Tether Introduces Alloy, A Gold-Backed Stablecoin Set to Disrupt the Market
Tether, renowned for USDT, has unveiled Alloy by Tether (XAU₮), a new stablecoin backed by physical gold stored in Switzerland. Unlike USDT tied to the US dollar, Alloy uses Tether Gold (XAU₮) as collateral to issue aUSD₮ tokens pegged to the dollar but fluctuating with gold prices. This innovative move not only diversifies stablecoin offerings but also taps into the stability of gold as a traditional safe-haven asset within the cryptocurrency market. Managed by Moon Gold entities in El Salvador, Alloy targets different regulatory environments, marking a significant stride in stablecoin innovation. (Blockhead)
3iQ Proposes First Solana ETF in North America
Canadian investment fund manager 3iQ has filed to offer The Solana Fund (QSOL), which, if approved, would be North America's first Solana exchange-traded product. With Solana being the fifth-largest cryptocurrency, the fund aims to provide simplified exposure to SOL without technical complexities and plans to stake SOL for rewards as part of its investment strategy. This proposal follows the established Bitcoin and imminent Ethereum ETFs in the U.S., sparking speculation on which cryptocurrencies U.S. regulators might approve next. British bank Standard Chartered predicts Solana and XRP could be the next to receive SEC approval for ETFs, citing technological similarities to Ethereum. (Decrypt)
ASX Launches Australia's First Spot Bitcoin ETF Amid Growing Crypto Adoption
The Australian Securities Exchange (ASX) debuted its inaugural spot bitcoin ETF, the VanEck Bitcoin ETF (VBTC), marking a significant milestone in the country's crypto investment landscape. Operating as a feeder fund into VanEck's U.S.-listed Bitcoin Trust (HODL), VBTC allows investors to access bitcoin through traditional brokerage accounts, simplifying the process compared to crypto exchanges. ASX's move comes amidst a broader trend of global ETF adoption for cryptocurrencies, with Australia's Cboe also approving similar products earlier this year. The introduction of VBTC reflects increasing investor demand for regulated crypto investment options in Australia's robust financial market. (The Block)
Fox Corporation Partners with TIME on Polygon's Verify Protocol, Plans ZK-Powered Blockchain Transition
Fox Corporation has announced TIME as its inaugural external publishing partner on the Polygon-based Verify Protocol, enhancing media content verification and licensing through blockchain technology. TIME will utilize Verify Protocol to authenticate and license its journalism, ensuring trust and transparency in media dissemination. Initially launched on Polygon's Proof-of-Stake network, Verify Protocol is set to migrate to a dedicated zero-knowledge (ZK) blockchain using Polygon's chain development kit (CDK), facilitated by Rollup-as-a-Service platform Gelato. This transition aims to streamline content verification processes, making interactions faster, more accessible, and cost-effective. Fox Corporation reports signing over 300,000 pieces of content to the Verify content graph from its media outlets, reinforcing its commitment to blockchain-based authenticity in journalism and content distribution. (The Block)
Notcoin Founder Sasha Discusses Future of Telegram Games and Sustainable Models
Sasha, the pseudonymous founder of Notcoin, shares his vision for the future of Telegram-based games, emphasizing the need for sustainable models over short-lived button masher games. Notcoin, known for pioneering the clicker model and achieving a $1 billion token airdrop, aims to move beyond this mechanic. Sasha plans to develop subsystems for Notcoin, including campaigns that reward user engagement with other Telegram games, aiming to become a hub for new projects. He highlights the importance of sustainable models, citing successful examples like Catizen, and envisions various potential subsystems like contests and decentralized education platforms to ensure long-term viability. (The Block)
Hashdex Plans ETF Combining Bitcoin and Ethereum Amid Rising Crypto Fund Approvals
Brazilian asset manager Hashdex has filed for an ETF that would hold both Bitcoin (BTC) and Ethereum (ETH), aiming to capitalize on the growing acceptance of crypto funds in the US. The proposed Hashdex Nasdaq Crypto Index US ETF plans to track an index weighted approximately 70% in BTC and 30% in ETH, marking a significant milestone in a year already notable for crypto fund firsts. The ETF would not invest in crypto securities, tokenized assets, or stablecoins. This move follows the SEC's approval of the first US spot Bitcoin ETFs in January and the imminent launch of spot Ether ETFs. (Blockworks)
Ronin Introduces zkEVM to Scale Web3 Games
Ronin, the blockchain behind Axie Infinity, plans to launch Ronin zkEVM, a ZK Ethereum Virtual Machine layer-2 chain aimed at handling billions of transactions. This move, leveraging Polygon's CDK, aims to expand the gaming ecosystem by offering enhanced scalability and a permissionless environment for game studios. With 1.5 million daily active users, Ronin is preparing to scale up to 4 billion transactions per day with zkEVM. The integration of a Polygon ZK prover will further streamline blockchain development for game studios, fostering a unified Web3 gaming ecosystem with improved cross-chain capabilities. (Cointelegraph)
