Today in crypto, First Digital’s stablecoin depegged after Justin Sun’s claims of insolvency. Meanwhile, VanEck became the first company to propose a potential BNB exchange-traded fund in the United States and stablecoin issuer Circle filed for a public listing on Wall Street. FDUSD stablecoin depegs following insolvency claims by Justin Sun The First Digital US dollar-pegged stablecoin FDUSD depegged on April 2 following claims of insolvency from Tron network founder Justin Sun, who said that the issuer of the tokenized fiat equivalent, First Digital, is insolvent. First Digital responded to the claims by assuring users they are completely solvent and said that FDUSD is still fully backed and redeemable with the US dollar on a 1:1 basis. The firm also said that the ongoing dispute is with TrueUSD ( TUSD ), another stablecoin. The firm wrote in an April 2 X post : "Every dollar backing FDUSD is completely secure, safe, and accounted for with US-backed Treasury Bills. The exact ISIN numbers of all of the reserves of FDUSD are set out in our attestation report and clearly accounted for." First Digital also indicated they would be taking legal action against Sun for making the claims on social media. "This is a typical Justin Sun smear campaign to try to attack a competitor to his business," spokespeople for First Digital wrote. FDUSD loses dollar peg: Source: CoinMarketCap VanEck eyes BNB ETF with latest Delaware trust filing Investment company VanEck filed to register a Delaware trust company for an exchange-traded fund (ETF) tracking Binance-linked BNB cryptocurrency. VanEck, on March 31, registered a new entity under the name VanEck BNB ETF in Delaware, according to public records on the official Delaware state website. VanEck BNB ETF trust registration in Delaware. Source: Delaware.gov In filing 10148820, the entity is registered as a trust corporate service company in Delaware, hinting at a potential spot BNB ( BNB ) ETF in the United States. Circle files for Initial Public Offering planned for April USDC ( USDC ) stablecoin issuer Circle Internet Group filed with the US Securities and Exchange Commission on April 1 to go public later this month on the New York Stock Exchange under the ticker “CRCL.” Its Form S-1 registration statement didn’t detail the number of shares it would offer or what its initial public offering target price would be, but it did shed some light on the firm’s financials. The filing shows Circle’s revenue last year was $1.67 billion in revenue for 2024, a 16% year-on-year bump, while its 2024 net income was $155.6 million — a 41.8% fall from 2023. Circle’s financials over the last three years ended Dec. 31. Source: SEC Over 99% of Circle’s revenue in 2024 came from its stablecoin reserves. The company issues the second-largest stablecoin by market cap behind only Tether ( USDT ) and generates part of its income by holding yield-bearing Treasury bills. Circle attempted to go public via a Special Purpose Acquisition Company (SPAC) merger in 2021— which it abandoned in December 2022 — and again in January 2024 via a confidential filing with the SEC.
