KEYTAKEAWAYS
- Trump implements 10% universal tariff plus country-specific "reciprocal tariffs" starting April 5-9, triggering global response with potential implications for crypto as a safe haven asset.
- Stablecoin FDUSD experiences depegging amid Justin Sun's insolvency allegations, while the House Financial Services Committee advances the STABLE Act for dollar-denominated stablecoin regulation.
- State-level Bitcoin adoption progresses as Arizona's House passes the Bitcoin Reserve Bill, while Russia develops mechanisms to convert seized Bitcoin to national revenue.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
1. Trump Announces 10% Universal Tariff and Additional “Reciprocal Tariffs”
Donald Trump announced sweeping tariffs on global trading partners, implementing a 10% universal tariff on all imported goods effective April 5, plus additional “reciprocal tariffs” on specific countries beginning April 9.
China will face 34% tariffs, the EU 20%, Japan 24%, and South Korea 25%, while the UK received only the baseline 10%. Special exceptions were made for Canada and Mexico for goods covered by existing trade agreements.
Trump described the tariffs as “common sense” measures against countries that have “placed massive tariffs on US products and created non-monetary tariffs to decimate our industries,” claiming they would “give us growth like you’ve never seen before.”
The announcement follows previous tariffs implemented on Chinese imports (20%) and steel and aluminum imports (25%), along with tariffs on imported vehicles and auto parts.
2. Global Governments Announce Responses to Trump Tariffs
Governments worldwide pledged countermeasures following Trump’s tariff announcement:
The European Union is finalizing a package of measures in response to U.S. steel tariffs and “preparing for further countermeasures.”
China stated it “firmly opposes” the reciprocal tariffs and “will take countermeasures to safeguard its own rights and interests.”
Canada’s Prime Minister Mark Carney said Canada would “fight these tariffs with countermeasures” and “act with purpose and with force.”
Singapore and Australia announced they would not impose countermeasures, while the UK published an indicative list of goods that could potentially be included in any retaliatory response.
3. FDUSD Stablecoin Experiences Depegging Amid Solvency Concerns
FDUSD, the stablecoin issued by Hong Kong-based First Digital, wobbled from its $1 price peg amid investor concerns over its reserves, dropping as low as $0.87 against USDT and $0.76 against USDC on Binance.
The price action followed allegations from Tron founder Justin Sun, who claimed “First Digital Trust (FDT) is effectively insolvent and unable to fulfill client fund redemptions.”
First Digital refuted these claims, stating it is “completely solvent” and that “every dollar backing FDUSD is completely secure, safe and accounted for with US backed T-Bills.” The company called Sun’s statements “a typical Justin Sun smear campaign to try to attack a competitor.”
FDUSD’s latest monthly reserve report showed that its $2 billion in reserve assets were held mostly in U.S. Treasury bills, with smaller portions in repo facilities and fixed deposits.
4. Binance Launches Second Batch of Vote to List Campaign
Binance has introduced the second batch of its Vote to List Campaign, inviting users to participate in selecting projects for potential listing on the exchange.
The initiative is part of Binance’s efforts to enhance spot listing governance and give the community a greater voice through two co-governance listing mechanisms: Vote to List and Vote to Delist.
Users can vote on projects through the official post on Binance Square Official, with selected tokens proceeding to spot listing after completing official due diligence and procedures.
5. Arizona House Committee Passes Bitcoin Reserve Bill
The Arizona House of Representatives Committee of the Whole has passed the Bitcoin Reserve Bill, marking a significant step toward establishing a state reserve of Bitcoin.
The bill is now set for a final vote and, if enacted, would position Arizona at the forefront of states embracing digital currencies for diversifying their financial reserves.
This move reflects a broader trend of state governments exploring cryptocurrencies and could potentially attract tech companies and investors interested in cryptocurrency to the state.
The final vote will be closely watched as it could influence future legislative efforts related to cryptocurrencies in other states.
6. Binance Launches SpotBlockMatching Service for Large Traders
Binance officially launched the SpotBlockMatching service on April 1st, allowing large traders to negotiate trades directly while bypassing the exchange order book.
The service features reduced market impact, lower slippage, and enhanced transaction privacy for institutional-scale transactions.
Users need to access this feature through the VIP portal, and the main account must complete whitelist certification to use it.
7. FDUSD Issuer Confirms 1:1 Backing and Resumes Redemptions
Following the depegging incident, First Digital Trust (FDT) has taken swift action to restore confidence in FDUSD, confirming the stablecoin’s 1:1 backing and the smooth resumption of redemptions.
The company announced successful processing of initial redemption requests via social media platform X, demonstrating their commitment to maintaining the peg and transparency in operations.
According to CoinMarketCap data, FDUSD has partially recovered and is trading at $0.9949, reflecting market confidence returning despite a slight 0.31% decrease in the last 24 hours.
8. Russia Develops Mechanism to Convert Seized Bitcoin to National Revenue
The head of the Federal Bailiff Service of the Russian Federation (FSSP) has announced the development of a new mechanism to support the conversion of seized Bitcoin in criminal cases into national revenue.
This initiative follows a precedent set in a bribery case where approximately 1,032 BTC were successfully seized and transferred to the Treasury.
The FSSP has urged the legislative branch to promptly clarify the legal status of cryptocurrency assets to promote a more systematic process for handling these digital assets.
9. House Committee Advances STABLE Act for Stablecoin Regulation
The House Financial Services Committee voted to advance the Stablecoin Transparency and Accountability for a Better Ledger Economy Act (STABLE Act) with strong support (32-17).
The legislation aims to establish a regulatory framework for dollar-denominated stablecoins, addressing reserve requirements and Anti-Money Laundering standards.
During the markup session, concerns were raised regarding potential conflicts of interest linked to President Trump’s family’s involvement in cryptocurrency ventures, with Democrats proposing amendments to prevent the president and cabinet members from offering stablecoin products while in office.
The bill will now move to the House of Representatives for consideration and will need to be aligned with the Senate’s GENIUS Act before final legislation can be sent to the President.
10. Triada Trojan Found Preinstalled on Android Devices, Stealing Cryptocurrency
A new version of the Triada trojan has been discovered preinstalled on thousands of new Android devices, primarily affecting Russian users with at least 2,600 confirmed infections from March 13-27, 2025.
The malware was found on counterfeit versions of popular smartphone models sold at discounted prices through online stores.
Triada can steal accounts from messengers and social media, hijack cryptocurrency by replacing wallet addresses, intercept messages, and perform various other malicious activities.
Transaction analysis shows that the trojan has stolen at least $270,000 worth of cryptocurrency, with the total amount likely higher due to transactions in hard-to-trace Monero.
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