Crypto Morning: Tether shuts down aUSDT, CME sues CFTC, and Ark Invest dumps Robinhood for Coinbase
The market meets June 18 with sideways movement: Bitcoin (BTC) has stabilized around $63,943, testing the lower boundary of the daily range of $63,779–$66,354. Ether (ETH) is also flat near the $1,735 mark. In the top 10 by market cap, the daily growth leader is Tron (+0.94%), while the weekly record belongs to Hyperliquid (+26.88%). Meanwhile, BNB and Tron showed minimal daily decline (-0.34%). In the top 100, Ethena stands out (+7.78% for the day) along with the rapidly soaring SKYAI (+99.80% for the week), while Audiera continues its deep correction.
Tether Winds Down Gold-Backed Stablecoin aUSDT
Tether has announced the phased closure of the Alloy by Tether platform and its associated gold-backed stablecoin aUSDT. The decision comes just two years after launch — the company is reassessing priorities in favor of more liquid products. aUSDT allowed users to deposit XAUT as collateral to issue a dollar-denominated token without selling gold assets. New positions are no longer available, and users can return aUSDT and reclaim gold until September 17. Notably, this is not Tether's first closed project: previously, CNHT (yuan-based) and EURT (euro-based) were discontinued. The flagship gold token XAUT, with a market cap of $3 billion, remains operational.
CME Group Sues CFTC Over Perpetual Futures
The operator of the world's largest futures exchange, CME Group, is preparing to file a lawsuit against the Commodity Futures Trading Commission (CFTC). CEO Terrence Duffy stated the lawsuit will be filed on Thursday. The main argument is that perpetual futures should be classified as swaps under the Dodd-Frank Act. Duffy calls such contracts a "disaster" due to high leverage and the inexperience of market participants, drawing parallels to the 2008 crisis. Previously, the CFTC approved similar products for Kalshi and took a neutral stance on a similar proposal from Coinbase. This legal precedent could fundamentally change the regulation of crypto derivatives in the U.S.
Ark Invest Shifts from Robinhood to Coinbase
Cathie Wood's investment company executed a major portfolio shift: selling nearly $29 million worth of Robinhood shares while simultaneously purchasing $18.4 million worth of Coinbase shares through three of its ETFs. Notably, Coinbase's stock closed Wednesday down 2.57% (a monthly decline of nearly 13%), while Robinhood, conversely, surged 8.78%. After the sale, Robinhood remains the fourth-largest position in the flagship ARKK fund, while Coinbase now ranks eighth. This signals a strategic reassessment: Wood is betting on Coinbase's institutional infrastructure rather than Robinhood's retail focus.
Expert Commentary from Cryptalist: The closure of aUSDT is a logical step for Tether: the company is consolidating efforts on its most liquid asset (XAUT) and likely preparing the ground for new products. The CME lawsuit against the CFTC could be a turning point: if perpetual futures are equated to swaps, it will hit crypto exchanges offering such contracts without proper regulation. Ark Invest's portfolio shift is a clear signal: institutions are betting on Coinbase as a "crypto-ETF-provider" amid tightening regulation.