This week’s field notes, your 100% signal in Web3:
Let’s dive in. 🦈 | Read time: 4min
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Why it’s important: The SEC's approval of spot ETH ETFs in May 2024 affirmed Ethereum's classification as a commodity, prompting the agency to cease its Ethereum 2.0 investigation.
This resolution eliminates significant regulatory uncertainty, potentially fostering greater Ethereum adoption and investment by institutional investors.
Why it’s important: Tether (TUSD) is the most important stablecoin by market cap. This is the first gold-backed stablecoin by a major stablecoin issuer.
Instead of earning from T-Bills, Alloy could leverage gold's 8% long-term gain. This approach contrasts Terra/Luna's failed model, as Tether's $5.5B annual income and time to build gold reserves provide stronger backing. Future possibilities include Bitcoin-backed stablecoins if market conditions stabilize.
Be smart: It's important to distinguish between stablecoins, which aim to maintain a stable value against a specific asset (like the US dollar), and gold-backed tokens, which track the price of gold. Tether Gold (XAUt), Digix Gold (DGX), and AurusGOLD (AWG) are gold-backed tokens.
