Binance Coin ETF in the Works as VanEck Seeks Approval

In a significant development for the cryptocurrency market, investment giant VanEck has taken a major step towards introducing a Binance Coin (BNB) exchange-traded fund (ETF). This move underscores the growing interest of mainstream financial institutions in digital assets, despite the ongoing volatility in the market.

VanEck Seeks BNB ETF Approval

Investment giant VanEck has registered a Binance Coin (BNB) exchange-traded fund in Delaware, marking its fifth cryptocurrency ETF registration in the state. The move comes as major financial institutions continue to bet on digital assets despite market volatility. According to public records, VanEck registered the new product on Monday. The “VanEck BNB ETF” will track the price of Binance Coin, currently ranked as the fifth-largest cryptocurrency with a market value of approximately $599. On-chain data showed BNB’s trading volume jumped 40%.

Binance’s FDUSD Stablecoin Regains Dollar Peg After Flash Crash

Binance’s FDUSD stablecoin experienced a flash crash, dropping as low as $0.95 and causing limited market panic. The stablecoin, which is specifically issued for trading pairs on Binance and has been a key source of liquidity, briefly de-pegged, sinking to $0.87. However, it has since regained its peg, almost returning to its $1 value. The immediate reason for the de-peg was a statement by TRON’s founder, Justin Sun, claiming the stablecoin issuer, First Digital Trust, was insolvent. This led to market panic and a chaotic dip in the stablecoin’s value. First Digital Trust has since debunked these claims.