Market on Pause: Tether Winds Down aUSDT, CME Group Sues CFTC, and Ark Invest Switches Robinhood for Coinbase
The morning of June 18 on the crypto market was packed with events that could radically change the balance of power in the near term. While Bitcoin remains stagnant in a sideways trend, major players are making strategic decisions that will set the direction for the entire sector. Let's break down the key news in detail.
Bitcoin and Ethereum: Calm Before the Storm?
The leading cryptocurrency started the day with minimal volatility. At the time of writing, BTC is trading around $63,943, recording a 24-hour low of $63,779 and a high of $66,354. This indicates uncertainty among market participants—neither buyers nor sellers are ready to take the initiative.
Ethereum shows a similar picture, consolidating near the $1,735 mark. Among the top 10 by market cap, only Tron stands out with a minimal daily gain of 0.94%, while BNB and Tron itself show slight declines. Among altcoins in the top 100, notable growth includes Ethena (+7.78% for the day) and an impressive weekly result from SKYAI (+99.80%). At the opposite end is the Audiera coin, which lost over 74% of its value over the week.
Tether Abandons aUSDT: Focus on XAUT
The key news of the morning is Tether's decision to wind down the Alloy platform and its associated gold-backed stablecoin aUSDT. The project lasted only two years. The company cites a reassessment of priorities and a desire to focus on products with higher demand and liquidity, primarily its own gold token XAUT.
aUSDT allowed users to deposit XAUT as collateral and issue a dollar-denominated token without selling their gold assets. The closure process will be phased: new positions are already unavailable, and users can redeem aUSDT and retrieve their gold until September 17. This is not the first time Tether has discontinued non-core products—the company previously shut down stablecoins backed by the yuan (CNHT) and euro (EURT). Against this backdrop, XAUT remains the flagship product with a market cap of $3 billion.
CME Group vs. CFTC: Battle Over Perpetual Futures
The operator of the world's largest futures exchange, CME Group, intends to sue 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, implying stricter regulation.
Previously, the CFTC approved such contracts for the Kalshi platform and took a neutral stance on a similar proposal from Coinbase. Duffy calls perpetual futures a "disaster" due to high leverage and the inexperience of market participants, comparing the current situation to the environment before the 2008 crisis. According to him, "the housing market has been replaced by the speculation market."
Ark Invest Swaps Robinhood for Coinbase
Cathie Wood's investment firm Ark Invest made significant moves in its portfolio. The fund purchased Coinbase shares worth $18.4 million and simultaneously sold Robinhood shares for nearly $29 million. Notably, Coinbase's stock closed Wednesday down 2.57%, extending its monthly decline to nearly 13%, while Robinhood surged 8.78%.
After the sale, Robinhood remains the fourth-largest position in the flagship ARKK fund, while Coinbase now ranks eighth. This move demonstrates Ark Invest's confidence in Coinbase's long-term prospects as an institutional gateway to cryptocurrencies, despite its current stock correction.
My analysis: Tether's decision to wind down aUSDT is a clear signal of consolidation in the stablecoin market around the most liquid and proven assets. Simultaneously, CME's lawsuit against the CFTC could become a turning point in US derivatives regulation. If the court sides with the exchange, it would impose serious restrictions on the perpetual futures market, which is a major driver of volatility. The capital shift from Ark Invest from Robinhood to Coinbase only confirms that institutions are betting on professional infrastructure rather than retail platforms.