Crypto Highlights: FDUSD Stablecoin Depegs Amid Insolvency Claims, VanEck Files for BNB ETF, Circle Moves Toward Public Listing

FDUSD Stablecoin Depegs Amid Insolvency Claims from Justin Sun

On April 2, the First Digital US dollar-pegged stablecoin, FDUSD, experienced a depegging event after Tron network founder Justin Sun claimed that First Digital, the issuer of the tokenized fiat equivalent, was insolvent. According to Sun, this insolvency threatened the stability of FDUSD.

In response, First Digital reassured users that the FDUSD token is fully backed by US dollars and redeemable on a 1:1 basis. The firm emphasized that all reserves are held in US-backed Treasury bills, with full transparency through their attestation reports. Additionally, First Digital pointed to an ongoing dispute with TrueUSD (TUSD), another stablecoin issuer, and accused Sun of running a smear campaign aimed at harming a competitor.

FDUSD loses dollar peg: Source: CoinMarketCap

In a statement, First Digital officials noted, "Every dollar backing FDUSD is completely secure, safe, and accounted for." The company has also indicated plans to take legal action against Sun over his public accusations, calling the claims a deliberate attempt to undermine their business.

VanEck Registers for BNB ETF, Eyeing U.S. Market

In a significant move for the cryptocurrency industry, investment firm VanEck has filed with the state of Delaware to establish a new entity called "VanEck BNB ETF." This filing, registered on March 31, could signal VanEck’s intentions to launch a U.S.-based exchange-traded fund (ETF) that tracks the performance of Binance’s BNB cryptocurrency.

This marks the first time a company has sought to create an ETF tied to BNB in the U.S., signaling growing interest in mainstream financial products that expose investors to cryptocurrencies. VanEck has a history of filing for crypto ETFs, and this latest move could position BNB as a more accessible asset for traditional investors.

VanEck BNB ETF trust registration in Delaware. Source: Delaware.gov

Circle Files for Public Listing: A New Era for USDC

Circle, the issuer of the USDC stablecoin, filed with the U.S. Securities and Exchange Commission (SEC) on April 1, 2025, to go public. The company plans to list on the New York Stock Exchange under the ticker "CRCL." This follows Circle’s earlier attempts to go public, including a SPAC merger in 2021 that was abandoned in December 2022.

Circle's filing includes financial details, showing a 16% year-on-year increase in revenue, reaching $1.67 billion for 2024. However, its net income fell by 41.8% to $155.6 million. Despite the revenue dip, Circle’s business is highly reliant on its stablecoin reserves, as over 99% of its revenue comes from holding yield-bearing Treasury bills.

Circle's move to go public is a significant step for the cryptocurrency industry, further bridging the gap between digital assets and traditional finance.

Circle’s financials over the last three years ended Dec. 31. Source: SEC

Today’s developments highlight significant shifts within the cryptocurrency industry. From FDUSD’s battle for credibility to the potential introduction of a BNB ETF and Circle's public debut, these events mark critical moments for the evolution of crypto and blockchain-based financial products.

By integrating these updates into a streamlined article, the critical events and trends shaping the crypto landscape are presented in a clear and concise manner.