Binance News: VanEck Files for Approval of First BNB ETF in the U.S.

In a significant move for the cryptocurrency market, investment manager VanEck has taken a step towards introducing the first BNB exchange-traded fund (ETF) in the United States. Here’s a closer look at this groundbreaking development.

VanEck Pursues First BNB ETF In U.S.

VanEck has filed for approval for a new spot exchange-traded fund (ETF) tracking the price of BNB, the native crypto of the Binance-linked BNB Chain. The fund manager, which already offers spot Bitcoin (BTC) and Ethereum (ETH) ETFs in the U.S., has registered a trust entity in Delaware for a BNB ETF. If fully approved, it could potentially become the first such product in the United States based on the fifth-largest crypto. New York investment manager VanEck, on March 31, registered a new entity under the name VanEck BNB ETF in Delaware. The establishment of a trust serves as a preparatory step in the spot ETF launch process.

First Digital to Pursue Legal Action Over Justin Sun Allegations as FDUSD Drops

FDUSD, the stablecoin issued by Hong Kong-based First Digital, has deviated from its $1 price peg due to investor concerns over its reserves. Despite the company claiming to be ’completely solvent,’ FDUSD dropped to 0.87 against Tether’s USDT and 0.76 against Circle’s USDC on Binance, later stabilizing around $0.98. The sudden price action followed reports that some of TrueUSD’s reserve assets were stuck in illiquid investments, with TRON founder Justin Sun bailing out the issuer company. First Digital Trust, affiliated with First Digital, was appointed to manage TUSD reserves.