First Digital USD (FDUSD) is a fiat-backed stablecoin designed to track the U.S. dollar. It is issued by FD121 (BVI) Limited, while First Digital Trust Limited provides custody services for the reserves. The issuer says eligible customers may redeem FDUSD at a 1:1 rate; access is subject to its terms and jurisdictional restrictions, and the product is not intended for U.S. persons.
Market Data (CoinGecko)
| Metric | Value |
|---|---|
| Ticker | FDUSD |
| Price | $0.9984 |
| Market Cap | $324.5M |
| 24h Change | 0.0% |
CoinGecko market snapshot checked 2026-10-23 03:14 UTC; price, market cap, and 24-hour change refresh automatically and can change at any time.
Issuer, custody, and redemption
First Digital Labs identifies itself as the brand of FD121 (BVI) Limited. Its disclosures distinguish the issuer from First Digital Trust Limited, the reserve custodian. That distinction matters: an issuer promise, custody arrangement, reserve report, and a user’s ability to redeem are separate parts of the stablecoin’s risk model. Direct redemption is limited to eligible customers; many holders instead trade FDUSD through exchanges or other supported services.
Where FDUSD is used
FDUSD can serve as a dollar-denominated trading or settlement asset on exchanges and on supported blockchain applications. Listings, trading pairs, liquidity, and integrations can change by platform and network. Binance has been an important venue, but exchange activity does not make Binance the issuer and does not guarantee that a particular pair, promotion, or yield product will remain available. Lending or reward offers are separate products with their own counterparties and risks.
Tokenomics and supply
FDUSD has no separate governance-token function or protocol-defined maximum supply. Its supply is intended to expand when eligible clients mint tokens against reserves and contract when tokens are redeemed and burned; actual access depends on issuer terms. CoinGecko reported about 325.0 million FDUSD in circulating and total supply at the market snapshot above. These third-party figures can change and do not establish a hard cap, holder distribution, or guaranteed redemption. FDUSD itself does not pay blockchain gas; transfers require the native fee asset of the selected network.
Risks and limitations
A target peg is not a guarantee that every secondary-market trade will clear at one dollar. Users face issuer and custodian exposure, reserve and redemption terms, exchange concentration and liquidity risk, smart-contract or bridge risk across different networks, and legal restrictions. Reserve attestations are point-in-time assurance procedures, not a guarantee against loss or a substitute for reading the issuer’s current disclosures. Always check the asset contract and network before transferring tokens.
Social Media Sentiment
A small r/binance discussion from November 2025 asked why FDUSD trading volume appeared concentrated on Binance. Replies pointed to exchange fee incentives and Binance’s role in FDUSD markets, while another participant questioned how much volume came from other venues. This is a single exchange-community thread, not an independent measurement of current market concentration or broad user sentiment. Open the original discussion.
Last updated: 2026-10
Related Terms
See Also
- Why Algorithmic Stablecoins Fail
- What Is Tokenomics? Crypto Token Supply, Allocation and Utility Explained
- X Money, the GENIUS Act and Elon Musk’s Stablecoin Conflict
- Swap crypto with ChangeNOW
Sources
- First Digital Labs: FDUSD — Defines FDUSD’s stated dollar-redemption design and distinguishes the stablecoin’s role from a bank deposit.
- First Digital Labs: Company and Disclosures — Identifies FD121 (BVI) Limited as issuer, names the reserve custodian, and states U.S.-person restrictions.
- First Digital Labs: Transparency — Describes the issuer’s reserve disclosures and monthly independent attestation process.
- CoinGecko: First Digital USD — Identifies the FDUSD market listing and supplies the dated price, market-cap, and circulating-supply snapshot.