What is FDUSD stablecoin and how is it used on Binance?

FDUSD is a US dollar stablecoin issued by First Digital Labs, part of the First Digital Group. The FDUSD meaning is simply First Digital USD. Each token is meant to be worth one dollar and redeemable for one dollar by approved clients, with reserves held in a trust.

What is FDUSD stablecoin?

According to First Digital Labs, FDUSD is backed by cash and cash equivalents only, mainly short-dated US Treasury bills and overnight reverse repos. The reserves are held by First Digital Trust Limited in a structure meant to keep them separate if the issuer failed. Monthly independent attestation reports check that circulating supply is fully backed.

FDUSD launched from Hong Kong. On August 15, 2025, issuance moved to a new company, FD121 (BVI) Limited, registered in the British Virgin Islands. First Digital said this would let it keep operating globally while it seeks licenses under rules such as Hong Kong's stablecoin framework, the EU's MiCA and the US GENIUS Act. Custody stayed with First Digital Trust.

What is FDUSD in Binance?

Binance listed FDUSD on July 26, 2023. It offered zero trading fees on several FDUSD pairs, a promotion The Block reported would last until further notice. The timing followed a 2023 order by New York's financial regulator that stopped Paxos from issuing BUSD, Binance's branded stablecoin, and Binance said it would move away from BUSD as its main trading pair.

Ordinary users cannot buy FDUSD directly from First Digital Labs. The issuer only sells to qualified institutions and professional clients who pass anti-money-laundering checks. Retail users get it on exchanges or from OTC desks. FDUSD is not offered to US persons. As of October 2026, it exists on Ethereum, BNB Chain, Solana, Sui, TON and Arbitrum.

What is FDUSD crypto's depeg history?

On April 2, 2025, Tron founder Justin Sun posted that First Digital Trust was "effectively insolvent." His claims centered on a separate dispute over reserves for TrueUSD (TUSD), another stablecoin, which First Digital Trust had managed for its issuer, Techteryx.

FDUSD fell as low as about $0.87 that day. First Digital called the allegations false, said it was fully solvent, and said FDUSD was fully backed by Treasury bills and redeemable 1:1. Its CEO denied wrongdoing in the TUSD dispute.

Within a day, trading firm Wintermute sent more than 75 million FDUSD to First Digital, which analysts read as redemptions at full value. That pattern, where big holders buy cheap tokens and redeem them at $1, is one way a stablecoin regains its peg. Our guide on what happens when a stablecoin depegs explains the process.