FDUSD depegs
The stablecoin issued by First Digital, FDUSD, has lost its $1 peg and sunk as low as $0.76 before returning to around $0.97 — which, in stablecoin world, is still a substantial de-peg. The drop followed concerns about First Digital's reserves amid reports that some of the assets used to back the stablecoin were trapped in investments that couldn't be liquidated.The rumor has been amplified by Tron founder Justin Sun, who tweeted: "First Digital Trust (FDT) is effectively insolvent and unable to fulfill client fund redemptions. I strongly recommend that users take immediate action to secure their assets." First Digital responded by insisting they were solvent, and denounced Sun's comments as "a typical Justin Sun smear campaign to try to attack a competitor to his business". "First Digital to 'Pursue Legal Action' Over Justin Sun Allegations as FDUSD Drops" , CoinDesk
The stablecoin issued by First Digital, FDUSD, has lost its $1 peg and sunk as low as $0.76 before returning to around $0.97 — which, in stablecoin world, is still a substantial de-peg. The drop followed concerns about First Digital's reserves amid reports that some of the assets used to back the stablecoin were trapped in investments that couldn't be liquidated.
The rumor has been amplified by Tron founder Justin Sun, who tweeted: "First Digital Trust (FDT) is effectively insolvent and unable to fulfill client fund redemptions. I strongly recommend that users take immediate action to secure their assets." First Digital responded by insisting they were solvent, and denounced Sun's comments as "a typical Justin Sun smear campaign to try to attack a competitor to his business".
