FDUSD on reserve quality
8.4/ 35% of the score
Reserves are stated as cash and equivalents held in trust arrangements in Asia, published monthly.
Best Stablecoins · Rank 07 of 8
FDUSD review
Trading pairs on venues where it is the default quote asset
Last verified August 13, 20264 scored axes
Score8.0
Documented, with gaps
The short answer
FDUSD scores 8.0 out of 10 and ranks #7 of 8 in the best stablecoins table, strongest on reserve quality (8.4) and weakest on peg record (7.6).
Widely used as a quote currency on major venues, with reserves held in trust and regular attestation. A brief 2025 depeg on rumours about the issuer showed how thin the confidence layer is for newer entrants.
Key facts on record
- Issuer
- First Digital
- Backing
- Cash and equivalents in trust
- Reporting
- Regular attestation
What the record shows
4 axes, weighted as published in the table’s methodology. Each score below is read from the fact printed under it.
FDUSD on attestation depth
8.0/ 25% of the score
Monthly attestation by an accounting firm; custodian arrangements are documented in less detail than the US trust-issued alternatives.
FDUSD on peg record
7.6/ 20% of the score
Fell to roughly $0.87 intraday in April 2025 after public claims about the issuer's solvency, recovering within the same week.
FDUSD on redemption access
7.8/ 20% of the score
Par redemption for verified institutional customers; usage concentrates on a small number of venues.
Quick answers
- What is FDUSD best for?
- Trading pairs on venues where it is the default quote asset. Widely used as a quote currency on major venues, with reserves held in trust and regular attestation.
- Where does FDUSD rank among best stablecoins?
- #7 of 8, scoring 8.0 out of 10 — documented, with gaps on our band scale.
- What is the weakest part of FDUSD?
- Peg record at 7.6. Fell to roughly $0.87 intraday in April 2025 after public claims about the issuer's solvency, recovering within the same week.
Strengths and weaknesses
In its favour
- Deep liquidity on the venues where it is a default pair
- Reserves held in segregated trust arrangements
- Regular attestation reporting
Against it
- Depegged briefly in 2025 on issuer-related rumours
- Usage is concentrated on a small number of venues
2 April 2025
FDUSD fell to roughly $0.87 intraday after Justin Sun publicly claimed that First Digital Trust was insolvent. The issuer denied it, honoured redemptions — reportedly $26m within days — filed a defamation claim, and the token recovered within the week. Nothing in the reserve failed. What failed was confidence, and the speed of the fall showed how little of it a newer issuer has in reserve.
What backs it
Cash and equivalents held in trust arrangements in Asia, published monthly with attestation by an accounting firm. The custodian arrangements are documented in less detail than the US trust-issued alternatives, which is the gap that made the solvency claim land as hard as it did — a well-documented issuer has less to fear from an accusation.
Concentrated usage
Its liquidity is real but concentrated on a small number of venues where it serves as a default quote asset. That is comfortable while those venues want it and it is a single point of dependence — the depth is a commercial arrangement rather than an organic market position.
Who it suits
Traders quoting pairs on the venues where it is deep, sized for the session rather than for the year, and nobody looking for a place to keep savings.
Frequently asked questions
Why did FDUSD depeg in April 2025?+
Justin Sun publicly claimed the issuer, First Digital Trust, was insolvent. The token fell to about $0.87 intraday, the issuer denied the claim and honoured redemptions, and the peg recovered within the week.
Is FDUSD backed?+
By cash and equivalents held in trust arrangements in Asia, published monthly with accounting-firm attestation. Custodian detail is thinner than at the US trust-issued alternatives.
Should I hold FDUSD long term?+
Its usage is concentrated on a few venues where it is a default quote asset, which makes it a trading instrument rather than a savings position.
How FDUSD compares
8 services in best stablecoins
- 01USDCThe most conservative reserve profile among major stablecoins9.3
- 02USDS / DAIOn-chain collateral with transparent, verifiable backing9.0
- 03PYUSDUsers who want a stablecoin with a mainstream payments issuer behind it8.9
- 04RLUSDInstitutions wanting a trust-issued dollar on two settlement rails8.8
- 05crvUSDBorrowers who want soft liquidation instead of a cliff edge8.5
- 06USDTDeepest liquidity anywhere in crypto8.3
- 07FDUSDyou are hereTrading pairs on venues where it is the default quote asset8.0
- 08USDeUsers who understand they are buying a basis-trade product7.4