{"id":472703,"date":"2025-04-02T19:02:09","date_gmt":"2025-04-02T18:02:09","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=472703"},"modified":"2025-04-03T00:03:58","modified_gmt":"2025-04-02T23:03:58","slug":"fdusd-issuer-refutes-justin-suns-insolvency-allegations-calls-it-a-smear-campaign","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/fdusd-issuer-refutes-justin-suns-insolvency-allegations-calls-it-a-smear-campaign\/","title":{"rendered":"FDUSD issuer refutes Justin Sun’s insolvency allegations, calls it a \u2018smear campaign\u2019"},"content":{"rendered":"

First Digital Trust (FDT) denied Justin Sun<\/a> insolvency allegations and said its stablecoin is fully backed with US Treasury bills.<\/p>\n

Sun had made the allegation earlier in the day in a social media post, where he said the firm was insolvent and unable to process the redemption of its stablecoin, FDUSD<\/a>.<\/p>\n

The news caused FDUSD to break its peg and fall as low as $0.8726 before partially recovering to $0.9870 as of press time.<\/p>\n

The incident has raised questions about the stablecoin\u2019s solvency, the transparency of its issuer, and potential systemic implications for Binance<\/a>, which holds a significant amount of the asset.<\/p>\n

Insolvency allegations<\/h2>\n

First Digital emphasized that the dispute involves TrueUSD (TUSD), not FDUSD, and asserted that all FDUSD reserves are fully backed and verifiable through US Treasury Bills.<\/p>\n

The company added that the specific ISIN numbers for the reserves are documented in its attestation report. However, the TUSD issuer claims that FDT allegedly misplaced roughly $500 million in TUSD into bad investments.<\/p>\n

First Digital Trust added:<\/p>\n

“Every dollar backing $FDUSD is completely, secure, safe and accounted for with US backed T-Bills. The exact ISIN numbers of all of the reserves of FDUSD are set out in our attestation report and clearly accounted for.”<\/p><\/blockquote>\n

The firm labeled Sun\u2019s statements as a “typical Justin Sun smear campaign to try to attack a competitor to his business.” It said that rather than allowing the legal dispute over TUSD to proceed in court, Sun had launched a \u201ccoordinated social media effort to try to damage FDUSD as a business competitor.\u201d<\/p>\n

First Digital Trust said it would pursue legal action to protect its rights and reputation. The company also plans to hold an \u201cAsk Me Anything\u201d (AMA) event on X on April 3, right after Justin Sun\u2019s own AMA.<\/p>\n

Tron<\/a> founder Justin Sun's public statement urging users to withdraw assets tied to First Digital Trust was the primary catalyst for the depeg.<\/p>\n

He said:<\/p>\n

“There are significant loopholes in both the trust licensing process in Hong Kong and the internal risk management of its financial system. I urge regulators and law enforcement to take swift action to address these issues and prevent further major losses.”<\/p><\/blockquote>\n

Sun added that Hong Kong\u2019s reputation as a global financial center was at stake in this case.<\/p>\n

Binance exposure under scrutiny<\/h2>\n

According to Conor Grogan, head of product business operations at Coinbase<\/a>, Binance holds approximately 94% of the FDUSD supply<\/a>. This amounts to about $2.2 billion, with $1.5 billion originating from user deposits and $700 million from corporate funds.<\/p>\n

He added that the FDUSD\/BTC pair has historically been the most traded on the platform, making the depeg event a significant operational concern.<\/p>\n

AP Collective founder Abhishek Pawa noted<\/a> that FDUSD\u2019s role within Binance\u2019s infrastructure expanded rapidly after the platform began distancing itself from the Binance USD (BUSD) in early 2023.<\/p>\n

That move came in response to US regulatory pressure when the Securities and Exchange Commission (SEC) and NYDFS labeled BUSD, issued by Paxos, a potential unregistered security.<\/p>\n

Binance gradually phased out BUSD incentives, trading pairs, and promotional campaigns, shifting liquidity toward alternatives such as FDUSD, USDT, and TUSD.<\/p>\n

The FDUSD crisis marks a stark contrast to the controlled wind-down of BUSD. Unlike BUSD, which was issued by a US-regulated entity, FDUSD was positioned as a more compliant alternative aligned with Hong Kong\u2019s regulatory framework.<\/p>\n

Binance integrated FDUSD deeply into its ecosystem, making its sudden instability more damaging in both reputational and operational terms.<\/p>\n

According to Abhi, while Binance\u2019s FDUSD reserves reportedly maintain 111% collateralization, the event has nonetheless cast doubt on the asset\u2019s liquidity and redemption mechanisms.<\/p>\n

He added that the FDUSD\u2019s instability also reopens regulatory questions for Binance. After the BUSD debacle, the platform emphasized its renewed commitment to compliance and transparency.<\/p>\n

However, the current episode may prompt renewed scrutiny of its due diligence and risk assessment practices, particularly regarding third-party stablecoin issuers.<\/p>\n","protected":false},"excerpt":{"rendered":"

First Digital Trust (FDT) denied Justin Sun insolvency allegations and said its stablecoin is fully backed with US Treasury bills. Sun had made the allegation earlier in the day in a social media post, where he said the firm was insolvent and unable to process the redemption of its stablecoin, FDUSD. The news caused FDUSD […]<\/p>\n","protected":false},"author":1511,"featured_media":472706,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,39,77968,32631],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nFDUSD issuer refutes Justin Sun's insolvency allegations, calls it a \u2018smear campaign\u2019<\/title>\n<meta name=\"description\" content=\"Crypto industry executives also highlighted how the episode could significantly impact Binance, the largest FDUSD holder.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/fdusd-issuer-refutes-justin-suns-insolvency-allegations-calls-it-a-smear-campaign\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FDUSD issuer refutes Justin 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