1. Overview

• Stablecoin: FDUSD

• Issuer: First Digital Labs (FD121 Limited), part of the First Digital Group (Hong Kong)

• Blockchain: Ethereum, BNB Chain, Sui, Solana

• Launch: June 2023

• Type: Fiat-backed, centralized, redeemable 1:1 with USD

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2. Use Case

FDUSD is designed for:

• Cross-border payments and institutional settlement

• Stable on/off-ramps for crypto exchanges and platforms

• Trading pairs and liquidity provisioning on platforms like Binance

• Integration into DeFi protocols across multiple ecosystems

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3. Compliance Team & Governance

• CEO: Vincent Chok

• COO: Gunnar Jærv

• Custodian: First Digital Trust Limited, licensed trust company in Hong Kong

• Audits: Monthly attestations by Prescient Assurance LLC

• Regulatory clarity expected through Hong Kong’s upcoming stablecoin regime

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4. Customer Feedback & Reputation

• No presence on Trustpilot

• Binance confirmed liquidity and reserves following a temporary depeg in April 2025

• ChainArgos and independent researchers label FDUSD’s reserve setup “adequate but non-transparent” in terms of custodian visibility

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5. CU Background Check

• FDUSD’s reserves include short-term U.S. Treasury bills, cash deposits, and overnight fixed deposits

• Latest attestation (May 2025): $2.55 B assets backing $2.54 B FDUSD in circulation

• S&P Global reportedly rates its reserve setup “adequate” due to limited detail on custodians

• During April 2025, a temporary depeg to ~$0.87 was resolved within 48h

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6. Crypto-Economics

• Minting: Users deposit USD via institutional accounts → FDUSD is minted

• Redemption: Institutional redemption at 1:1; retail redemptions are indirect (via exchanges)

• Available on Ethereum, BNB Chain, and others

• ~1.5 B FDUSD in circulation, 24h volume ~$4–6 B (CoinGecko)

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7. Backing & Value Stability

• Fully backed by USD instruments:

  • U.S. Treasury bills

  • Cash at licensed banks

  • Overnight fixed deposits

• Reserves held in segregated accounts, legally protected from bankruptcy claims

• Monthly attestations show a 100.5% reserve ratio (latest report)

• Key limitation: no detailed public disclosure of custodial bank names or asset duration

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8. Final CyberFinance Compliance Rating

🟠 Final Rating: ORANGE SIGNAL

FDUSD shows strong fundamentals, reserve management, and a growing footprint on exchanges. Its biggest challenge remains the lack of full regulatory oversight until the Hong Kong regime goes live, and limited consumer transparency compared to players like USDC.

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📌 Ratex42 Summary

FDUSD is a robust fiat-backed stablecoin with audited reserves, institutional focus, and growing use in Asia. However, the jurisdictional status and retail transparency leave it just short of a Green Signal.