First Digital USD (FDUSD) is a fiat-backed stablecoin pegged 1:1 to the US dollar, issued by FD121 Limited — a subsidiary of First Digital Group in Hong Kong — with reserves held in cash and short-term US Treasuries, initially popularized as a BUSD replacement on Binance after BUSD was forced to wind down in 2023.
| Stat | Value |
|---|---|
| Ticker | FDUSD |
| Price | $1.00 |
| Market Cap | $408.73M |
| 24h Change | +0.0% |
| Circulating Supply | 408.99M FDUSD |
| All-Time High | $1.15 |
| Contract (Ethereum) | 0xc5f0...6409 |
| Contract (Sui) | 0xf16e...DUSD |
| Contract (The Open Network) | EQD0Ev...kO89 |
| Contract (Solana) | 9zNQRs...h54u |
| Contract (Binance Smart Chain) | 0xc5f0...6409 |
| Contract (Arbitrum One) | 0x93c9...69fe |
How It Works
- Reserve custody — USD deposits are held in segregated accounts with regulated custodians. Reserves consist of cash and short-term US Treasury securities.
- Monthly attestations — An independent qualified accountant attests to reserve balances monthly.
- Minting and redemption — FDUSD is minted 1:1 when fiat is deposited through First Digital’s onboarding process; redeemed for USD at face value.
- Multi-chain deployment — FDUSD is available on Ethereum and BNB Chain. Bridging between chains is supported.
Tokenomics
| Parameter | Value |
|---|---|
| Ticker | FDUSD |
| Peg | 1:1 USD |
| Backing | Cash + short-term US Treasuries |
| Issuer | FD121 Limited (subsidiary of First Digital Group) |
| Launch | June 2023 |
| Chains | Ethereum, BNB Chain |
| Attestation frequency | Monthly |
Use Cases
- Binance trading pairs — FDUSD replaced BUSD as Binance’s primary promoted stablecoin. Binance listed FDUSD trading pairs with zero fees to drive adoption.
- DeFi on BNB Chain and Ethereum — Used in liquidity pools on PancakeSwap, Curve, and other protocols.
- International settlements — First Digital Group targets institutional use cases in Asia, particularly for cross-border settlement.
History
- 2023-02 — Paxos announces it will stop minting new BUSD following a New York DFS enforcement action, forcing Binance to find an alternative.
- 2023-06 — FDUSD launches. Binance lists FDUSD/USDT and major spot/futures pairs with zero fees, rapidly accelerating adoption.
- 2023 Q3 — FDUSD supply grows from near zero to over $3 billion within months, driven almost entirely by Binance trading volumes.
- 2024 — FDUSD reaches peak supply of approximately $4–5 billion. Competes with USDT and USDC as a top-three stablecoin by market cap at points.
- 2024 — Justin Sun (Tron founder) publicly claims FDUSD reserves are undercollateralized; First Digital Group and Binance strongly deny the claims. FDUSD briefly depegs slightly before recovering.
Common Misconceptions
“FDUSD is Binance’s stablecoin.”
Binance does not issue FDUSD. It is issued by FD121 Limited, a subsidiary of First Digital Group, an independent Hong Kong-based financial company. Binance promoted it as a preferred spot and futures stablecoin after losing BUSD.
“FDUSD’s growth reflects organic demand.”
The majority of FDUSD’s supply growth was driven by Binance’s zero-fee promotion rather than organic institutional demand, making its volume heavily exchange-dependent.
Social Media Sentiment
FDUSD has mixed sentiment. Binance users view it pragmatically as the de facto Binance stablecoin. Crypto-native DeFi users prefer USDC or DAI for trustlessness. The Justin Sun depeg controversy in 2024 damaged short-term confidence temporarily, though reserves were affirmed independently.
Last updated: 2026-04