First Digital USD 

FDUSD Price

What is the First Digital USD (FDUSD) stablecoin?

First Digital USD (FDUSD) is a fiat-backed stablecoin pegged 1:1 to the U.S. dollar, issued by First Digital Labs, the stablecoin arm of the Hong Kong-based First Digital group. The issuing entity is FD121 Limited, a financial technology company, with reserve custody provided by First Digital Trust Limited. FDUSD targets cross-border payments, remittances, treasury management and trade settlement, with liquidity concentrated on BNB Chain and in Asian markets. Direct minting and redemption are limited to institutional clients.

Is FDUSD fully backed by U.S. dollars?

Yes. Per the issuer's disclosures, every FDUSD is backed by one U.S. dollar or an asset of equivalent fair value. Reserves sit with a qualified custodian, First Digital Trust Limited, in accounts with regulated depository institutions. The issuer states the reserve pool is 100% cash and cash equivalents and legally segregated from the company's own assets.

Who issues FDUSD: First Digital Labs or First Digital Trust?

First Digital Labs issues FDUSD. The issuing legal entity is FD121 Limited, a Hong Kong financial technology company rather than a bank. First Digital Trust Limited does not issue the token: the firm acts as custodian for the reserves backing it. All three sit under the First Digital group, a private Hong Kong company led by founder Vincent Chok that also operates digital-asset custody and tokenization businesses.

How are FDUSD's reserves verified?

Reserves are attested monthly by third-party firms IAPA and Prism, per the issuer's reporting. Smart-contract security audits were carried out by Quantstamp. Attestation reports are published on a regular schedule, though the depth and frequency of public reporting is lighter than some larger fiat-backed stablecoins, a transparency gap investors should weigh when assessing FDUSD.

Is FDUSD's supply fixed?

No. FDUSD has an elastic supply with no fixed maximum or emission schedule. New tokens are minted when institutional clients purchase FDUSD, and tokens are burned when clients redeem. Supply therefore expands and contracts with institutional demand, and the live circulating figure changes accordingly. The relevant risk is concentration: a small number of institutional minters drive issuance, and usage has historically centered on Binance, so large redemption flows concentrated on that dominant venue can move the peg.

How can FDUSD be redeemed for USD?

Direct 1:1 redemption for U.S. dollars is limited to onboarded institutional clients of First Digital Labs. Retail holders exit through secondary markets instead, selling FDUSD on exchanges or decentralized pools at market pricing, typically against USDT or USDC. For retail users, "redeeming" FDUSD effectively means converting it to another stablecoin rather than claiming dollars from the issuer.

On which exchanges can FDUSD be bought and traded?

Per DropsTab data, FDUSD trades in over a dozen tracked spot markets with no derivatives markets. Centralized venues: Binance (FDUSD/USDT, FDUSD/USDC, FDUSD/TRY), Gate, MEXC, BingX, Bitunix, Biconomy.com, HitBTC and Azbit. Decentralized venues: Cetus on Sui, Uniswap v3 on Ethereum, PancakeSwap v2 and Raydium on Solana. Binance is the anchor venue with the deepest books and has historically promoted FDUSD through zero-fee pairs, so off-Binance liquidity is thinner and fragmented across chains.

Which blockchains does FDUSD run on?

FDUSD runs as five token deployments on Ethereum, BNB Smart Chain, Arbitrum One, Sui and Solana. The Ethereum contract is 0xc5f0f7b66764f6ec8c8dff7ba683102295e16409, verifiable on Etherscan, and the same address serves BNB Smart Chain. Native Solana support launched on January 15, 2025. Native FDUSD went live on Arbitrum One in June 2025, with Sui liquidity routed through the Cetus decentralized exchange.

Has FDUSD ever lost its dollar peg?

Yes, briefly. In April 2025, FDUSD depegged after Justin Sun publicly claimed First Digital was insolvent. First Digital rejected the insolvency claim as unfounded, called the allegations "pure fiction" and said it would pursue legal action. The peg recovered after the episode. The event demonstrated that FDUSD's price depends on trust in the issuer, and that issuer-level allegations can move the peg even when reserves remain intact.

Is FDUSD available to U.S. persons, and how is it regulated?

No. FDUSD is explicitly not offered to U.S. persons or entities. The token falls under Hong Kong's new stablecoin regime: the Stablecoin Ordinance took effect on August 1, 2025. First Digital has signaled intent to apply for a license from the Hong Kong Monetary Authority. The first HKMA stablecoin licenses, issued in August 2025, went to other applicants, so FDUSD's licensing status remains an open regulatory item.