First Digital Labs has launched a brand new attestation report confirming that its FDUSD stablecoin is absolutely backed regardless of ongoing fraud accusations from Tron founder Justin Solar.
In response to the report revealed on Apr. 14, reserves of equal worth, which embrace greater than $1.74 billion in U.S. Treasury payments and $603 million held in in a single day repurchase agreements, match First Digital USD’s (FDUSD) complete provide of two.58 billion tokens. Extra property embrace fastened deposits throughout a number of jurisdictions.
The corporate has reaffirmed that every one FDUSD reserves are held in bankruptcy-remote accounts and are by no means blended with firm funds. It added that over $1 billion value of FDUSD has been redeemed to this point with out incident.
The most recent $FDUSD attestation experiences at the moment are obtainable on our web site:https://t.co/IpSw33lpGQ
At @FirstDigitalHQ, our dedication to monetary transparency, accountability and consumer asset safety stays unwavering. To bolster this dedication, we appoint two respected…— First Digital Labs (@FDLabsHQ) April 14, 2025
This comes simply days after Justin Solar accused First Digital Belief of embezzling almost $500 million in consumer funds. In response to Solar, the agency, together with a community of companions together with Dubai-based Aria DMCC, deceived the stablecoin’s issuer into wiring the funds to an unrelated entity. He claims the cash was re-routed by means of a fraudulent handle change and partially deposited right into a Hong Kong account known as “Glass Door.”
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Solar named a number of people allegedly concerned and known as the scheme a “main worldwide monetary fraud,” evaluating it to a basic crypto pockets exploit. He additionally hosted a livestream and met with Hong Kong regulators to current proof. First Digital Belief has denied all accusations and responded by submitting a defamation lawsuit in Hong Kong’s Excessive Courtroom.
The corporate is in search of to cease Solar from repeating the claims and is demanding retractions and damages. Earlier this month, the controversy brought on the FDUSD to briefly lose its peg, falling as little as $0.87. On the time of writing, the stablecoin was buying and selling at $0.99 after recovering.
Issued by FD121 Restricted and overseen by First Digital Belief, FDUSD has gained traction as a fiat-backed, regulated stablecoin. It’s presently obtainable on Ethereum (ETH), BNB Chain (BNB), Solana (SOL), and Sui (SUI).
Because the authorized dispute unfolds, First Digital Belief has stated that it’s going to proceed publishing common attestations and dealing with impartial companies to offer transparency into its reserves.
Learn extra: Report: Synthetix’s sUSD depegging attributable to governance improve and lack of incentives
