Crypto Weekly Roundup: FDT Fallout, Circle IPO, & More

Justin Suns insolvency accusations against First Digital Trust (FDT) shook the crypto market. The Tron founder urged users to withdraw funds, leading to a temporary depeg of FDUSD.

Meanwhile, Circle has initiated its second attempt at an IPO as the USDC issuer filed its prospectus with the Securities and Exchange Commission (SEC). The stablecoin issuer aims for a $5 billion valuation as it navigates a volatile market fraught with regulatory challenges.

Meanwhile, Shibarium hit 1 billion transactions within two years of launch, and the Trump family is continuing to expand its footprint in the crypto ecosystem. Lets recap some of the biggest stories from the week.

Bitcoin

Bitcoin proxies Strategy, Metaplanet, and Boyaa could be ready to break out and head significantly higher. Strategy recently made a $1.92 billion BTC purchase, giving it an assailable lead over other Bitcoin-oriented companies. Meanwhile, Boyaa has quietly established itself as the biggest holder of BTC in Asia and Metaplanet has received a lease of life after following in Strategys footsteps.

DeFi

The Graphite Network launched its Market Staking Program on March 31, 2025. The program is an innovative model that rewards active traders rather than passive holders, reflecting a significant change ongoing in the DeFi space where active staking has overtaken passive staking as the preferred approach for traders.

Following Smart Money could be one of the biggest ways newbie crypto traders and investors can avoid the pitfalls that come with participating in a highly volatile market. The Smart Money Concept is based on the idea that some well-informed investors make more strategic decisions.

Technology

This week, the Shibarium blockchain completed a billion transactions. The Layer2 blockchain for the Shiba Inu ecosystem reached the milestone just 18 years after launch, highlighting its growing adoption and robust performance. It also highlights the SHIB ecosystems utility and supports the tokens burn mechanism, driving the tokens long-term value.

Business

In a groundbreaking development, SpaceX has sent a crew of four private astronauts on a trajectory never attempted by humans. The mission takes the astronauts in an orbit over the North and South poles. The mission, called Fram2, is financed and commandeered by crypto entrepreneur Chun Wang.

USDC issuer Circle has filed for an IPO with the United States Securities and Exchange Commission, aiming for a valuation of $4-$5 billion. The company expects to launch its IPO by June, with JPMorgan Chase and Citigroup serving as lead underwriters.

The Trump family continues to expand its crypto footprint with Eric Trump and Donald Trump Jrs latest endeavor, American Data Center. The firm has announced a partnership with Hut8 to launch American Bitcoin. The mining venture aims to become a leading Bitcoin miner and build a strategic Bitcoin reserve.

Grayscale Investments has filed to list an exchange-traded fund holding a basket of spot cryptocurrencies. The Grayscale Digital Large Capital Fund has a crypto index portfolio that includes BTC, ETH, SOL, XRP, and ADA.

Sony Electronics has partnered with Crypto.com to facilitate USDC payments on its Singapore online store. The partnership will allow online shoppers in Singapore to pay for Sony electronics using crypto.

Tron founder Justin Sun has accused First Digital Trust (FDT) of insolvency and urged users to withdraw their funds. The accusations caused panic in the market and led to a temporary depeg of the FDUSD stablecoin. FDT has denied the claims, calling Suns statements a smear campaign.

Fidelity Investments has launched three major zero-fee retirement plans that allow US-based investors exposure to Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Fidelity clients can invest in these assets via individual retirement accounts.

Web3

COTI launched a new builder platform shortly after the launch of its new mainnet. The Say COTI platform supercharges dApp deployment on COTIs privacy-enabled L2, making it easier for developers to turn their ideas into reality in record time.

The Bybit hack was the largest digital asset theft in history and marked a pivotal moment in the evolution of security in the crypto industry. The hack challenged many of the fundamental assumptions most experts held about crypto security.

Security

A new Android malware called Crocodilus is using social engineering tactics and accessibility to steal cryptocurrency wallet credentials. The malware is primarily targeting Android users in Spain and Turkey.

Regulation

The United States Securities and Exchange Commission has confirmed that stablecoins backed by cash or cash-equivalent reserves and redeemable for US Dollars on a one-to-one basis are not securities under federal law.

BlackRock, the worlds largest asset manager, has secured registration with the UKs Financial Conduct Authority (FCA). The registration allows the asset manager to act as an arranger for the iShares Digital Assets AG, which issues ETPs.

The Federal Deposit Insurance Corporation (FDIC) has reversed its policy requiring banks to seek permission before engaging in crypto-related activities. The reversal allows banks to offer crypto and other permitted crypto services without prior regulatory approval.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Text source: Crypto Daily™

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