Kadena shuts down, triggering massive sell-off in KDA

Tether announced that its USDT stablecoin has surpassed 500 million users, representing 6.25% of the global population. This milestone reinforces USDT’s position as the dominant digital currency for liquidity and payments worldwide.

Source Minfin

Meanwhile, Kadena’s KDA token crashed by 60% following the company’s announcement of a full shutdown of its operations due to economic difficulties and development constraints. The project’s halt triggered massive sell-offs, marking one of the steepest declines among proof-of-work blockchains this year.

At the same time, Hong Kong’s Securities and Futures Commission approved Asia’s first spot ETF based on Solana (SOL), joining Bitcoin and Ethereum as tradable assets. The ETF, managed by Asia Asset Management, sets a minimum investment of $100 with a 0.99% management fee — a key step for expanding regulated crypto investment in Asia.