Binance News: VanEck Files for BNB Coin ETF, Highlighting Institutional Interest in Cryptocurrency

In a significant development for the cryptocurrency market, VanEck has filed for a BNB coin ETF, marking the first such attempt for the popular Binance Coin. This move underscores the growing institutional interest in cryptocurrencies, particularly in altcoins like BNB.

BNB Coin ETFs On The Way? VanEck Filing Offers Insights Into Institutional Interest

BNB coin ETF prospects have improved following VanEck’s latest filing. The company plans to create a trust entity for an upcoming BNB ETF, as revealed in a recent application filed in Delaware. This marks the first attempt at creating BNB ETFs, highlighting the significant success of Binance and the BNB chain over the years. Many altcoin ETFs could be in play this year, with high expectations for cryptos like Solana, XRP, and Cardano. ETFs provide a more regulated exposure to retailers and institutions in risky assets like cryptos, often followed by hype and price gains if approved.

Binance Confirms FDUSD Reserves Accuracy After De-Pegging Event

Binance has reaffirmed the accuracy of FDUSD’s reserve attestation for February, addressing concerns sparked by a brief de-pegging event. In an update, Binance stated it reviewed First Digital USD’s (FDUSD) reserve data twice to ensure accuracy. As of Mar. 1, FDUSD had $2.05 billion in reserves, according to the audit by Prescient Assurance. These reserves, kept in fixed deposits and U.S. Treasuries, guarantee a 1:1 redemption with USD. The update comes after TRON (TRX) founder Justin Sun accused the stablecoin’s issuer, First Digital Trust, of being insolvent, causing FDUSD to momentarily lose its peg.