Fdusd, the Stablecoin issued by First Digital, based in Hong Kong, has staggered its price plug of $ 1 as investors’ concerns increased its reservations, although the company said Wednesday that it was “completely solvent.”
FDUSD has fallen to 0.87 against the USDT Stablcoin de Tether and 0.76 against the USDC of Circle in Binance, the main exchange listed FDUSD. In particular, Bitcoin (BTC) also almost reached 100,000 against FDUSD. The Token has stabilized around $ 0.98- $ 0.96 later, still quoting below its supposed price anchor.
The sudden price action occurred when Counting on early Wednesday reported that some of Trueusd Stablecoin’s reserve assets were caught in illiterate investments, according to presentations. The founder of Tron, Justin Sun, rescued the issuing company. First Digital Trust, a fiduciary company affiliated with First Digital, was appointed to administer Tusd reserves.
“First Digital Trust (FDT) is effectively insolvent and unable to meet the refunds of customer funds. I strongly recommend that users take immediate measures to ensure their assets,” said Justin Sun, the founder of Tron, in a publication on Wednesday X.
First digital refuted the accusations in an X publication, saying that “the first digital is completely solvent” and “every dollar that supports FDUSD is completely safe, safe and counted with us, the invoices t backed by us.”
“This is a typical Justin Sun smear campaign to try to attack a competitor to his business. As we told Coendesk journalist, we have not yet had the opportunity to defend ourselves and, instead of letting Tusd Matter be treated in court, Justin has resorted to a coordinated social networks effort to try to damage FDUSD as a business competition,” said the company. “The FDT will follow legal actions to protect their rights and reputation.”
The last monthly FDUSD reserve report showed that the $ 2 billion of reserve assets remained mainly in the United States Treasury invoices and a minor part in the repo facilities and fixed deposits.
Update (April 2, 17:15): Updated FDUSD price action.
