This week's Crypto Biz delves at Coinbase's pre-launch market, Ripple's difficulties with US regulators, additional stablecoins delisting in Europe, and Hashdex applying for a combined spot Bitcoin and Ether ETF.

Tether, the company behind the Tether tickers down stablecoin, recently announced its synthetic dollar backed by gold and pegged to the U.S. dollar. The move comes just days after Assymetry released its synthetic dollar, afUSD, with an elastic supply based on market conditions. Since the launch of Ethena's synthetic dollar, USDe, more tokens mimicking the U.S. dollar have risen.

The protocol, launched in February 2024, has amassed over $3.4 billion in total locked assets over four months, according to DefiLlama. This indicates that more cryptocurrency firms are looking to capitalize on the demand for U.S. dollar-denominated digital assets.

Players in the stablecoin space have been rocked by Ethena's synthetic dollar, which highlights the robust demand for cryptocurrencies priced in dollars around the world. The increasing size of tokenized ETFs that provide exposure to US Treasury securities is another comparable approach.

The assets of Franklin Templeton's OnChain U.S. Government Money Fund (FOBXX) were $357.6 million, while BlackRock's newly established USD Institutional Digital Liquidity Fund (BUIDL) had over $462.7 million as of June 19. The bulk of the $1.5 billion in US Treasurys have been tokenized in recent months.

This week's Crypto Biz also discusses Coinbase's pre-launch market, Ripple's difficulties with American regulators, Hashdex's application for a combined spot Bitcoin and Ether exchange-traded fund (ETF), and more stablecoins leaving Europe as traditional finance moves onchain.