Avalanche saw a significant surge in stablecoin supply over the past year, but the onchain deployment of this capital points to passive investor behavior, which may be limiting demand for the network’s utility token.

The stablecoin supply on the Avalanche network rose by over 70% over the past year, from $1.5 billion in March 2024, to over $2.5 billion as of March 31, 2025, according to Avalanche’s X pos

Market capitalization of stablecoins on Avalanche. Source: Avalanche

Stablecoins are the main bridge between the fiat and crypto world and increasing stablecoin supply is often seen as a signal for incoming buying pressure and growing investor appetite.

However, Avalanche’s (AVAX) token has been in a downtrend, dropping nearly 60% over the past year to trade above $19 as of 12:31 pm UTC, despite the $1 billion increase in stablecoin supply, Cointelegraph Markets Pro data shows.

AVAX/USD,1-year chart. Source: Cointelegraph Markets Pro

“The apparent contradiction between surging stablecoin value on Avalanche and AVAX’s significant price decline likely stems from how that stablecoin liquidity is being held,” according to Juan Pellicer, senior research analyst at IntoTheBlock crypto intelligence platform.

Related: Bitcoin can hit $250K in 2025 if Fed shifts to QE: Arthur Hayes

A “substantial portion” of these inflows consists of bridged Tether (USDT), the research analyst told Cointelegraph, adding:

“This seems as inactive treasury holdings rather than capital actively deployed within Avalanche’s DeFi ecosystem (at least for the time being). If these stablecoins aren’t being used in lending, swapping, or other DeFi activities that would typically drive demand for AVAX (for gas, collateral, etc.), their presence alone wouldn’t necessarily boost the AVAX price”

The AVAX token’s downtrend comes during a wider crypto market correction, as investor sentiment is pressured by global uncertainty ahead of US President Donald Trump’s reciprocal import tariff announcement on April 2, a measure aimed at reducing the country’s estimated trade deficit of $1.2 trillion.

Related: Michael Saylor’s Strategy buys Bitcoin dip with $1.9B purchase

70% chance for crypto market to bottom by June: Nansen analysts

Nansen analysts predict a 70% chance that the crypto market will bottom in the next two months leading into June as the ongoing tariff-related negotiations progress and investor concerns are alleviated.

“Once the toughest part of the negotiation is behind us, we see a cleaner opportunity for crypto and risk assets to finally mark a bottom,” Aurelie Barthere, principal research analyst at the Nansen crypto intelligence platform, told Cointelegraph.

Both traditional and cryptocurrency markets continue to lack upside momentum ahead of the US tariff announcement.

BTC/USD, 1-day chart. Source: Nansen

“For the main US equity indexes and for BTC, the respective price charts failed to resurface above their 200-day moving averages significantly, while lower-lookback price moving averages are falling,” wrote Nansen in an April 1 research report. 

Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29

XRP (XRP), the native cryptocurrency of the XRP Ledger (XRPL), has been touted by proponents as a high-speed, low-cost solution for cross-border payments. But just how much value flows through the network on a daily basis? Let’s examine.

XRP volumes have risen since Trump’s reelection

Based on recent data from Glassnode, XRP’s daily transfer volume settled on its blockchain in US dollars frequently ranges between $300 million and $1 billion.

However, since November 2024, when Donald Trump won the US presidential election, XRP has settled an average of $2.28 billion per day, signifying heightened network activity likely fueled by XRP’s price boom in the same period.

XRP total transfer volume. Source: Glassnode

That said, these spikes don’t necessarily reflect steady adoption or payment activity; instead, they could further be tied to speculative behavior, Ripple-related transfers, whale moves, and reshuffling between exchanges.

Ripple is behind many big XRP transfers

One important factor behind the spikes in XRP’s daily transfer volume is large token sales by Ripple and its co-founder, Chris Larsen.

Chris Larsen’s XRP sales (2024–2025):

On Sept. 18, he transferred 50 million XRP (~$29 million) from a wallet inactive for 11+ years.

🚨 🚨 50,000,000 #XRP (29,120,312 USD) transferred from Chris Larsen to unknown wallethttps://t.co/D9iopMqePM

— Whale Alert (@whale_alert) September 16, 2024

By early 2025, Larsen had sold over $116 million worth of XRP.

These sales reduced XRP reserves on one of his wallets from 500 million to 410 million XRP.

Previously, the SEC estimated Larsen sold ~$453.69 million worth of XRP between 2017 and 2020.

The 2024–2025 sales stand out for their scale and timing during XRP’s rally past $3.

Ripple’s XRP escrow sales (2017–2025):

Ripple started selling XRP from escrow in 2017, releasing up to 1 billion XRP/month, often returning unsold tokens.

It sold $91.6 million during the cryptocurrency’s 30,000% rally in Q4 2017

In Q3 2018, Ripple sold $163 million during volatile markets.

In Q2 2019, the firm sold $251 million in XRP, one of its largest sales.

Sales dropped to $1.75M in Q1 2020, likely due to regulatory pressure from the SEC.

Across 2021, around $1.5B were sold, per Ripple’s reports.

This suggests that Ripple tends to ramp up sales during bullish periods and scale back during XRP price downtrends.

Related: Ripple ‘should act in its own interest’ when selling XRP — Ripple CTO

In 2017, Ripple locked 55 billion XRP—the majority of the total supply—into a series of escrow contracts. Each contract held 1 billion XRP, set to be released monthly over 55 months.

However, any unused portion is returned to escrow, with a new contract pushed to the back of the queue, i.e., re-locked for 55 months.

During active sale periods, these movements could result in noticeable spikes in total transfer volume, especially when paired with high speculative interest.

🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 370,000,000 #XRP (778,259,699 USD) locked in escrow at #Ripplehttps://t.co/Rk079yzgNf

— Whale Alert (@whale_alert) April 2, 2025Bitcoin and Ethereum outperform XRP overall

Bitcoin and Ethereum continue to dominate XRP in terms of daily transfer volume, highlighting broader adoption and greater trust in these ecosystems.

The overall average daily transfer volume for Bitcoin across the full data set is approximately $23.26 billion, according to Glassnode.

Bitcoin total transfer volume. Source: Glassnode

In recent years, the network has settled an average of $64.03 billion per day over the past 30 days, likely due to strong institutional flows, ETF-driven activity, and speculative trading.

Meanwhile, Ethereum’s overall daily transfer volume is approximately $2.53 billion. But its recent 30-day average of the same comes to be at around $5.67 billion.

Ethereum total transfer volume. Source: Glassnode

Total transfer volume reflects real-life usage

Transfer volume is a key onchain metric, showing how much real value is settled daily via blockchain. High volumes, especially when sustained, indicate greater user activity in moving money onchain.

Bitcoin and Ethereum see consistent activity from custodians, ETFs, and DeFi apps.

In XRP’s case, however, usage appears concentrated around trading cycles. Despite Ripple’s efforts to promote XRP in cross-border settlements via On-Demand Liquidity (ODL), onchain volumes suggest limited adoption among enterprise users.

However, XRPL has recently introduced tools for stablecoin issuance, tokenization, and EVM compatibility.

Related: Redemption arcs of 2024: Ripple’s victory, memecoins’ rise, RWA growth

In Q4 2024, for instance, the ledger’s Automated Market Maker (AMM) volume increased by 3,100%, reflecting exponential growth in usage.

XRP Ledger Key Metrics as of Dec. 31, 2024. Source: Messari

However, these innovations have yet to generate volume levels comparable to Ethereum and Bitcoin.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Update (April 2, 1:50 pm UTC): This article has been updated to add official registration data from the Ontario Securities Commission.

Cryptocurrency exchange Kraken obtained a new registration in Canada as its latest compliance milestone.

Kraken secured a restricted dealer registration from the Ontario Securities Commission (OSC) on April 1, according to official data on the OSC website.

The registration reaffirms Kraken’s commitment to serving Canadian investors as its platform now has more than $2 billion Canadian dollars ($1.4 billion) in combined assets under custody.

An excerpt from the list of crypto asset trading platforms registered with the OSC. Source: OSC

In conjunction with the registration, Kraken announced the appointment of Cynthia Del Pozo as general manager for North America. Before joining Kraken in 2025, Del Pozo served as head of strategy at the Winklevoss twins’ Gemini, which exited the Canadian market in late 2024.

Restricted dealer registration is subject to specific requirements

According to the Canadian Securities Administrators (CSA), restricted dealer registration is one of the eight-firm registration types in Canada, telling investors what products and services they can offer.

Unlike an investment dealer or investment fund manager, restricted dealer registration is a special classification used for firms that “do not quite fit under any other category” and is subject to specific requirements or conditions by securities regulators.

An excerpt from the CSA’s firm and individual registration types explainer. Source: CSA

In the announcement, Kraken said that the registration enables its Canadian clients to benefit from a solid regulatory foundation, ensuring that its platform is supervised by the OSC.

Rival Gemini exchange exited Canada in late 2024

Kraken’s strengthening commitment to the Canadian market comes months after rival Gemini exchange departed from the country before the end of 2024.

Gemini’s abrupt exit from Canada was unexpected by many, raising questions about the clarity of cryptocurrency regulation policies in the country.

Related: APX Lending gains exemptive relief from Canadian Securities Administration

Kraken’s new North American general manager, Del Pozo, spent three years working at Gemini Canada, with her most recent position as head of strategy and corporate development, according to her LinkedIn profile.

An excerpt from Cynthia Del Pozo’s LinkedIn profile. Source: LinkedIn

Despite Gemini’s shutdown in Canada, Del Pozo is optimistic about the state of the local crypto market.

“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future,” she said in the announcement, adding:

“I’m thrilled to join Kraken’s mission at this critical moment, and to lead our expansion efforts, ensuring we continue to serve our clients long-term with innovative and compliant products.”

Kraken’s latest registration in Canada marks another milestone in the long story of the company in the jurisdiction.

According to a blog post by the exchange, Kraken’s Canada journey began in 2011 with the launch of CaVirtEx, an early local crypto trading platform based in Calgary, which Kraken acquired later in 2016.

Magazine: How crypto laws are changing across the world in 2025

Cryptocurrency exchange Kraken has obtained a new registration in Canada at its latest compliance milestone.

Kraken has received a restricted dealer registration in Canada, reaffirming its commitment to serving Canadian investors, the company said in an announcement shared with Cointelegraph on April 2.

The registration comes as Kraken handles more than $2 billion in Canadian dollars ($1.4 billion) combined assets under custody for its Canadian users.

In conjunction with the registration, Kraken announced the appointment of Cynthia Del Pozo as the new general manager for North America. Before joining Kraken in 2025, Del Pozo served as head of strategy at Winklevoss twins’ Gemini, which exited the Canadian market in late 2024.

Restricted dealer registration is subject to specific requirements

According to the Canadian Securities Administrators (CSA), restricted dealer registration is one of the eight-firm registration types in Canada, telling investors what products and services they can offer.

Unlike an investment dealer or investment fund manager, restricted dealer registration is a special registration used for firms that “do not quite fit under any other category” and is subject to specific requirements or conditions by securities regulators.

An excerpt from the CSA’s firm and individual registration types explainer. Source: CSA

In the announcement, Kraken said that the registration enables its Canadian clients to benefit from a solid regulatory foundation, ensuring that its platform is supervised by the Ontario Securities Commission (OSC).

Rival Gemini exchange exited Canada in late 2024

Kraken’s strengthening commitment to the Canadian market comes months after rival Gemini exchange departed from the country by the end of 2024.

Gemini’s abrupt exit from Canada was unexpected to many, raising questions about the clarity of cryptocurrency regulation policies in the country.

Kraken’s new North America general manager, Del Pozo, spent three years working at Gemini Canada, with the most recent position as head of strategy and corporate development, according to her LinkedIn profile.

An excerpt from Cynthia Del Pozo’s LinkedIn profile. Source: LinkedIn

Despite Gemini’s shutdown in Canada, Del Pozo is optimistic about the state of the local crypto market.

“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future,” she said in the announcement, adding:

“I’m thrilled to join Kraken’s mission at this critical moment, and to lead our expansion efforts, ensuring we continue to serve our clients long-term with innovative and compliant products,” said Cynthia Del Pozo, Kraken’s General Manager for North America.”

Magazine: How crypto laws are changing across the world in 2025

Social cryptocurrency project Pi Network’s price approaches all-time lows as more and more coins are unlocked.

CoinMarketCap data shows that Pi Network (PI) is trading at $0.6722 as of press time, very close to its all-time low of $0.6152 reported on Feb. 20. The price action comes as over 126.6 million PI tokens are expected to be unlocked this month, equivalent to just under 1.87% of the coin’s current circulating supply.

Monthly Pi unlock chart. Source: PiScan

Founder of Obchakevich Research, Alex Obchakevich, attributed the price downturn to continued PI unlocks in correspondence with Cointelegraph. He described the event as “inevitable in any case” and said:

“Monthly unlocks exceed demand, which greatly affects the value of the token.“

Related: The truth about Pi coin: Could it be the next Bitcoin?

So far, the network has unlocked 4.9 billion PI, with 1.54 billion more coins being freed in the next 12 months. So far, Pi Network has unlocked an average of 133 million PI per month.

The current downturn follows February’s all-time lows following the Pi Network mainnet launch. The project operated with trading restrictions that prevented its listing on any platform until that point and then was listed on Bitget, OKX and MEXC.

The potential is there

Still, Obchakevich also recognized the potential of the Pi Network. He highlighted that the network should now “focus on project development now to increase usage and interest.” Talking about growth potential, he also said:

“The project certainly has the potential to compete with the top 10 projects in the future. But now they need to stay on the market in such unstable times, as competitors offer more interesting conditions and products.“

Related: Pi Network mainnet launch: What it means for pioneers

What is Pi Network?

Pi Network is a mobile-first blockchain project allowing users to earn its native token, Pi coin, through an in-app daily check-in process. The network first launched in 2019 and is developed by a team of Stanford University graduates

Pi Network employs a referral-based structure that sees users invite others to join in exchange for token earnings. In late February, Ben Zhou, the CEO of crypto exchange ByBit, challenged the project’s legitimacy and accused it of being a scam. He wrote at the time:

“Yes, I still think you are a scam, and no, Bybit will not list scam.“

Magazine: Help! My parents are addicted to Pi Network crypto tapper

The cryptocurrency market may see a local bottom in the next two months amid global uncertainty over ongoing import tariff negotiations, which have been limiting investor sentiment in both traditional and digital markets.

US President Donald Trump is set to detail on April 2 his reciprocal import tariffs, measures aimed at reducing the country’s estimated trade deficit of $1.2 trillion in goods and boosting domestic manufacturing. 

While global markets took a hit from the first tariff announcement, there is a 70% chance for cryptocurrency valuations to find their bottom by June, according to Aurelie Barthere, principal research analyst at the Nansen crypto intelligence platform.

The research analyst told Cointelegraph:

“Nansen data estimates a 70% probability that crypto prices will bottom between now and June, with BTC and ETH currently trading 15% and 22% below their year-to-date highs, respectively. Given this data, upcoming discussions will serve as crucial market indicators.”

“Once the toughest part of the negotiation is behind us, we see a cleaner opportunity for crypto and risk assets to finally mark a bottom,” she added.

Related: Bitcoin can hit $250K in 2025 if Fed shifts to QE: Arthur Hayes

Both traditional and cryptocurrency markets continue to lack upside momentum ahead of the US tariff announcement.

BTC/USD, 1-day chart. Source: Nansen

“For the main US equity indexes and for BTC, the respective price charts failed to resurface above their 200-day moving averages significantly, while lower-lookback price moving averages are falling,” wrote Nansen in an April 1 research report. 

“Fragile market psychology highlights the necessity of “good news,” mainly on US growth and on tariffs,” added the report.

Related: Michael Saylor’s Strategy buys Bitcoin dip with $1.9B purchase

Bitcoin needs to hold $82,000 amid crypto market “wait and see” mode: Analyst

Investors are currently in “wait and see mode” and are hesitant to take on large positions as markets lack direction.

However, the Crypto Fear & Greed Index remained above the “extreme fear” mark for a third consecutive session, which suggests a marginal improvement despite continued caution, Stella Zlatareva, dispatch editor at digital asset investment platform Nexo, told Cointelegraph.

“This reinforces the view that markets are in a wait-and-see mode,” Zlatareva told Cointelegraph, adding:

“Bitcoin continues to consolidate within the $82,000 – $85,000 range after experiencing a period of directional recalibration in Q1. The asset is navigating this zone with key support at $82,000 and upside potential toward $86,500 and $90,000 if broader sentiment stabilizes.”

Other traders are awaiting a Bitcoin breakout above $84,500 as a signal for more upside momentum amid the ongoing tariff uncertainty.

Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29

XRP (XRP) price fell 22% between March 19 and March 31, potentially forming a local bottom at $2.02. The price then increased by 9% to $2.20 before retracing to the current levels.

Has the popular altcoin finally bottomed out, or is there a deeper retracement in the cards?

XRP bullish divergence on multiple timeframes

The XRP relative strength index (RSI) displays bullish divergence conditions in lower timeframes, according to popular analyst CasiTrades.

A bullish divergence is when the asset’s price prints lower lows, whereas the RSI produces higher lows, indicating that downward momentum is waning.

“After reaching the 0.786 retrace at $2.05, XRP is printing bullish divergences from the 15-min all the way up to the 4-hour chart,” the analyst said in a March 31 post on X. 

CasiTrades notes that these signals are a positive indicator both for short-term bounces and potential macro recovery.

“That’s the kind of signal we want to see for both short-term bottom and macro! -the bounce is holding so far!”

XRP/USD hourly chart. Source: CasiTrades

She added that $2.25 remains a key resistance level to watch, as breaching this level with strong momentum would signal a convincing bullish breakout. 

“If we break above $2.25 with strong momentum, that would invalidate the need for another support retest—a very bullish sign,” CasiTrades said, adding that the demand zone between “$2.00 and $2.01 remains a support if the $2.05 doesn’t hold.”

The analyst projects a bullish month for XRP in April, with targets of $2.70 and $3.70 in the short term.

“Once the price reaches its target, I expect a large impulse to the upside!  Key resistance aligning to $2.70 and $3.80.”

Related: XRP funding rate flips negative — Will smart traders flip long or short?

Is the XRP local bottom in?

Despite XRP’s recent recovery from local lows, the risk of a deeper correction remains, according to veteran trader Peter Brandit.

Last week, Brandt said the presence of a “textbook” head-and-shoulders pattern (H&S) could see XRP price as low as $1.07.

This potential H&S pattern is still in play on the daily chart (see below) and will be completed on a break and close below the neckline at $1.90. 

If the price stays below the neckline, the pair could plummet to $1.50 and then to the pattern’s target of $1.07.

Brandt said:

“Below $1.9, I would not want to own it. H&S projects to $1.07. Don’t shoot the messenger.”

XRP/USD daily chart with H&S pattern. Source: Cointelegraph/TradingView

Brandt states this bearish chart pattern will be invalidated if buyers push and maintain the price above $3.00.

Meanwhile, macroeconomic headwinds from US tariffs on April 2 could spook traders, pulling the XRP price toward $1.31.

But not everyone agrees. Popular analyst Dark Defender, for example, shared a positive outlook, saying that XRP price is likely to revisit the last Fibonacci level at $2.04 before bouncing back again.

According to the analyst, a key resistance level for XRP is $2.22, which “should be broken” to ensure a sustained recovery toward the Wave 5 target at $8.

“April-May will be hot, and our targets of Wave 5 stand at $5-8 levels, as expected.”

XRP/USD daily chart. Source: Dark Defender

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

XRP (XRP) price fell 22% between March 19 and March 31, potentially forming a local bottom at $2.02. The price then increased by 9% to $2.20 before retracing to current levels.

Has the popular altcoin finally bottomed out, or is there a deeper retracement in the cards?

XRP bullish divergence on multiple timeframes

The XRP relative strength index (RSI) displays bullish divergence conditions in lower timeframes, according to analyst CasiTrades.

A bullish divergence is when the asset’s price prints lower lows and the RSI produces higher lows, indicating that downward momentum is waning.

“After reaching the 0.786 retrace at $2.05, XRP is printing bullish divergences from the 15-min all the way up to the 4-hour chart,” the analyst said in a March 31 post on X. 

CasiTrades notes that these signals are a positive indicator both for short-term bounces and potential macro recovery.

“That’s the kind of signal we want to see for both short-term bottom and macro! The bounce is holding so far!”

XRP/USD hourly chart. Source: CasiTrades

She added that $2.25 remains a key resistance level to watch, as breaching it with strong momentum would signal a convincing bullish breakout. 

“If we break above $2.25 with strong momentum, that would invalidate the need for another support retest, a very bullish sign,” CasiTrades said, adding that the demand zone between “$2.00 and $2.01 remains a support if the $2.05 doesn’t hold.”

The analyst projects a bullish month for XRP in April, with targets of $2.70 and $3.80 in the short term.

“Once the price reaches its target, I expect a large impulse to the upside!  Key resistance aligning to $2.70 and $3.80.”

Related: XRP funding rate flips negative — Will smart traders flip long or short?

Is the XRP local bottom in?

Despite XRP’s recent recovery from local lows, the risk of a deeper correction remains, according to veteran trader Peter Brandt.

Last week, Brandt said the presence of a “textbook” head-and-shoulders pattern (H&S) could see XRP price as low as $1.07.

This potential H&S pattern is still in play on the daily chart (see below) and will be completed on a break and close below the neckline at $1.90. 

If the price stays below the neckline, the pair could plummet to $1.50 and then to the pattern’s target of $1.07.

Brandt said:

“Below $1.9, I would not want to own it. H&S projects to $1.07. Don’t shoot the messenger.”

XRP/USD daily chart with H&S pattern. Source: Cointelegraph/TradingView

Brandt said this bearish chart pattern would be invalidated if buyers push and maintain the price above $3.00.

Meanwhile, macroeconomic headwinds from US tariffs on April 2 may spook traders, pulling the XRP price toward $1.31.

Not everyone agrees. Analyst Dark Defender shared a positive outlook, saying that XRP price is likely to revisit the last Fibonacci level at $2.04 before bouncing back again.

According to the analyst, a key resistance level for XRP is $2.22, which “should be broken” to ensure a sustained recovery toward the Wave 5 target at $8.

“April-May will be hot, and our targets of Wave 5 stand at $5-8 levels, as expected.”

XRP/USD daily chart. Source: Dark Defender

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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.

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.

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

According to social media reports, VanEck is the first company to propose a potential BNB ETF in the US, potentially signaling an expansion of BNB Chain — formerly known as Binance Chain — across traditional financial products in the market.

BNB ETP product already exists in Europe

While VanEck is the first to move toward a potential BNB ETF product in the US, similar products have been trading in Europe for several years.

Prominent European crypto asset manager 21Shares launched a BNB exchange-traded product (ETP) in Switzerland in October 2019, according to TradingView.

21Shares BNB ETP details. Source: TradingView

TradingView data suggests that 21Shares BNB ETP has only $15 million in assets under management (AUM), a 0.3% share of Switzerland’s total crypto AUM of $5.3 billion as of March 28, as reported by CoinShares.

Related: Grayscale files S-3 for Digital Large Cap ETF

The product reportedly saw a significant drop in fund flows in the past year, totaling 537 million euros, or $580 million.

What is BNB?

Formerly known as Binance Coin, BNB is the native digital asset of the BNB Chain, which is now described as a “community-driven and decentralized blockchain ecosystem for Web3 decentralized applications.”

BNB was launched by Binance in July 2017 as an ERC-20 token on the Ethereum blockchain as a tool to incentivize users to trade on their platform and pay for fees at a discounted rate.

Five top crypto assets by market capitalization. Source: CoinGecko

At the time of writing, BNB is the fifth-largest cryptocurrency asset by market capitalization, worth about $88 billion, according to CoinGecko.

Altcoin filings surge with Trump administration

VanEck’s BNB ETF trust filing is just one of many new US altcoin ETF filings and registrations that have followed Donald Trump’s presidential inauguration in January.

In early March, VanEck registered a similar Delaware trust for an ETF tracking the price of Avalanche (AVAX), also becoming one of the first companies to register such a trust.

Many ETF issuers have filed for an XRP (XRP) ETF with the Securities and Exchange Commission, with at least nine companies submitting standalone XRP ETF filings as of March 12.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

South Korea’s 7-Eleven stores will accept payments in the country’s central bank digital currency (CBDC) until June, as the retailer participates in the test phase of its CBDC project. 

The convenience store chain will reportedly provide a 10% discount on all products paid for with CBDC during the test period. According to Moon Dae-woo, head of 7-Eleven’s digital innovation division, the company is making an effort to incorporate digital technology advancements in its operations. 

The executive added that the company’s participation in the CBDC test will help accelerate the firm’s digital transformation. 

Many stores will participate in South Korea’s CBDC testing phase, which runs from April 1 to June 30. The project also involves 100,000 participants who will be allowed to test payments using CBDC issued by the central bank. 

Central bank digital currencies are digital assets issued by government agencies. Like other digital assets, CBDCs offer faster and more modernized payment features. However, unlike Bitcoin and other privacy-focused tokens that offer certain levels of anonymity, CBDCs are controlled and monitored by governments. 

Related: Over 400 South Korean officials disclose $9.8M in crypto holdings

South Korea tests CBDC from April to June

On March 24, government agencies including the Bank of Korea, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) announced the CBDC test. 

Participants can convert their bank deposits into tokens stored in a distributed ledger during the test period. The tokens hold the same value as the Korean won.

The government agencies said citizens aged 19 or older with a deposit account in a participating bank could apply to take part. Registrations were limited to 100,000 participants. KB, Koomin, Shinhan, Hana, Woori, NongHyup, IBK and Busan are among the banks participating in the CBDC tests. 

Apart from 7-Eleven, participants can use their CBDCs in coffee shops, supermarkets, K-Pop merchandise stores and delivery platforms. However, users will be limited to a total conversion limit of 5 million won ($3,416) during testing. 

The Bank of Korea first announced the retail CBDC testing for 100,000 users in November 2023 and was originally scheduled to begin in the fourth quarter of 2024. The FSS said the country’s CBDC test represents a step toward creating a prototype for a “future monetary system.”

Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express