Canary Capital has filed with the SEC to launch a U.S. Tron (TRX) ETF that would include staking benefits, allowing investors to earn extra yield. 

The S&P 500 futures fall 1.5% amid US-China trade concerns and Fed warning; over 100 companies will report earnings this week. Gold hit a record ~$3,375, up 1.43%, on safe-haven demand amid tariff and geopolitical worries. Fed hawkishness may cap gains. CoinDesk Indices, which tracks the broader crypto market, rose 1.80% in the past 24 hours, while Bitcoin and Ether gained 2.70% and 3.41%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is STX, up 9.4%, following the announcement of Stacks gaining institutional support with major exchange listings and custodian backing.

Stacks (STX), founded in 2013, is a cryptocurrency project that enhances the Bitcoin blockchain by enabling decentralized apps (DApps) and smart contracts without altering Bitcoin's features. It operates as a Bitcoin Layer 2 (L2) blockchain, ensuring security through Bitcoin while allowing developers to build modular applications on top of the network. 

 with its listing on top 15 exchanges, the launch of the Grayscale STX Trust, and support from top-tier custodians like BitGo, Copper, and Figment.

Check out the latest prices, charts, and data of 

Canary Capital has filed with the SEC to launch a U.S. Tron (TRX) ETF that would include staking benefits, allowing investors to earn extra yield. This proposal is part of a broader trend, with Canary also seeking approval for ETFs based on assets like XRP, Solana, and Sui. The fund would aim to provide exposure to Tron’s price, but the SEC has yet to approve staking in crypto ETFs. This move follows the success of Bitcoin and Ethereum ETFs, which have attracted significant institutional interest.

During the week of April 14–18, 2025, U.S. Bitcoin spot ETFs recorded a modest net inflow of $13.7 million, entirely from non-GBTC products, as GBTC saw no activity. Since inception, total net inflows have reached $35.5 billion, with non-GBTC ETFs contributing $58.3 billion and GBTC experiencing $22.8 billion in outflows.

Orochi Network airdrop participants can now 

 their earned $ON tokens on the Monad Testnet to increase their Bonus Level and earn rewards faster. A minimum of 50 ON is required for the first claim, and subsequent claims have no minimum. New users can still join by signing up and starting the Prover. Daily check-ins open at 6 AM UTC and fill up quickly.

Beginner

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Canary Capital files for SEC approval of Tron ETF with staking benefits

There are a total of five ways you can buy USDC on Bybit: via Bybit P2P, Bybit One-Click Buy, Auto-Invest, Bybit Card and Bybit Convert. Learn more here.

 that maintains a 1:1 value with the US dollar through full reserves held in regulated financial institutions. This stability makes USDC an attractive option for traders looking to participate in the crypto market with reduced price volatility.

In this guide, we’ll explore the multiple ways to buy USDC on Bybit, detailing five distinct purchasing methods tailored to different preferences. You'll also discover practical applications for your USDC holdings, from trading opportunities to payment solutions and investment strategies.

Whether you prefer trading directly with other users or making quick purchases with a credit card, there's an option for you. Let's examine each method in detail.

 allows individuals and businesses to buy and sell USDC via peer-to-peer mode without intermediaries. You simply transact with another trader to purchase or sell your crypto with zero fees.

There are two main parties on the P2P platform — makers and takers. Makers place ads for buying or selling cryptocurrency, while takers are the users who place orders through the existing ads created by makers. Neither makers nor takers pay any fees on completed orders.

If you decide to go the P2P route to buy your USDC, you can either place a buy ad as a maker, or select an existing offer as a taker. Placing ads is completely free, although specific trading activity requirements exist. If you're a beginning trader on the platform, and want the easiest way to purchase USDC, selecting an offer from an existing ad as a taker is probably the preferred route.

If you need to trade USDC in large volumes (typically tens or hundreds of thousands of USDC per transaction), you may also choose to consider 

, which offers high order limits — up to $200,000 per order — as well as expedited transaction processing.

 feature to complete your USDC order efficiently. HotSwap combines offers from P2P traders with liquidity options from third parties, potentially delivering more choices and options.

Steps for buying USDC via the standard P2P option

2. How to buy USDC via Bybit One-Click Buy

The One-Click Buy service lets you quickly purchase crypto using several supported payment modes: P2P, bank card payments, third-party payments and your account's fiat balance. You can use a credit or debit card (including the Mastercard-powered 

), bank transfers, Apple Pay, Google Pay and other payment methods.

 is another way to purchase USDC on Bybit. The Auto-Invest option allows you to automatically buy crypto at regular intervals using the popular 

Bybit Card is a Mastercard crypto debit card that allows you to make online payments. The card is available to users in specific regions — EEA and CH, AIFC, Australia, Brazil and Argentina — with more locations to be added in the future. It's accepted by more than 90 million merchants within the Mastercard network. Upon successfully applying for your Bybit Card, you may proceed to 

 while you order and wait for your physical card to arrive. 

It's easy to buy USDC using the Bybit Card, as you enjoy reward features like loyalty points and cashback for USDC transactions. The steps for buying USDC using the Bybit Card are nearly the same as shown above in the One-Click Buy section, the only difference being that you'll need to specify your Bybit Card as the preferred payment method.

 lets you easily swap crypto assets without directly trading through the P2P route or other channels. Using Bybit's order books, the platform matches your order with current suitable orders and executes the requested swap. By leveraging Bybit's vast trading volumes and activity, Bybit Convert enables swift and efficient swaps.

If you have non-USDC crypto funds in your account, you can take advantage of the 

 function to buy the stablecoin as follows:

Steps to for buying USDC via Bybit Convert

USDC is more than just a stablecoin for trading; it offers various applications within and beyond the Bybit ecosystem.

USDC serves as a reliable base currency for trading various cryptocurrencies on Bybit.

Trading with USDC helps mitigate volatility risks between trades, as its value remains stable at approximately $1, allowing traders to preserve capital during market downturns.

USDC has emerged as a popular payment method due to its stability and wide acceptance.

Platforms on which users can make USDC payments include Travala for travel bookings, Newegg for electronics, and various crypto-friendly merchants via payment processors, such as BitPay and Coinbase Commerce.

USDC offers various investment opportunities on Bybit and beyond.

The benefit of investing with USDC is that your principal amount remains stable while generating returns, which is particularly attractive in volatile market conditions.

USDC combines dollar stability with digital efficiency on the Bybit platform. This guide has detailed five ways to purchase USDC, and explored its versatile applications for trading, payments and investing. Armed with this knowledge, you can confidently navigate Bybit's ecosystem and make the most of what USDC has to offer.

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A complete guide on how to buy USDC on Bybit

Apr 21, 2025: Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Weekly highlight — Trump wants to fire Powell? 

US president Donald Trump is actively considering firing Federal Reserve Chairman Jerome Powell, following Trump's public criticism of Powell for not moving quickly enough to reduce interest rates. National Economic Council Director Kevin Hassett confirmed that the administration is examining this option, suggesting that Powell's actions have politically favored Democrats. Hassett argued that the Federal Reserve's decision to raise interest rates shortly after Trump took office was intended to undermine the economic impact of the tax cuts implemented during his administration, which were deemed inflationary. He further criticized the Fed for not addressing inflation concerns stemming from federal spending under President Biden, implying a lack of accountability.

During a recent press conference, Trump conveyed his dissatisfaction with Powell, asserting that if he wanted to remove him, it could happen "real fast." While he did not explicitly state his intention to dismiss Powell, his remarks highlighted the growing tensions between the White House and the Federal Reserve regarding monetary policy. Hassett defended Trump's frustrations, advocating for a focus on economic policy rather than interpersonal conflicts. This situation underscores the complex dynamics between the executive branch and the central bank, as Trump navigates economic challenges leading up to the next election.

Weekly crypto highlight — XRP ETF coming

HashKey Capital has officially launched the HashKey XRP Tracker Fund, marking the first investment fund in Asia designed specifically to track the performance of XRP, the digital asset integral to Ripple's global payment ecosystem. This fund is aimed at professional investors and offers a unique opportunity to gain exposure to XRP without the complexities of direct asset management. Investors can subscribe through cash and in-kind options, with the fund providing monthly liquidity.

Ripple, as an early backer of the fund, is looking to enhance its strategic partnership with HashKey Capital, which already manages Hong Kong–listed spot ETFs for Bitcoin and Ethereum. This collaboration not only solidifies Ripple's presence in the Asian market, but also opens avenues for future financial products, such as the potential tokenization of a money market fund on the XRP Ledger. Fiona Murray, Ripple's Managing Director for the Asia-Pacific region, highlighted that this partnership is part of a broader strategy to introduce more regulated cryptocurrency products for institutional investors in the region, aiming to foster a more robust crypto landscape in Asia.

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Weekly Institutional Insights: Trump’s desire to fire Powell might induce volatility; XRP ETF coming

Hong Kong's Securities and Futures Commission (SFC) has approved a new Ethereum ETF with staking capabilities, allowing institutional investors to earn staking rewards.

Daily top performer — Pyth Network (PYTH)

The S&P 500 dropped 1.5% to 5,282.70 this week, down 5.9% in April and 10% year-to-date, led by tech losses. Real estate and energy outperformed, while political pressure on Fed Chair Powell and inflation concerns weighed on sentiment. Gold dipped 0.6% to $3,319 after a record high, as Powell’s stagflation warning tempered its rally. Despite the pullback, the uptrend remains intact. The Coindesk Indices, which tracks the broader crypto market, are up by 0.77%, with Bitcoin and Ether rising 0.64% and 0.72%, respectively, over the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is PYTH, up 10.1%, following the launch of Pyth Entropy for secure on-chain random number generation by Soneium.

Pyth Network (PYTH),  is a blockchain oracle system that delivers real-time crypto price data to blockchains, enabling smart contracts to react to market changes. Soneium 

 Pyth Entropy, a tool for securely generating random numbers on-chain. Two apps, HandsNFT AI and 2p2e, are already utilizing Pyth Entropy to create unpredictable and engaging experiences.

Hong Kong's Securities and Futures Commission (SFC) has approved a new Ethereum ETF with staking capabilities, allowing institutional investors to earn staking rewards. This approval follows recent changes to local laws, with China Asset Management (ChinaAMC) partnering with OSL Digital Securities to launch the ETF by May 15. The ETF will offer exposure to Ethereum staking, transforming it from a passive investment into an active participant in the Ethereum network. The staking process is powered by Kiln, with OSL providing custody and insurance services. The rewards will contribute to the ETF's net asset value, benefiting shareholders.

Yesterday, Bitcoin spot ETFs saw $25.9M in inflows, all from non-GBTC funds, while GBTC recorded no flow.

" and a points campaign called Drops, where users can earn points—potentially leading to an airdrop—by engaging with Linera content on X. To join, sign up on 

, complete tasks like joining Discord and interacting on X, then enter the campaign. Keep engaging to earn more points, but avoid spamming.

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Hong Kong approves Ethereum ETF with staking rewards, boosting institutional participation

Bybit Learn

Crypto

As cryptocurrrencies gain more popularity, more governments are looking into developing their own CBDCs. Find out what they are and what they aim to achieve.

Lately, many people have been talking about CBDCs and their potential development. As the world shifts more toward cashless payments and 

, CBDCs are especially getting more attention from governments around the world. This guide will cover more about what they are, how they work, where they’re available, their future, and how they compare to 

In the world of finance, the term ”fiat” refers to a currency that’s backed by a government, instead of assets such as gold. It’s typically been used in the form of tangible coins or banknotes. With the rise of technology and digital transactions, some governments have developed ways to supplement fiat currency with a digital credit model. Transactions using this model are digitally recorded. 

Although countries still use and accept standard currencies, the use of cash is decreasing in many places. More people are using credit cards, debit cards or e-wallets for transactions. CBDCs and their development gained more attention during the widespread shutdowns associated with the COVID-19 pandemic that began in 2020. 

As more people around the world are showing favor toward cashless payment systems and cryptocurrency use, governments are looking for ways to offer digital currencies as they realize their potential benefits. Currently, only a few countries have issued digital currencies.

Since countries today use fiat as their national currencies, a CBDC is often referred to as a 

, each of which has its own unique identification that prevents counterfeiting. 

Although CBDC payments are digital, they aren’t like electronic checks, which are essentially instructions for a bank to send money from an account holder to a recipient. To process standard digital payments, several parties must be involved in order to handle money, verify transfers, and complete other activities. 

Alternately, CBDCs are conceptualized to be more like cryptocurrencies, eliminating these intermediary parties. CBDC payments can travel directly from one account holder to another.

An additional similarity between cryptocurrencies and CBDCs is their dependence on a network that validates and tracks them. Cryptocurrencies use 

, which adds the benefit of anonymity while ensuring transactions are recorded on a digital ledger. 

While a CBDC could function on a blockchain, it’s usually connected instead to a central database that’s controlled by the issuing bank. The central bank is responsible for providing each piece of the currency, with a unique identification number for tracking. Central banks that utilize a digital currency may also attach it to the country's national currency.

CBDCs that are backed by fiat remain valid, regardless of payment systems that transfer or store it, and they may be transmitted through many types of digital payment systems. To make CBDCs more accessible to everyone in a country, proposals for these currencies often include requirements for all citizens to have an account with the issuing central bank.

Multiple factors drive any central bank digital currency. First, there’s a need for sovereignty.

 is one component of a healthy financial system and economic growth within a country. A central bank digital currency can bring back the central bank to the center of creating currency and building trust. Another driver of

 is the need to make financial systems more efficient.

Two other common driving factors of a central bank digital currency are the need for better financial inclusion policies and the need to improve access to financial systems for people who lack it, sometimes referred to as 

 people. In many countries, poorer populations rely heavily on cash, and that may be a barrier. However, central banks can develop open, two-tiered systems that convey more value to such individuals. 

A final driver behind CBDCs is the need to improve fiscal and monetary policies. The digital tokens can minimize liquidity squeezes, and give a nation's citizens an easy-to-access alternative to other payment methods.

Some potential achievements that CBDCs can produce address the factors covered in the last part of the previous section. However, governments may have some broader goals as well. These are the main objectives that governments hope to achieve with a central bank digital currency:

There are many conceptual ideas for CBDCs in countries which are considering, but haven’t yet released, digital currencies. The last point in the previous list is especially important to consider in conceptualization and implementation. 

To Gain More Popularity Than Cryptocurrencies

In order for a central bank digital currency to hold its power, it must be able to maintain popularity in its use. Governments must consider the possibility of lower rate transmission, and how that can hurt a digital currency.

When people in a country use currencies that aren’t part of its sovereign currency, there’s a risk that its use can dwindle. For example, many people today use cryptocurrencies, and there are more crypto stablecoins being developed all the time. If there’s a shift in a given country toward greater use of a few leading cryptocurrencies instead of its own CBDC, that subtracts from its power. 

Since cryptocurrencies are backed by blockchains and offer anonymity to users, they can be highly attractive. Competitive benefits are issues governments must consider when planning or considering the use of CBDCs, as well as how to convey their value to the population.

There are still many potential benefits to a central bank digital currency. Governments must look for opportunities to mitigate threats and risks if they want to build a strong digital currency. Additionally, such challenges provide a way for governments to work with and strengthen domestic private payment systems to maximize efficiency, and to make them more fitting for the designed purposes. Doing this can also create ways to improve international payment systems.

To achieve their objectives, governments must plan CBDCs to solve problems, and must convey their differences and benefits. For example, a national digital currency is backed by the central bank, not by commercial banks. A government must find the advantages of such a structure, and convey how it solves problems for the people in that regard. However, a common obstacle for many governments may be the issue of trust in countries where there’s already widespread lack of faith in the national government.

There are two main forms of CBDCs, which fit different purposes. A national currency system doesn’t need to only use one. In the upcoming section, some examples of hybrid systems will be covered.

These types of government-backed currencies are for businesses and consumers to use. The purpose of a retail CBDC is to eliminate the risks of private currency issuers going bankrupt and customers losing money. With retail CBDCs, there are two types. 

The first is structured as an account. For access, a form of digital identification is required. There’s also a token structure, which uses private or public keys. The main difference with a token-based structure is that it allows anonymity for users, since it requires a token instead of user identification.

Similar to a central bank's holding reserves, wholesale CBDCs allow central banks to offer accounts for users to transfer funds. The bank settles interbank transfers and uses its monetary policies to assign interest rates and effect lending activity. 

The main difference between this structure and retail is that wholesale makes financial institutions the intermediaries between customers and the banks. With a retail structure, the relationship between central banks and citizens is more direct.

, a couple of them with designs similar to stablecoins. There are also governments currently developing CBDC test projects. 

 published a survey in early 2022 and found that 87 countries — almost half the world’s nations — were considering issuing CBDCs. This finding is significant since research from 2020 showed that only 35 countries were considering developing their own digital national currencies at that time. The following sections cover important points about some countries that have either already launched a digital currency or have favorable plans for one.

Nigeria launched its digital currency in 2021, becoming the first country in Africa to do so. The currency is called 

 and is available to users through a digital wallet. People in Nigeria can use the currency for contactless payments in stores, and can send money transfers with it. 

The eNaira uses a hybrid system that includes wholesale and retail CBDC structures to allow greater flexibility and improved financial access to citizens. Nigeria's central bank issues the currency, and citizens hold it directly in their digital wallets. The currency is backed by the 

 blockchain, which is a permissioned and private network that IBM designed.

The Bahamas issued a digital currency called the 

 in 2020, the first CBDC in the world to cover a whole country. 

Sand Dollars are backed by both wholesale and retail application structures. The Sand Dollar is not a cryptocurrency. Its network uses multi-factor authentication and digital ID solutions to protect users. Bahamians hold Sand Dollars directly in digital wallets. 

 solutions and offers offline functionality for times when communications between the islands are down. With its rapid validation, transactions can be nearly instantaneous. While all of these points sound attractive, the country is still working out some issues with the currency. Not yet widely used, it comprises about 0.1% of circulated currency in The Bahamas as of 2022.

China was the first large country to test the use of a digital currency in 2020. Also called the digital yuan, the 

 was expected to be commonplace by 2022. Strategically, China pushed the use of eCNY during the recent Winter Olympic Games in Beijing. 

 is about 10,000 transactions per second (

), and the country hopes to boost that to 300,000 per second soon. 

However, the system still falls short of the capabilities offered by Tenpay or Alipay, which are leaders in the country. In late 2021, there were 261 million wallets associated with the eCNY, and that number doubled by the end of the 2022 Winter Olympic Games. 

Furthermore, eCNY isn’t backed by a blockchain. There is a centralized network that is supervised by the People's Bank of China, which is the country's central bank. Unlike the hybrid systems used in some other countries, China's

 is primarily a retail CBDC that’s issued to the public for retail transactions.

 a test program for a CBDC in 2020, and the government plans to continue its testing program for international transactions. The French digital currency was designed for settling interbank transactions. With a digital bond design, the currency was backed with a blockchain. Banque de France partnered with HSBC and IBM to conduct the programs. 

Since its wholesale CBDC project showed promising results, the country is also considering a retail structure to potentially offer citizens more payment flexibility and access in the future. As of 2022, the country has not officially made its currency available to citizens.

In early 2022, Canada's central bank announced a collaborative project with the 

 to develop a digital currency that’s somewhat different in conception from those above. However, there have been talks of developing one since 2020. 

Once developed, the CBDC would be a digital version of the existing Canadian dollar. The purpose of developing it, according to the

, is to have a backup currency available if needed. Canada's plans are in place primarily to adapt to changing trends.

 and cryptocurrency trading have elicited plenty of criticism. Recently, the Bank of Korea (BOK) announced plans to potentially issue a CBDC. However, in the past it has been against the idea. 

 that incorporates wholesale and retail applications for its CBDC. The plans for the central bank digital currency are already serious, and the country is talking about potentially implementing it by 2023 and enforcing rules surrounding it by 2024. However, unlike China's digital yuan, the South Korean digital won would be controlled by a distributed ledger, instead of using a central control structure.

, which is a digital version of its standard krona that it began conceptualizing in 2017. The reasons behind launching the eKrona are the declining use of cash and the fear that shifting trends could make state-issued money obsolete. 

For Sweden's plans, the CBDC it hopes to issue incorporates a hybrid system that encompasses both wholesale and retail elements. The pilot program uses token verification with transaction history, which could encounter some privacy issues that may violate strict EU privacy laws with the current structure. Any issues related to 

/blockchain solutions must be solved before the eKrona can be issued to citizens.

While it may sound like CBDCs and stablecoins are similar, they have some distinct differences. 

A key difference is that CBDCs are legal tender issued by governments or central financial authorities, to be used as standard currency, and stablecoins are virtual digital assets that are private and tied to a currency. Both types of currencies are digital assets. However, stablecoins use blockchains. Although CBDCs can be backed with blockchains, many are not. Both can support private transactions. 

Another main difference between the two is their monetary systems. A CBDC is regulated and monitored by the nation's authorities using a centralized system, while a cryptocurrency isn’t regulated, since it’s decentralized. Another difference is what the currencies achieve. While a CBDC preserves a national banking system's 

, stablecoins democratize global financial systems. 

 last month, there was much talk about tightening regulations on stablecoins in several countries. In fact, some government leaders said that it was the government's duty to protect citizens from financial disasters. National governments around the world also want to ensure that they can protect their power to control currency. 

Governments are looking for ways to regulate crypto stablecoins and limit their power, and regulators have expressed their concerns over a lack of guidelines and rules for stablecoins. 

Since cryptocurrencies are growing in popularity, regulators are only going to become more interested in restricting them as time passes. This means that CBDCs will also get more attention as governments look for strategies to keep up with shifting payment and currency trends around the globe. 

Along with the testing some countries are conducting, the recent growth in the number of countries that have expressed intentions to develop their own CBDCs are significant factors that show how serious many countries are about central bank digital currencies.

If CBDCs become more common in the near future, they could solve accessibility issues and mitigate some risks of national financial systems if they’re well-designed and work as intended. However, the restrictions that nations want to put on stablecoins, along with the development of those digital currencies, present potential challenges for investors to monitor.

What Are CBDCs & Why Is Everyone Talking About Them?

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