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Ethereum developers have scheduled the Pectra update for May 7
Pectra hard fork to be activated in the main network of the second largest cryptocurrency by capitalization on May 7 — This decision was made by key developers during another online meeting. This was reported by CoinDesk.
Previously, the Ethereum upgrade was planned for around April 30.
Pectra includes a series of improvements aimed at increasing the usability and efficiency of Ethereum. The major upgrade contains 11 key proposals for improving Ethereum, implemented simultaneously. One of the important innovations is the addition of smart contract functionality to wallets, making them easier to use and restore.
South Korea studies opening access to crypto exchanges for foreigners
South Korea may open crypto markets to foreign traders while tightening controls on money laundering, Kim Sung-jin, head of the virtual assets department of the Financial Services Commission (FSC), said. This is reported by local media.
According to him, the regulator is studying the possibility of easing restrictions on access of foreign market participants to South Korean crypto exchanges. To do this, the platforms must comply with international standards in the field of preventing money laundering (AML). The specific timeframe for the reforms has not yet been announced.
Currently, investors from overseas cannot trade on local exchanges due to rules requiring user verification through bank accounts in the name of South Korean residents.
Peter Cheung, head of research at Presto Research, told The Block that opening up the market will not only attract foreign capital, but will also solve the problem of the price differential between cryptocurrencies, known as the “kimchi premium.”
According to him, the initiative will also spur further growth of the US dollar-based stablecoin market.
The country has had a Travel Rule in place since 2022, requiring exchanges to collect and store transaction data worth 1 million won (about $695). However, regulators still have doubts about the willingness of trading platforms to fully comply with AML requirements, Chung said.
US Stablecoin Bill Passes Committee Level
The Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) bill has passed the House Financial Services Committee. The next step is a vote in the U.S. House of Representatives.
The initiative was presented in early February 2025 by the committee's chairman, French Hill, and the head of its subcommittee on digital assets, Brian Steil. Later, information appeared that Tether, the issuer of USDT, participated in the development of the bill.
Along with GENIUS, STABLE regulates the issuance and circulation of dollar-denominated stablecoins, and sets disclosure and reserve audit requirements for companies issuing such assets.
It passed the committee vote 32-17, with a number of Democrats opposing the bill, including crypto skeptic Maxine Vaughters.
FDUSD Stablecoin Backed 1:1, According to Latest Audit — Binance
Cryptocurrency exchange Binance has reported that its FDUSD stablecoin is backed 1:1, according to its latest audit.
It is noted that the February attestation report commissioned by FD121 Limited, the issuer of FDUSD, was conducted by an independent third party audit company Prescient Assurance.
“As of the reporting date, March 1, 2025, at 1:00 (UTC), FDUSD reserves amounted to $2,051,348,188.70, held in U.S. Treasury bonds and overnight fixed deposits. This amount exceeds the total number of FDUSD in circulation at the time of review, confirming the ability of FDUSD to be redeemed at a 1:1 ratio with U.S. dollars,” the report says.
Recall that on April 2, 2025, the stablecoin First Digital USD (FDUSD) lost its peg to the US dollar amid the statement by TRON founder Justin Sun about the insolvency of First Digital Trust (FDT). The asset rate at that moment fell below $0.91, then it rose to $0.99.
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