Market on Pause: Tether Winds Down aUSDT, CME Sues CFTC, and Ark Invest Swaps Robinhood for Coinbase — Digest for June 18
The morning of June 18 finds the crypto market in a sideways movement. Bitcoin (BTC) is consolidating near the $63,943 mark, fluctuating in the range of $63,779 – $66,354 over the past 24 hours. Ether (ETH) is also showing a flat trend, trading around $1,735. The market capitalization of the top 10 assets shows mixed dynamics: the daily growth leader is Tron (+0.94%), and the weekly leader is Hyperliquid (+26.88%). Among the top 100 assets, the best daily result belongs to Ethena (+7.78%), while the weekly record is held by SKYAI (+99.80%). The biggest drop in 24 hours is shown by the Audiera coin (-29.55%).
Tether shuts down gold-backed stablecoin aUSDT
Tether has announced the winding down of its Alloy platform and the associated gold-backed stablecoin aUSDT. The decision comes two years after the product's launch. The company explains this as a review of priorities and a desire to focus on more liquid and in-demand products, primarily the gold token XAUT. As a reminder, aUSDT allowed users to deposit XAUT as collateral and issue a dollar token without selling their gold assets. The closure process will be phased: new positions are already unavailable, and users can return aUSDT and retrieve their gold until September 17. This is not the first product Tether has closed; previously, the company wound down its yuan-based stablecoin CNHT and the euro token EURT. XAUT, with a market capitalization of $3 billion, remains a popular asset.
CME Group sues CFTC over perpetual futures
The operator of the world's largest futures exchange, CME Group, intends to file a lawsuit against the Commodity Futures Trading Commission (CFTC). CME CEO Terrence Duffy stated that the lawsuit will be filed on Thursday. The main argument is that perpetual futures should be classified as swaps under the Dodd-Frank Act. As a reminder, a month ago, the CFTC approved such contracts for Kalshi and took a neutral position on a similar proposal from Coinbase. Duffy calls perpetual futures a "disaster" due to high leverage and the inexperience of market participants, comparing the situation to the environment before the 2008 crisis.
Ark Invest shifts from Robinhood to Coinbase
Cathie Wood's investment firm Ark Invest purchased $18.4 million worth of Coinbase shares while simultaneously selling nearly $29 million worth of Robinhood shares. The Coinbase purchase was made through three ETFs, while the exchange's stock itself closed down 2.57%, extending its monthly decline to nearly 13%. Robinhood, on the other hand, surged by 8.78%. After the sale, Robinhood remains the fourth-largest position in the flagship ARKK fund, while Coinbase now ranks eighth.
Analytical commentary from Cryptalist: Tether's decision to close aUSDT is a clear signal of a focus on highly liquid instruments. The stablecoin market is consolidating, and we see that even giants are adjusting their product lines. The CME lawsuit against the CFTC is an attempt by a traditional financial giant to maintain control over the derivatives market. Perpetual futures are a powerful tool, and their regulation will become a key battleground in the coming months. The capital flow from Ark Invest from Robinhood to Coinbase is a bet on institutional, rather than retail, demand, which confirms a long-term bullish trend for infrastructure assets.