A commodity strategist has observed that meme cryptocurrency Dogecoin’s ( DOGE ) market trends could be mirroring larger economic shifts, particularly those influenced by trade policies. In this line, Bloomberg Intelligence’s Mike McGlone noted that comparing DOGE’s market cap to Bitcoin’s ( BTC ) price relative to gold raises questions about whether speculative assets are foreshadowing macroeconomic trends, he said in an X post on April 3. McGlone highlighted what he termed as “Same-Chart Syndrome,” where Bitcoin and Dogecoin move in tandem, suggesting speculative assets react similarly to economic pressures. He pointed out that Bitcoin’s price relative to gold mirrors Dogecoin’s market cap, indicating shared cycles of speculation and contraction. Bitcoin, gold, and Dogecoin market cap chart. Source: Bloomberg Intelligence Drawing a parallel to the U.S. economy, the expert suggested that proposed tariffs shrinking a $1.2 trillion trade deficit could create volatility for dependent exporters, much like speculative assets. “The joke Dogecoin is just one. US tariffs to reduce it’s about $1.2 trillion trade deficit (past 12 months) could have similar inklings to dependent exporters,” he said. Notably, Bitcoin and Dogecoin have seen sharp price volatility amid economic uncertainty from President Donald Trump’s trade tariffs, with more set for April 2. Consequently, investors seeking stability have driven gold to a record high above $3,000. Impact of Trump’s policies on risk assets McGlone had previously warned that President Trump’s economic policies are attempting to reset the post-World War II global order, in which many countries built net export surpluses with the United States. Now, if the world’s largest economy shifts toward protectionist trade policies, risk assets may be the first to feel the impact, leading to increased volatility, particularly in cryptocurrencies. According to the strategist, such a shift could mean downward pressure on stocks and continued dominance of highly speculative assets. Trump is resetting the post WWII order of most of the world running net export surpluses with the US. What does it mean for risk assets? Down for the US and highly speculative and volatile #cryptocurrencies are likely to continue leading the way. #Gold $3,000 an ounce resistance… https://t.co/VrUNXBt3a9 — Mike McGlone (@mikemcglone11) April 2, 2025 To this end, digital assets with minimal use cases, such as meme-inspired ones like Dogecoin, might be the first to react to shifting capital flows. In the same analysis, McGlone noted that gold’s historic $3,000-per-ounce resistance level may now be transitioning into a long-term support level. Therefore, such a price movement might signal a growing flight to safety as investors seek stability amid economic turbulence. As reported by Finbold, McGlone projected that falling risk asset prices are a catalyst likely to help the precious metal target $4,000. Featured image via Shutterstock The post Is Dogecoin hinting at U.S. economy’s next move? Strategist breaks it down appeared first on Finbold .
Although the leading cryptocurrency Bitcoin (BTC) rose above $88,000 last week, it has been falling again in recent days. While BTC has failed to make the expected rise, the Japanese yen is strengthening against BTC amid tariff and recession concerns. Goldman Sachs noted that the Japanese Yen is a hedge against rising concerns about US tariffs and recession risks, drawing attention to its historical strength in risk-averse environments, Coindesk reported. Goldman Sachs has described the Japanese yen as the best hedge at a time when talk of a possible recession is increasing, as tariff uncertainties have had a negative impact on both stock and cryptocurrency markets, while also increasing recession fears. Tariff wars and growing recession concerns have been reflected in Bitcoin’s performance against the yen, with BTC down 1% against the yen on April 2 on Japan-based crypto exchange bitFlyer, according to Goldman Sachs analysts. “The yen offers investors the best currency protection if the probability of a U.S. recession increases,” said Kamakshya Trivedi, head of markets strategy at Goldman Sachs. Trivedi emphasized that since Bitcoin is often paired with tech stocks, the tariff-induced risk aversion sentiment on Wall Street could also impact BTC and the crypto market. Trivedi stated that Goldman Sachs expects the Japanese yen to rise below 140 against the US dollar this year, and argued that the yen will strengthen further. Trivedi said that the strengthening yen could trigger the unwinding of risk aversion financed by low-interest yen loans, increasing overall market risk aversion, which could negatively impact Bitcoin and the crypto market. As you may recall, Bitcoin and the crypto market saw this situation in early August of last year when the yen carry trade was unraveled. This led to declines in both stocks and BTC, with BTC falling sharply from about $65,000 to $50,000 in a week. *This is not investment advice. Continue Reading: Goldman Sachs Recommends New Asset Against US Tariffs and Recession Risk! Bitcoin (BTC) Reacts! "It Has Fallen Hard Before!"
The online casino industry is going through a sea-change, and one of the most important factors leading its transformation right now is blockchain technology. With digital assets becoming increasingly common, more and more online platforms have begun to integrate cryptocurrency transactions. Speed, security and convenience are three big reasons for this. But what makes blockchain technology so attractive to these platforms and how does it affect the gambling experience? Faster Transactions, Fewer Delays Traditional payment methods often involve long processing times, especially when withdrawing funds. Bank transfers take a few days to clear with the financial institution looking on credit card transactions. Cryptocurrencies , on the other hand, operate on distributed networks and receive a significant benefit: transaction times are greatly shortened. Players can deposit and withdraw money in minutes rather than going through a bank's approval process. This streamlined process makes it more pleasant for everyone: transactions go through quicker, with less waiting around for other people or events to intervene. Security and Anonymity in the Digital Era Blockchain technology is known for its security. All operations are recorded onto a distributed ledger, and thus the chances of fraud or unauthorized access are reduced—from blockchain-protected transactions on various digital gaming platforms to crypto-enabled online e-commerce outlets. Unlike conventional banking methods where personal and financial data are stored in databases that are under centralized management, with blockchain these resources potentially become far more difficult to attack from afar which can give you a little added privacy—even in platforms that specialize in offering online casino games like Bodog. Many players appreciate the extra layer of privacy that comes with using digital form currency, particularly when involved in internet gaming. Online gaming platforms like Bodog offers cryptocurrency transactions, giving their users that extra bit of security when they handle their own funds. The Role of Blockchain in Fair Play Beyond security, blockchain opens new vistas of transparency . Smart contracts and provably fair gaming ensure that all a player's game outcomes can be checked for their honesty. Rather than relying solely on third-party audits, casinos employing blockchain have the ability to offer intrinsic evidence in real time that no foul play has occurred. This shift is rebuilding the trust between players and platforms, assuring that gaming remains an enjoyable pastime. Accessibility and Global Reach One of the biggest benefits of cryptocurrency casinos is the ease of use they provide. Traditional payment methods often have geographic restrictions based on bank agency locations and currency exchange rates. These barriers do not exist when one is using cryptos: People from all over can now take part in online gaming without any great hindrance imposed by money management charges etc. Regardless of whether they use Bitcoin or Ethereum, all their favorite platforms are still available to them in this way without the usual banking complexities. What Tomorrow Holds for Crypto and Gaming As the cryptocurrency market evolves, its integration into games platforms is expected to deepen. The trends in the coming markets suggest that digital assets will continue as an ongoing pattern of success and affect many fields other than gaming itself. According to CryptoDaily , the next run of digital coins could dramatically raise the amount of blockchain transactions used on balances. This shift in thinking may result in more casinos offering an option to buy chips with cryptocurrencies, thus further affirming their position within online gambling—and this point is further proven when looking at the difference between traditional payment methods to crypto transactions, as detailed in this extensive table: Feature Cryptocurrency Transactions Traditional Payment Methods Transaction Speed Minutes (sometimes seconds, depending on the blockchain) Hours to Days (depending on banks, intermediaries, and cross-border processes) Security High (Blockchain technology with cryptographic security and decentralization) Moderate (Bank-dependent, vulnerable to fraud, chargebacks, and central points of failure) Anonymity & Privacy Yes (Pseudonymous transactions, but can be traced with blockchain analysis) No (Transactions tied to personal identity and financial institutions) Transaction Fees Low (Varies by network congestion and blockchain used) Varies (Can be high due to intermediaries, foreign exchange rates, and processing fees) Global Accessibility Yes (Accessible worldwide with internet access, no intermediaries needed) Restricted by region (Dependent on banking infrastructure, government regulations, and financial institutions) Reversibility No (Transactions are immutable once confirmed) Yes (Banks and payment providers can reverse or dispute transactions) Ownership Control Full control (Users hold private keys; self-custody possible) Third-party control (Banks or institutions manage funds and can freeze accounts) Usability for Everyday Purchases Growing (More merchants accepting crypto, but still not mainstream) Widespread (Accepted almost everywhere) A Shift That Is Here to Stay Thanks to things like increased security, faster transactions and a lessened need for transaction intermediaries, blockchain is remaking the way online casinos handle their business. As platforms come to employ digital currencies, players will continue to enjoy a smooth, secure and transparent gaming experience. It's no longer simply a fad, but the future of internet gambling—spurred on by innovation and acceptance widespread cryptocurrency has received. Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Mombasa, Kenya, April 2nd, 2025, Chainwire DePIN Summit Africa , the premier global event for Decentralized Physical Infrastructure Networks (DePIN), is set to return in 2025, taking place on July 2nd in Mombasa, Kenya , and July 4th-5th in Zanzibar, Tanzania . The summit, organized by EV3, Share , and ThreeFold , will gather industry leaders, innovators, and policymakers to explore the transformative potential of decentralized infrastructure globally. Following the success of the 2024 edition, which brought together some of the most influential voices in DePIN, this year’s Africa Summit is poised to expand DePIN’s impact even further. There is a stellar lineup of speakers, including Kristof de Spiegeleer & Florian Fournier (Co-Founders, ThreeFold), Jose Aycart (Co-Founder, Share), Sal Gala (Co-Founder, EV3), Neil Chatterjee (CEO, Dawn), Alireza Ghods (Co-Founder, Natix), Robin Wingardh (Co-Founder, Wingbits), Raullen Chai (Co-Founder, IoTeX), Addiel Lopez (Co-Founder, Quantinium) and other leading entrepreneurs, alongside local industry and government leaders. Florian Fournier, Co-Founder of ThreeFold, emphasized the importance of the summit in shaping the future of decentralized infrastructure: “DePIN Summit Africa is more than just an event; it’s a movement toward a truly decentralized, autonomous, and sustainable digital economy. This year, we’re taking it to the next level with groundbreaking collaborations.” Sal Gala, Co-Founder of EV3, highlighted the expansion of the event: “DePIN is rapidly reshaping industries across the world, and this summit is the place where the builders, investors, and visionaries converge to drive real impact. We’re excited to bring these conversations to Mombasa and Zanzibar, following previous events in NYC and the Bay Area.” Jose Aycart, Co-Founder of Share, underscored the significance of global collaboration: “DePIN Summit Africa will be a catalyst for new partnerships and projects where it matters most. We’re bringing together the brightest minds to tackle some of the most pressing challenges in decentralized infrastructure.” DePIN Summit Africa 2025 promises to deliver high-impact keynotes, panel discussions, and networking opportunities, fostering the next wave of innovation in decentralized infrastructure. For more information and to secure spot, users can visit www.depinsummit.xyz . About DePIN Summit Africa DePIN Summit Africa is the leading global event focused on Decentralized Physical Infrastructure Networks. It brings together industry leaders, investors, and innovators to discuss the future of decentralized infrastructure, sustainability, and blockchain-powered solutions. About the Organizers ThreeFold : A decentralized cloud and edge computing platform revolutionizing the internet. EV3 : A leading investment firm focused on decentralized infrastructure networks. Share : A next-generation internet network focused on coordinating the buildout of internet infrastructure to provide fast, unlimited Wi-Fi across Africa. Users can join the conversation on social media with #DePINSummit2025 . Contact Rajarshi Mitra Threefold raj@threefold.io
Cardano price is on the verge of a 25% crash amid a looming death cross on its 1-day chart, which signals that the bearish trends are growing strong. The spiking volatility in the broader crypto market due to the looming Liberation Day tariffs by President Trump makes it more likely for this downtrend to happen. Cardano Price Risks 25% Crash Amid Death Cross Cardano price today trades at $0.67 with a slight 1% gain in 24 hours. ADA has faced intense selling pressure over the past week, with the 7-day dip now standing at 12%. On the one-day price chart, Cardano was on the verge of confirming a death cross. The 50-day SMA has tipped south and approaching a bearish crossover with the 200-day SMA, which might push ADA price below $0.50 for the first time in five months. The RSI is also showing that the selling pressure remains strong. This indicator stands at 44, and it also remains below the signal line, which shows a bearish Cardano price prediction. If the death cross is confirmed and ADA price falls below $0.50, the next strong support level lies at $0.323. ADA might consolidate within the $0.30 and $0.32 range for an extended period if the buying activity remains weak. ADA/USDT: 1-day Chart Bullish Case for Cardano Price Despite this looming death cross, other factors suggest that Cardano price might avert a crash. A recent Coingape article noted that ADA may be on the verge of a massive rally in the coming months if it repeats the 2024 pattern. If history rhymes, this altcoin might record an uptrend towards $2.50. Meanwhile, Charles Hoskinson might also be the catalyst that helps Cardano price avert the death cross. The Cardano founder has revealed that Ripple’s RLUSD will launch on ADA , a move that might help drive the next price rally. Besides the fundamentals, data from Coinglass suggests that some traders might be anticipating that Cardano will reverse from a bearish trend to a bullish one. ADA funding rates, which remain positive, have soared to the highest level since late February. Cardano Funding Rate This metric indicates that traders are opening long positions on ADA, and they are paying higher fees to maintain their positions. As long positions build-up, it may trigger a positive sentiment toward Cardano. This might help the altcoin avert the risk posed by the death cross. To sum up, Cardano price seems to be on the verge of a 25% crash that might push it below $0.50. However, developments within the Cardano ecosystem and long positioning might help in averting this crash. The post Cardano Price Today: ADA’s Death Cross Signals 25% Crash appeared first on CoinGape .
Vocal Bitcoin evangelist hints his company may go for more Bitcoin soon
What if the best crypto investment of 2025 isn’t what everyone expects? While Solana and AAVE have made waves in the blockchain space, a new contender is shaking things up. With blockchain adoption growing and decentralized finance (DeFi) evolving, it’s time to look beyond the usual giants. Solana continues to push its speed and scalability limits, while AAVE refines its lending protocols to stay ahead. But there’s another player entering the scene, offering something different—Qubetics ($TICS). Unlike its predecessors, Qubetics isn’t just another blockchain or DeFi project. It’s the world’s first Web3 aggregator, uniting major blockchains to create a seamless and borderless financial experience. Its upcoming mainnet launch, non-custodial multi-chain wallet, and rapidly growing presale make it an undeniable force. Could Qubetics be the best crypto investment right now? Let’s break it all down. Qubetics: The Future of Cross-Border Transactions in Crypto The biggest challenge in global finance has always been speed and cost. Traditional banking systems take days to settle transactions across borders, charging hefty fees along the way. Even in crypto, different blockchains often struggle to communicate, leading to slow and costly swaps between assets. Qubetics is rewriting the playbook with a multi-chain network designed to make transactions instant, secure, and dirt cheap. This is what makes it a strong contender for the best crypto investment. Imagine a freelancer in New York trying to get paid by a client in Europe. With traditional banking, they’d wait several days for funds to clear. Even with crypto, swapping assets across different blockchains could be frustrating and expensive. With Qubetics, the entire process becomes frictionless. Funds move instantly across chains without relying on intermediaries, all while keeping costs at a fraction of what traditional methods demand. For businesses, this is a game-changer. A global e-commerce brand could use Qubetics to accept payments from customers in multiple cryptocurrencies without worrying about conversion fees or network congestion. Enterprises sending funds to international suppliers wouldn’t be slowed down by banking restrictions or delays. With Qubetics positioning itself as the best crypto investment , it’s offering a future where money moves as fast as the internet itself—something neither Solana nor AAVE fully achieves. Qubetics Presale ROI: Why Early Adopters Are Paying Attention With its game-changing technology, Qubetics presale is gaining massive traction as one of the top cryptos to join for 2025. Unlike traditional token sales, Qubetics follows a structured model where each presale stage lasts seven days, automatically increasing by 10% every Sunday at 12 AM. This creates a high-demand opportunity for early adopters looking to lock in the lowest price before the next jump. Currently, the Qubetics presale is in its 28th stage, with $0.1430 as the current token price. Over 24,000 participants have already secured their stake in $TICS, leading to a total raise of $15.7 million and 505 million tokens sold. With the mainnet launch scheduled for Q2 2025, this is shaping up to be the best crypto investment for those looking at both short-term gains and long-term potential. The ROI projections for Qubetics are staggering. But the true potential unfolds post-presale, with $TICS expected to hit $1 (599.21% ROI), $5 (3,396.06% ROI), and even $10 (6,892.12% ROI) after mainnet launch. A price surge to $15 could mean a 10,388.18% return, making this a once-in-a-lifetime opportunity. To put things into perspective, a $200 investment at $0.1430 could grow into: $1,198 at $1 $6,792 at $10 $10,388 at $15 With demand rapidly increasing and the next price hike looming, securing a position in Qubetics now could be the best crypto investment before it takes off. Solana: Scaling for Speed, But Facing Challenges Solana has built its reputation as one of the fastest blockchains, boasting speeds of over 65,000 transactions per second (TPS). The network has continued refining its architecture, recently introducing state compression technology, reducing the cost of storing on-chain data by up to 99%. This could make Solana more appealing for NFTs and blockchain gaming, two of its fastest-growing sectors. However, while Solana’s speed is impressive, network outages have been a recurring issue. Several times over the past year, Solana has suffered slowdowns and downtime, sparking concerns over reliability. Despite this, the ecosystem is expanding, with DeFi protocols, memecoins, and NFT projects still choosing Solana due to its low fees and high efficiency. For those looking at the best crypto investment, Solana remains a strong player, but its centralized validator structure and technical hiccups could leave room for newer projects like Qubetics to steal the spotlight. AAVE: Leading DeFi Lending, But Can It Keep Up? AAVE remains the king of decentralized lending, allowing users to borrow and lend assets in a non-custodial way. Its latest upgrade, AAVE V3, introduced isolated lending markets and improved risk management tools, making borrowing more secure and capital-efficient. The protocol continues attracting users looking for passive income through lending pools, cementing its role as a DeFi leader. However, the DeFi space has become more competitive, and AAVE faces pressure from newer protocols offering higher yields and lower fees. The lending market also depends on broader crypto sentiment—when markets cool down, borrowing slows, affecting AAVE’s total value locked (TVL). AAVE is still a major player, but its growth depends heavily on DeFi’s adoption curve. While it remains a solid choice, those looking for the best crypto investment may find higher upside in a rapidly expanding ecosystem like Qubetics. Conclusion: The Best Crypto Investment for 2025 Solana, AAVE, and Qubetics all bring something unique to the table. Solana is pushing the boundaries of speed, but network reliability remains a question. AAVE is a DeFi giant, but increasing competition could challenge its dominance. Then there’s Qubetics, which isn’t just competing—it’s redefining how crypto transactions work with its multi-chain technology and frictionless finance model. As one of the best crypto investments right now, the Qubetics presale is still open, offering a rare chance to buy in before exchange listings. Early adopters have a golden opportunity, and those looking to join this crypto presale might be catching the next major breakout in blockchain history. For More Information: Qubetics: https://qubetics.com Presale: https://buy.qubetics.com/ Telegram: https://t.me/qubetics Twitter: https://x.com/qubetics FAQs What makes Qubetics different from Solana and AAVE? Qubetics focuses on cross-chain compatibility and seamless transactions, while Solana prioritizes speed and AAVE specializes in decentralized lending. Is Qubetics the best crypto investment right now? With its growing presale, innovative technology, and strong ROI potential, Qubetics is positioning itself as one of the best crypto investments in 2025. How often does the Qubetics presale price increase? Every Sunday at 12 AM, the Qubetics presale price rises by 10%, rewarding early adopters with lower entry prices. The post Qubetics Makes Payments Instant Keeping it One of the Best Crypto Investment Choices While Solana and AAVE Expand appeared first on TheCoinrise.com .
The Ethereum network is at a critical juncture as its MVRV ratio approaches a historical tipping point, signaling potential selloff risks ahead. As market sentiment fluctuates, the historical data indicates
As Bitcoin bounces above the $86,000 mark, the altcoins are gradually gaining momentum. Among the rising altcoins, SUI…
Justin Sun bailed out Techteryx's TrueUSD stablecoin after nearly half a billion dollars of its reserves were rendered illiquid, people close to the matter confirmed, and the stablecoin issuer said in Hong Kong court documents. After acquiring TrueUSD from TrueCoin in December 2020, Techteryx appointed First Digital Trust (FDT), a Hong Kong-based fiduciary, to manage its stablecoin reserves. According to documents prepared by U.S. law firm Cahill Gordon & Reindel, FDT was instructed to invest the reserves in the Aria Commodity Finance Fund (Aria CFF), a Cayman Islands-registered vehicle. However, court filings allege that approximately $456 million was instead improperly diverted into Aria Commodities DMCC, a separate, unauthorized entity based in Dubai. Court documents identify Matthew Brittain as controlling Aria Commodity Finance Fund (Aria CFF) through Aria Capital Management Ltd and Cecilia Brittain as the sole shareholder of the separately owned Dubai-based entity Aria Commodities DMCC. However, emails from Aria's Matthew Brittan are signed with an address in Dubai. Court documents say that Cecilia is Matthew's wife. ARIA DMCC engages in trade finance, asset development, and commodity trading, while ARIA CFF finances commodity traders, including ARIA DMCC and third parties, according to Matthew Brittain, who described the relationship between the two companies in an email to CoinDesk. Attestations produced by Moore CPA Limited show that FDT managed $501 million of TrueUSD's reserves by November 2024. Hong Kong court filings say Chok allegedly directed around $15.5 million in undisclosed commissions to an entity called "Glass Door" and separately structured approximately $15 million in unauthorized trade finance loans from FDT to Aria DMCC, later retroactively mischaracterizing them as legitimate fund investments in actions plaintiffs describe as fraudulent misrepresentation and misappropriation. "The remittances to Aria DMCC were blatant misappropriation and money-laundering," a statement of claim reads. "They were made without the knowledge, authorization or approval of the Plaintiff." These statements have not been tried in court as of press time. Aria DMCC invested funds in global projects that they described as relatively illiquid, such as manufacturing plants, mining operations, maritime vessels, port infrastructure, and renewable energy ventures. When Techteryx attempted to redeem its investments from Aria CFF between mid-2022 and early 202,3 it received little or no funds back, with Aria entities allegedly defaulting on payments and failing to fulfill redemption requests, the court documents say. Techteryx then took full operational control of TUSD in July 2023 , terminating TrueCoin's involvement. As part of a transitional period following the December 2020 sale, TrueCoin continued running the day-to-day operations of TUSD. According to court filings, Sun stepped in around this time to provide emergency liquidity support, which was structured as a loan. The Techteryx team then quarantined 400 million TUSD so that retail redemptions could continue and token holders wouldn't be affected, despite the stablecoin issuer's empty coffers, the court filings said. First Digital says it followed Techteryx's instructions In response to a request for comment from CoinDesk, Vincent Chok, First Digital's CEO, categorically denied any wrongdoing or participation in fraudulent schemes. Chok told CoinDesk that First Digital Trust acted strictly as a fiduciary intermediary, executing transactions precisely according to instructions provided by Techteryx and its representatives. He asserted that his company was not responsible for independently evaluating or advising on these investment decisions. "It is our understanding that one of the main blockers voiced by ARIA for early redemptions of funds (as requested by Techteryx) has been their AML/KYC concerns regarding the deal between TrueCoin and Techteryx and the true identity of the ultimate beneficial owner of Techteryx," Chok said in an email to CoinDesk, adding that he believed nobody named in the case considers Aria illiquid. "We have not yet had the opportunity to fully defend ourselves," Chok said in an email to CoinDesk. "We are fully committed to clarifying these matters in due course as the legal and arbitration process continues." Aria Group's Matthew Brittain said to CoinDesk that he "completely rejects Techteryx’s claims against ARIA DMCC and any related entities," adding that "a number of false allegations were made in the court proceedings." Techteryx was fully aware of term commitments, Brittain said, and these were outlined in contracts that subscribers have agreed to when investing in ARIA CFF, which are clearly set out in the Offering Memorandum. Brittain also echoed Chok's concerns about Techteryx's beneficial ownership, pointing to Wall Street Journal coverage of the topic. The Hong Kong writ identifies Li Jinmei as the ultimate beneficial owner of Techteryx. A spokesperson for Techteryx confirmed that this is not the same person as Jennifer Yiyang – the previous ultimate beneficial owner of the company – despite some media reporting to the contrary. "The subscriber has not resolved these issues," Brittain continued, referring to the beneficial ownership concerns. Prime Trust's collapse and SEC settlement compounds challenges While this was happening, TUSD's challenges continued in the form of a collapsing banking partner and regulatory scrutiny in the U.S. In mid-2023, Prime Trust, an independent crypto custodian based in Nevada that is not connected to this case, but which TrueUSD used for its fiat ramps, was put into receivership by state regulators. State regulators alleged Prime Trust had improperly used customer funds to cover withdrawal requests, raising serious concerns about its financial stability. Court filings from Nevada showed that Prime Trust owed around $85 million in fiat obligations with only about $3 million available. This wasn't the last headache for the stablecoin issuer. In September 2024, TrueCoin and TrustToken (the stablecoin's owners before Techteryx) settled with the SEC over allegations they falsely marketed TrueUSD as fully dollar-backed while secretly investing reserves in risky offshore funds. Without admitting wrongdoing, or detailing the nature of their offshore investments with Aria's companies, both TrueCoin and TrustToken agreed to pay civil penalties and disgorge profits to the tune of just over $500,000 to resolve charges of fraud and unregistered securities offerings. For his part, Aria's Brittain said that investing in Aria wasn't the right move to begin with for a stablecoin's reserves. "ARIA CFF has never held [its] strategy out as highly liquid, or appropriate for the reserves of a stablecoin," he said in an email.