On April 2, the stablecoin FDUSD briefly dropped in value after Justin Sun, the founder of Tron TRX, accused the company behind it, First Digital, of being unable to meet its financial responsibilities.

First Digital has redeemed almost $26 million in stablecoin withdrawals after its FDUSD token briefly lost its US dollar peg following allegations of insolvency by Tron founder Justin Sun.First Digital USD (FDUSD) depegged on April 2, briefly falling as low as $0.87 after Sun claimed that First Digital was insolvent. On April 4, Sun doubled down on his allegations, claiming the firm transferred over $450 million of customer funds to a Dubai-based entity and that it violated Hong Kong securities regulations.

Tron founder Justin Sun has initiated a legal process against First Digital Trust, the issuer behind the FDUSD stablecoin, accusing it of embezzling nearly $500 million in client funds. On a Apr.

FDUSD, the sixth-largest stablecoin (market cap $2.5 billion), saw a significant depeg yesterday morning to $0.91. The peg has since recovered, though FDUSD suffered a market cap loss of about $200m.

FDUSD regained its peg after a brief dip, following accusations that caused a market panic and a withdrawal of funds.

Market makers' blockchain transactions point to a potential $3 million arbitrage opportunity related to the depegging of the FDUSD stablecoin.The First Digital US dollar-pegged stablecoin (FDUSD) depegged on April 2, after Tron founder Justin Sun claimed that the stablecoin issuer was insolvent. Market marker Wintermute transferred over 75 million FDUSD tokens back to First Digital within a day since the stablecoin depegged to $0.87.

The sudden dip caused panic among investors, leading to a 13% drop in value. During this time, the Wintermute trading firm swiftly withdrew 31.36 million FDUSD from Binance.

First Digital USD (FDUSD) crashed and de-pegged as low as 13% after Justin Sun claimed its issuer, First Digital Trust, did not hold sufficient funds to back the outstanding stablecoins. Soon after that, FDUSD returned close to its $1 peg.

FDUSD, a stablecoin issued by Hong Kong-based First Digital, briefly lost its $1 peg this week, sparking investor concern over its reserves. Prices dropped as low as $0.87 against Tether (USDT) and $0.76 against Circles USDC on Binance, its main trading platform.

Binance has reaffirmed the accuracy of FDUSD's reserve attestation for February, following concerns sparked by a brief de-pegging event. In an Apr.

A prominent stablecoin depegged from the US dollar Wednesday morning after it was alleged that its Hong Kong-based issuer was bankrupt In a new thread on the social media platform X, crypto billionaire and Tron (TRX) founder Justin Sun urged his followers to “take immediate action” to protect any assets they held in FDUSD, a

Tron founder Justin Sun accused First Digital Trust of being insolvent regarding its TUSD stablecoin. This prompted another FDUSD, another asset from the same company, to temporarily depeg to a low of $0.87.

A stablecoin called First Digital USD lost its dollar peg after Tron founder Justin Sun claimed that its issuer is effectively insolvent.

The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

First Digital's stablecoin, FDUSD, slipped almost 10% today, falling below its intended peg after news broke of a lawsuit targeting the company's CEO. Adding fuel to the fire, Tron founder Justin Sun took to X on Wednesday, declaring First Digital “insolvent.

First Digital Trust (FDT) denied Justin Sun insolvency allegations and said its stablecoin is fully backed with US Treasury bills. Sun had made the allegation earlier in the day in a social media post, where he said the firm was insolvent and unable to process the redemption of its stablecoin, FDUSD.

First Digital Trust (FDT) denied Justin Sun insolvency allegations and said its stablecoin is fully backed with US Treasury bills. Sun had made the allegation earlier in the day in a social media post, where he said the firm was insolvent and unable to process the redemption of its stablecoin, FDUSD.

TL;DR Justin Sun warned about potential financial issues at First Digital Trust, pointing to fund mismanagement and difficulties in processing redemptions. FDUSD dropped 9% following Sun's statements, losing $130 million in market capitalization. First Digital denied the allegations and announced legal action. Binance holds $2.

The First Digital US-dollar pegged stablecoin (FDUSD) depegged on April 2 following claims of insolvency from Tron network founder Justin Sun, who said that the issuer of the tokenized fiat equivalent, First Digital, is insolvent.First Digital responded to the claims by assuring users that the issuer is completely solvent and said that the dispute is with TrueUSD (TUSD), another stablecoin. The firm wrote in an April 2 X post: "Every dollar backing FDUSD is completely, secure, safe and accounted for with US backed T-Bills.

The First Digital US dollar-pegged stablecoin (FDUSD) depegged on April 2 following claims of insolvency from Tron network founder Justin Sun, who said that the issuer of the tokenized fiat equivalent, First Digital, is insolvent.First Digital responded to the claims by assuring users they are completely solvent and said that FDUSD is still fully backed and redeemable with the US dollar on a 1:1 basis. The firm also said that the ongoing dispute is with TrueUSD (TUSD), another stablecoin.

The stablecoin deviated from its price peg as Tron founder Justin Sun claimed that First Digital Trust is "effectively insolvent," a characterization the company pushed back on.

Techteryx is suing First Digital for allegedly redirecting nearly half a billion dollars worth of TUSD reserves into illiquid investments.

Tron founder Justin Sun has publicly declared that First Digital Trust, a Hong Kong-based fiduciary, is insolvent and unable to fulfill client fund redemptions.

First Digital announced a partnership with Ledger Enterprise Tradelink to enable institutions to leverage FDUSD for off-exchange settlements. The post FDUSD Reveals Strategic Integration With Ledger's Off-Exchange Trading Network appeared first on Cryptonews.

TL;DR FDUSD-FOMO Pay Partnership: First Digital USD (FDUSD) partners with FOMO Pay to enable on-chain stablecoin payments for merchants on Ethereum and Solana blockchains. Merchant Integration: Over 200,000 merchants across Asia will now accept FDUSD, leveraging faster settlement times and reduced fees.

First Digital, the group behind the FDUSD stablecoin, has joined hands with FOMO Pay, a licensed Major Payment Institution in Singapore and Hong Kong, to add the stablecoin to FOMO Pay's payment solutions on Ethereum and Solana. The post FDUSD Integrates with FOMO Pay on Ethereum and Solana, Enables Payments to Merchants appeared first on Cryptonews.

First Digital USD (FDUSD), a multi-blockchain audited stablecoin pegged to the U.S. dollar, enhances its availability on Binance (BNB), the largest crypto exchange by trading volume and user count. Traders are invited to deposit and withdraw FDUSD paying no fees.

FDUSD, a 1:1 USD-backed stablecoin, expands to Solana blockchain, integrating with top DeFi protocols amid growing demand for stable digital assets.

Historically, Tether's USDT has dominated the cryptocurrency market as the primary source of crypto liquidity. However, data cited by on-chain tools have noticed an apparent shift in trader preferences as USDT loses some of its market grip to Circle's USDC and Binance's FDUSD.

Binance introduces new APR rewards, offering 16.2% for FDUSD locked products and 7% for EURI flexible products during a limited promotion period.

Binance launches a promotion offering up to 7 days of interest-free loans for users borrowing USDT, FDUSD, or USDC through team formation.

Heavily backed by the Binance exchange, the FDUSD stablecoin was previously available on Ethereum, BSC, and Sui networks.

First Digital Labs has announced the expansion of its FDUSD stablecoin onto the Solana blockchain, aiming to bring faster, lower-cost transactions to users worldwide. The announcement was made during Binance Blockchain Week, underscoring First Digital's strategy to increase the utility of FDUSD across multiple blockchain networks.

Hong Kong-based stablecoin issuer First Digital Trust said Thursday it is expanding its FDUSD token to the Solana network.

Explore the key differences and similarities between USDT, USDC, and FDUSD stablecoins, their market impact, and why BNB Chain is the ideal platform for these digital assets.

Binance introduces FDUSD Fixed Rate Locked Products offering a 16.2% APR. The promotion runs from October 23 to November 5, 2024, on a first-come, first-served basis.

Binance launches a promotional offer for FDUSD Locked Products, promising a fixed 15.9% APR during a limited subscription period from October 9 to October 22, 2024.

Binance launches Dubai Escape promotion, offering up to 60,000 FDUSD in token vouchers and a 2,000 FDUSD travel voucher for traders in MENA and South Asia regions.

Binance launches exclusive promotions for new Futures users in the MENASA region, offering 55,000 FDUSD in rewards through various trading competitions and tasks.

Binance introduces a limited-time promotion for FDUSD Locked Products, offering a 15.9% fixed APR for eligible users. The promotion runs from September 25 to October 8, 2024.

Binance announces a promotion offering 50,000 FDUSD in rewards. Complete tasks to collect icon cards and unlock the vault.

Binance has injected more FDUSD into the market, potentially sparking a small Bitcoin (BTC) rally. This is the first inflow of FDUSD on Binance since August 23 and follows a series of token burns that limited the stablecoin supply.

TL;DR Binance has launched fixed-rate loans in USDC and FDUSD stablecoins, offering stability in borrowing costs. Loans for USDC have a fixed rate of 7.8%, and for FDUSD, 11%, with a minimum amount of 50,000 for both. Borrowers must repay the full loan amount before the due date to avoid late fees.

The stablecoin's ability to manage its supply in response to market changes demonstrates its adaptability.

FDUSD started to contract its supply, potentially sending a bearish signal. The stablecoin by First Digital has an outsized influence on Binance markets.

Current stablecoin metrics show that USDE, the popular yield-bearing stablecoin, has slipped to fifth place among the top U.S. dollar-pegged tokens by market capitalization. Over the past three days, Ethena's USDE supply has decreased by 130 million, pushing First Digital's FDUSD into the fourth largest spot.

Binance introduces FDUSD Locked Products offering a 15.9% fixed APR during a limited promotion period, enhancing user earning potential.