold-backed Coin: A Summary of Today’s Crypto Market Movement

Welcome to Extreme Investor Network, where we bring you the latest news and updates from the world of investing, trading, and the stock market. Today, we have some exciting developments to share with you in the cryptocurrency and ETF space.

Australian Securities Exchange (ASX) has just approved its first spot Bitcoin exchange-traded fund (ETF), set to launch on June 20th. This “feeder fund” will passively track the price of Bitcoin by investing in VanEck Bitcoin Trust (HODL), a U.S. ETF already listed on the Cboe BZX Exchange. This move is significant as ASX accounts for 90% of Australia’s equity market, making it a major player in the industry.

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In another interesting development, Tether, the company behind the popular stablecoin USDT, has announced the launch of a new synthetic dollar called Alloy (aUSDT). This token is backed by Tether’s gold-backed stablecoin, Tether Gold, and will trade on the Ethereum blockchain. Users can create aUSDT by depositing Tether’s existing gold-backed token, XAUT, as collateral in an overcollateralized system.

This move marks the introduction of a new digital asset category by Tether, known as tethered assets, aimed at tracking the price of reference assets through stabilization strategies like over-collateralization. With Tether’s gold-backed cryptocurrency XAUT already backed by physical gold stored in Switzerland and a market capitalization of over $570 million, the launch of aUSDT opens up new possibilities for users looking to transact with a stable currency like the U.S. dollar while maintaining exposure to gold.

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In the world of cryptocurrency and ETFs, these developments are sure to make waves and provide new opportunities for investors and traders alike. Stay tuned to Extreme Investor Network for more updates and insights on the latest trends in the market. Happy investing!

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