Today in crypto, First Digital’s stablecoin depegged following insolvency claims from Tron founder Justin Sun, who stated that First Digital was insolvent. In response, First Digital assured users that their stablecoin, FDUSD, remains fully backed and redeemable, revealing ongoing disputes with TrueUSD. Additionally, investment firm VanEck has filed to register a Delaware trust company for a potential ETF tracking the Binance-linked cryptocurrency, BNB. On another note, Circle Internet Group filed with the SEC for an initial public offering under the ticker ‘CRCL’, revealing a revenue of $1.67 billion for 2024, despite a significant drop in net income. Over 99% of Circle’s revenue came from its stablecoin reserves, which include USDC, the second-largest stablecoin by market cap. Circle had previously attempted to go public through a SPAC merger, which it abandoned.

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