First Digital USD

FDUSD is a US dollar stablecoin from Hong Kong's First Digital group, meant to be redeemable 1:1 for dollars.

First Digital USD (FDUSD) is a stablecoin: a token designed to stay worth one US dollar. It is issued by First Digital Labs, part of the Hong Kong-based First Digital group, and launched in June 2023. Its reserves are held by First Digital Trust in segregated accounts.

The reserves are invested in short-term US Treasury bills, government securities, fixed deposits and overnight repurchase agreements. The token pays holders nothing; income from the reserves stays with the issuer.

FDUSD grew quickly as a trading currency on Binance and reached about $4.04 billion in April 2024. Its supply has since fallen to about $325 million on 1 October 2026, most of it on Ethereum, with the rest on BNB Chain, Sui, Solana and other networks.

In April 2025 FDUSD fell as much as 9% below its peg after TRON founder Justin Sun said First Digital Trust was insolvent. First Digital denied it and sued him for defamation. The dispute stems from about $456 million of TrueUSD reserves that First Digital Trust held as custodian and that ended up with Dubai-based Aria entities.