BJ FDUSD, the stablecoin issued by Hong Kong-based First Digital, has wobbled from its $1 price peg as investor concerns mounted over its reserves, though the company said Wednesday that it was “completely solvent.” FDUSD has dropped to 0.87 against Tether’s USDT stablecoin and 0.76 against Circle’s USDC on Binance, the main exchange where FDUSD is … Read more
Crypto trading firm Backpack, which bought the European arm of bankrupt exchange FTX, has begun the process for customers to claim their funds. Backpack, which purchased FTX EU for $32.7 million in January, directed customers to complete the first step of know-your-customer (KYC) verification in a post on X on Tuesday. Step two of the … Read more
South Korea’s 7-Eleven stores are now accepting the Bank of Korea’s central bank digital currency (CBDC) as part of a limited-time test that runs through June. The company is participating in the “Hangang Project” pilot of the CBDC. Customers with accounts at one of seven partner banks — including Kookmin, Shinhan and Woori — can … Read more
Ripple, an enterprise-focused blockchain service closely tied to the XRP Ledger (XRP), said on Wednesday it has integrated its stablecoin to the company’s cross-border payments system to boost adoption for Ripple USD (RLUSD). Select Ripple Payments customers including cross-border payment providers BKK Forex and iSend are already using the stablecoin to improve their treasury operations, … Read more
Digital assets have grown into a multi-trillion-dollar market, yet they remain largely disconnected from traditional finance. Institutional investors increasingly want to own and monetize digital assets, but most banks, broker-dealers and asset managers operate on infrastructure designed for stocks and bonds — not blockchain-based assets. While spot crypto ETFs are an important step toward integration, … Read more
Fidelity Investments rolled out a retirement plan that invests directly in crypto on Thursday, giving investors another method for tapping this asset class. The brokerage firm offers bitcoin (BTC), ethereum (ETH) and Litecoin (LTC) to any U.S. citizen over the age of 18. The assets are custodied by Fidelity and held in a cold wallet. … Read more
With IRS audits on the rise for 2025, cryptocurrency holders face more scrutiny than ever. It’s not just about paying taxes. The evolving rules mean even small oversights can lead to large penalties or expensive audits. You’re reading Crypto Long & Short, our weekly newsletter featuring insights, news and analysis for the professional investor. Sign … Read more
The crypto industry’s primary political action committee, Fairshake, flooded support to Republican candidates in the U.S. House of Representatives special elections this week in Florida that aimed to fill vacant seats in Congress. Both candidates won, further reinforcing the party’s narrow national majority. The two seats in Florida had been vacated when President Donald Trump … Read more
Justin Sun bailed out Techteryx’s TrueUSD stablecoin after nearly half a billion dollars of its reserves were rendered illiquid, people close to the matter confirmed, and the stablecoin issuer said in Hong Kong court documents. After acquiring TrueUSD from TrueCoin in December 2020, Techteryx appointed First Digital Trust (FDT), a Hong Kong-based fiduciary, to manage … Read more
CME Group (CME) saw record activity in its cryptocurrency derivatives markets during the first quarter of the year, driven by increased interest in micro-sized contracts. The company reported average daily volume of 198,000 contracts for crypto products, representing $11.3 billion in notional value. It pointed to record highs across its micro ether futures, with 76,000 … Read more
