First Digital USD FDUSD Fiat-backed
1 FDUSD held since June 2023 now buys what $0.91 bought back then — 9% of its purchasing power lost to US inflation. Stablecoin inflation calculator →
About First Digital USD
First Digital USD (FDUSD) is a stablecoin issued by First Digital, a Hong Kong–based trust and custody group, launched in June 2023. It grew quickly as Binance promoted it after Binance's own BUSD was wound down.
FDUSD is backed by cash and short-term US Treasuries, according to First Digital's monthly attestations.
In April 2025 TRON founder Justin Sun publicly claimed that First Digital Trust was insolvent, in a dispute tied to the reserves of another stablecoin, TUSD. FDUSD fell to about $0.87 on some markets before recovering as First Digital denied the claims, honored redemptions and filed a defamation suit. Its supply has shrunk considerably since then.
Key facts
| Issuer | First Digital |
|---|---|
| Type | Fiat-backed |
| Backing | Cash and short-term US Treasuries, per monthly attestations |
| Launched | June 2023 |
| Regulation | Issued by a Hong Kong–based trust company |
| Official website | firstdigitallabs.com |
Peg history
Daily price of FDUSD against its $1 target. Daily data smooths out intraday moves, so the deepest depegs were lower than the chart shows — see the events below.
Notable depegs and incidents
- — Dropped to about $0.87 on some markets after Justin Sun alleged First Digital Trust was insolvent; First Digital denied the claims and the peg recovered within about a day.
FDUSD supply over time
FDUSD FAQ
Is FDUSD safe?
FDUSD has attested cash and Treasury reserves, but it depends heavily on a single exchange for liquidity and has faced public disputes involving its issuer, which showed how quickly confidence can move its price.
What backs FDUSD?
Cash and short-term US Treasuries held by First Digital, according to its monthly attestations.
Has FDUSD ever lost its peg?
April 2, 2025: Dropped to about $0.87 on some markets after Justin Sun alleged First Digital Trust was insolvent; First Digital denied the claims and the peg recovered within about a day.
How much value has FDUSD lost to inflation?
Against the dollar, none — FDUSD is designed to stay at $1. Against what a dollar buys, about 9% since its launch in June 2023, based on the US consumer price index. Holding a stablecoin protects you from crypto volatility, not from inflation.
Compare FDUSD
What if you didn't want a peg?
Stablecoins copy the dollar — inflation included. Unstablecoins take the opposite bet: no peg, a fixed or shrinking supply and volatility on the label. See them in the live unstablecoin rankings.
Sources
- First Digital Labs — FDUSD
- CoinDesk — First Digital Trust files defamation claim against Justin Sun (Apr 2025)
Market data: DefiLlama (hourly). Inflation: US CPI-U from FRED. This page is informational and not financial advice.