Gerstein Harrow has filed similar cases in the past, arguing its clients have a claim to funds stolen by the DPRK and frozen by crypto firms.

John Palmer, a developer and brand adviser, agreed, said it "feels like a bug" to call them stablecoins and that they should have a self-defined and non-reactionary name.

Bakkt announced the deal in January, which was originally for 9.3 million shares, along with a corporate name change to Bakkt Inc.