Trump Tariffs Shake Markets as RLUSD Adoption Surges 87%, HBAR Joins TikTok Bid: Apr 3

The global crypto market cap fell 1.40% to $2.68 trillion as fear gripped investors, with the Crypto Fear and Greed Index plunging to 25 (Extreme Fear). Meanwhile, stablecoin drama erupted after Justin Sun’s claims caused FDUSD to depeg, Ripple's RLUSD surged, the HBAR Foundation joined a high-profile bid for TikTok, and President Trump's new tariffs introduced uncertainty into the crypto market.​

• Crypto market cap drops to $2.68T, while daily trading volume surges 65.41% to $129.81B.

• FDUSD depegged after insolvency accusations by Justin Sun, sparking legal threats from First Digital.

• Ripple’s RLUSD stablecoin hit $244M market cap, growing 87% in a month amid adoption by major platforms.

• HBAR Foundation and Zoop filed a bid to acquire TikTok’s U.S. operations amid upcoming regulatory deadline.

• President Trump's announcement of new tariffs introduces potential volatility and uncertainty into the crypto market.

The global crypto market fell 1.40% in the past 24 hours to $2.68 trillion, as market sentiment shifted rapidly following macroeconomic announcements and stablecoin volatility. Despite the downturn, overall trading activity surged, with the total 24-hour market volume climbing 65.41% to $129.81 billion.​

Crypto Fear & Greed Index | Source: Alternative.me

Stablecoins dominated the trading landscape, accounting for 96.86% of total volume ($125.74B), while DeFi protocols contributed $7.74B. Bitcoin's dominance increased slightly to 61.87%, and the Crypto Fear and Greed Index slid into “Extreme Fear” territory at 25, down from yesterday’s 44.​

The U.S. political landscape jolted crypto markets after President Donald Trump announced sweeping tariffs, including a 10% blanket levy on imports and a 25% tariff on foreign automobiles. Bitcoin (BTC) saw brief upward momentum during Trump’s Rose Garden speech but later retreated to $86,000.​

BTC/USDT price chart | Source: KuCoin

Circle, the issuer of USDC, filed for a long-anticipated IPO on April 1 under the ticker “CRCL.” The firm reported $1.67 billion in 2024 revenue, up 16% year-over-year, though its net income declined nearly 42% to $155.6 million. Over 99% of its income came from yield-bearing Treasury bills backing its stablecoin.​

Investment firm VanEck filed to create a Delaware trust for a possible BNB ETF, signaling growing institutional interest in non-Bitcoin crypto assets.​

Crypto market cap dips under $2.7 trillion after Trump’s reciprocal tariffs | Source: Coinmarketcap

On April 2, President Donald Trump announced a series of sweeping tariffs, including a 10% baseline tariff on all imports and higher rates for specific countries—34% on China, 20% on the European Union, and 24% on Japan. Additionally, a 25% tariff on all foreign-made automobiles was introduced, set to take effect at midnight on April 3.

The immediate market reaction was negative, with U.S. stock-index futures declining between 2% and 3.3% in after-hours trading. Bitcoin's price experienced volatility, initially rising during the announcement but later retreating to around $86,000 and then to $83,000 early on Thursday.

Analysts have mixed views on the long-term impact of these tariffs on the crypto market. Some suggest that while short-term pressures may lead to market instability, the weakening of the U.S. dollar due to trade tensions could position cryptocurrencies like Bitcoin as attractive alternative assets. Conversely, heightened economic uncertainty might drive investors toward traditional safe-haven assets, potentially. 

Ripple USD (RLUSD) market cap | Source: Coinmarketcap

Ripple's stablecoin RLUSD is seeing rapid adoption across the cross-border payments industry. Ripple announced that RLUSD is now integrated into Ripple Payments, its global payments solution.​

RLUSD’s market cap surged to $244 million — an 87% increase in just one month — with $860 million in transfer volume. The token is backed by short-term U.S. Treasuries and recently listed on Kraken, LMAX, and Bitstamp. Ripple said RLUSD’s adoption is outpacing internal projections, with NGO collaborations underway for aid distribution use cases.​

Read more: What Is RLUSD? A Comprehensive Guide to Ripple's Stablecoin and Its Impact on XRP

The HBAR Foundation, in partnership with Zoop (founded by OnlyFans’ creator), has entered the bidding war to acquire TikTok’s U.S. operations. Their proposal comes as a U.S. law mandates ByteDance to divest TikTok by April 5 or face a ban.​

According to Zoop co-founder RJ Phillips, the bid is designed to create “a new paradigm” where creators and communities benefit more directly. The HBAR Foundation, aligned with the Hedera network, supports blockchain adoption in social platforms and views the TikTok bid as a strategic move to bring social media “on-chain.”​

Read more: Hedera (HBAR) Project Report

FDUSD depegged from the US dollar on 2 April | Source: Coinmarketcap

On April 2, FDUSD, the U.S. dollar-pegged stablecoin issued by First Digital, fell below its $1 peg after Tron founder Justin Sun publicly alleged that First Digital is insolvent. The token briefly traded at $0.9952.​

First Digital denied Sun’s claims, labeling them a “smear campaign” and promising legal action. The issuer clarified that its dispute is with TrueUSD (TUSD), not FDUSD, and reaffirmed that every FDUSD token is fully backed by U.S. Treasury Bills. Proof-of-reserve concerns were reignited in the community, highlighting the need for real-time, on-chain transparency in stablecoin audits.​

Read more: USDT vs. USDC: Differences and Similarities to Know in 2025

Today’s market movements reveal a highly volatile crypto landscape shaped by global politics, institutional interest, and stablecoin reliability. While fear is palpable and price volatility continues, developments like Ripple’s RLUSD integration, Circle’s IPO plans, and the HBAR-TikTok bid reflect an ecosystem still building despite uncertainty. Investors are watching closely as the next wave of regulation, innovation, and adoption reshapes the industry in real-time.