First Digital USD (FDUSD) trades at $0.9971 with a market cap of $349,145,592 and a 24-hour trading volume of $38,003,912 as of June 2026, per CoinGecko data.
The stablecoin issued by Hong Kong-headquartered First Digital Labs hit a $1 billion market capitalization within six months of its June 2023 listing, then rode the Binance BUSD wind-down to a 2024 peak that has since compressed under two regulatory shocks and one trust event. The figures below trace the current state of FDUSD’s market data, reserves, multi-chain footprint, and the policy backdrop reshaping it.
Key Takeaways
- FDUSD circulating supply sits at 350,117,619 tokens with a fully diluted valuation of $349,145,592, per CoinGecko’s June 2026 snapshot.
- FDUSD is issued across six blockchains (Ethereum, BNB Chain, Solana, Sui, TON, and Arbitrum), with total holder count summing to 53,147 addresses.
- The reserve mix is cash and cash equivalents, with monthly attestation reports verifying 1:1 backing per the issuer’s transparency disclosures.
- FDUSD’s All-Time High was $1.15 on February 3, 2025, and its All-Time Low was $0.9404 on December 5, 2024, both reached over a year before the snapshot, per CoinGecko’s historical range data.
- On April 10, 2026, the Hong Kong Monetary Authority granted two stablecoin issuer licences under the Stablecoins Ordinance, with First Digital absent from that round.
- Independent attestation reports are published monthly, verifying FDUSD circulation is fully supported on a 1:1 basis by cash or cash equivalents.
- FDUSD’s CoinGecko market-capitalization rank is #124 among tracked cryptocurrencies.
Editor’s Choice
- FDUSD market cap: $349,145,592 at the June 2026 snapshot.
- FDUSD 24-hour trading volume: $38,003,912 across CoinGecko-tracked venues.
- Total on-chain issued supply across the six issuing chains exceeds 2,878,508,564 tokens per First Digital Labs’ live on-chain stats.
- Ethereum FDUSD issuance: 1,032,313,857 tokens across 3,409 holders and 31,511 total transfers.
- Sui FDUSD issuance: 1,470,781,332 tokens across 5,050 holders and 87,627 total transfers.
- BNB Chain FDUSD issuance: 71,829,062 tokens across 39,987 holders and 2,405,459 total transfers.
- On March 31, 2026, OpenPayd announced its USD SWIFT and EUR SEPA infrastructure integration with First Digital for FDUSD fiat settlement.
FDUSD Market Cap, Price, and Circulating Supply
The marquee data set for First Digital USD comes from CoinGecko’s aggregated venue data, which lists FDUSD at $0.9971 on a 0.0% 24-hour change, a market cap of $349,145,592, a circulating supply of 350,117,619 tokens, and a 24-hour trading volume of $38,003,912.
- Price: $0.9971 at the June 2026 snapshot.
- 24-hour price range: $0.9966 to $0.9976.
- 7-day price range: $0.9955 to $0.9987.
- Circulating supply: 350,117,619 tokens, equal to the total supply.
- Maximum supply: Uncapped (∞) per the issuer’s tokenomics.
- Fully diluted valuation: $349,145,592 with a market-cap-to-FDV ratio of 1.0.
The 1.0 market-cap-to-FDV ratio means every minted token is in circulation; there is no locked or vesting tranche distorting the headline price.
FDUSD Supply Across Six Blockchains
- Ethereum issuance: 1,032,313,857.33 tokens with 3,409 holders.
- BNB Chain issuance: 71,829,062.07 tokens with 39,987 holders.
- Sui issuance: 1,470,781,332 tokens with 5,050 holders.
- Solana issuance: 303,484,213.47 tokens with 4,663 holders.
- TON issuance: 50,000 tokens with 17 holders.
- Arbitrum issuance: 50,100 tokens with 21 holders.
By the numbers: The issuer reports FDUSD issuance across Ethereum, BNB Chain, Solana, Sui, TON, and Arbitrum, with the Sui deployment alone showing 1,470,781,332 tokens issued on-chain. CoinGecko reports a circulating supply of 350,117,619 tokens with a market cap of $349,145,592.
Benchmarking against a larger fiat-backed stablecoin requires identifying gross-mint vs net-float supply.
Recent Developments
- April 10, 2026: The Hong Kong Monetary Authority granted stablecoin issuer licences to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited under the Stablecoins Ordinance; First Digital was not among the initial licensees.
- March 31, 2026: OpenPayd announced its banking and payments infrastructure integration with First Digital, delivering USD SWIFT accounts and EUR SEPA settlement for FDUSD fiat on- and off-ramping.
- March 2025 (revisited 2026): Binance delisted FDUSD spot pairs for European Economic Area users under MiCA non-compliance, removing the EEA venue corridor from First Digital’s distribution.
- February 2026: First Digital Labs published its January 2026 monthly reserves attestation, with tokens outstanding at approximately $456.1 million and net assets at approximately $457.9 million.
- June 2026: FDUSD operates across six blockchains (Ethereum, BNB Chain, Solana, Sui, TON, and Arbitrum) following multi-chain expansion through 2025 and 2026.
FDUSD Reserve Composition and Custody
The FDUSD reserves are custodied by First Digital Trust Limited, a licensed Trust or Company Service Provider under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the laws of Hong Kong) and a registered trust company under the Trustee Ordinance (Chapter 29 of the laws of Hong Kong), per First Digital Labs’ transparency disclosures.
- Reserve mix: Cash and cash equivalents, intended to make tokens redeemable 1:1 for US dollars.
- Custodian status: Reserve assets fully segregated from the Trust company’s assets to isolate the Trust company’s bankruptcy.
- Attestation cadence: Independent attestation reports published monthly.
- Smart-contract security: FDUSD smart contracts implement the ERC20 Token Standard and are audited by PeckShield and Quantstamp.
- Redemption channel: First Digital stablecoins can always be purchased and redeemed by FD121 (BVI) Limited on a one-for-one basis against U.S. Dollars, subject to FDD Terms.
| Reserve Component | Role |
|---|---|
| Cash | Liquid redemption buffer |
| Short-dated U.S. Treasury Bills | Yield-bearing reserve core |
| Overnight reverse repos | Same-day liquidity layer |
Source: First Digital Labs Transparency, June 2026; First Digital PRNewswire announcement, December 2023
Worth noting: FDUSD smart contracts implement the ERC20 Token Standard and are audited by PeckShield and Quantstamp, per the issuer’s transparency disclosures. The dual-auditor pattern is shared with USDC and BUSD, which both relied on multi-firm smart-contract reviews before public listings.
Attestation is not a full audit: FDUSD’s monthly reports come from independent attesting firms, not from a full financial-statement audit. This is the industry norm for fiat-backed stablecoins, including USDT and USDC, but the distinction matters for readers comparing transparency cadences across issuers. Each attestation covers token issuance, total reserves, and an instrument breakdown rather than a full balance-sheet opinion.
The First Digital Labs transparency page hosts the most recent monthly attestation files for review.
FDUSD Holders and On-Chain Activity by Chain
- BNB Chain holders: 39,987 addresses across 71,829,062 tokens issued, the highest holder density per dollar.
- Sui holders: 5,050 addresses across 1,470,781,332 tokens issued.
- Solana holders: 4,663 addresses across 303,484,213 tokens issued.
- Ethereum holders: 3,409 addresses across 1,032,313,857 tokens issued.
- Arbitrum holders: 21 addresses across 50,100 tokens issued.
- TON holders: 17 addresses across 50,000 tokens issued.
The pattern reads as a retail-vs-institutional split: BNB Chain aligns with Binance retail activity, while Ethereum and Sui balances cluster into treasury and market-maker wallets.
FDUSD Trading Volume and Exchange Distribution
The 24-hour trading volume of $38,003,912 sits at roughly 11% of the circulating market cap at the snapshot.
- Reported 24-hour volume: $38,003,912 across CoinGecko-tracked venues.
- Volume / market-cap ratio: Roughly 0.11 (around 11%) at the snapshot.
- Primary venue access: FDUSD is available through Binance, Gate, MEXC, BTSE, Coins.ph, Tokocrypto, Indodax, Uniswap, PancakeSwap, Curve, Aave, Travala, Banxa, Alchemy Pay, BVNK, Cetus, Phantom, KiloEx, NAVI, Kamino, Meteora, Raydium, Camelot, and Evoq Finance per the issuer’s product page.
- Fiat-rails partner: OpenPayd provides USD SWIFT accounts and EUR SEPA connectivity for First Digital, enabling international customer deposits, institutional outbound payouts, and European business-to-business settlement.
- DeFi exposure: Cross-listing across Aave plus major DEXs on Ethereum, BNB Chain, and Solana extends FDUSD’s DeFi footprint beyond centralized exchange order books.
- Centralized exchange concentration: Binance has historically anchored FDUSD spot-pair volume, with secondary share at Gate, MEXC, and BTSE; the Tokocrypto and Indodax listings extend the Indonesia and broader Southeast Asia retail surface.
- Decentralized exchange surface: PancakeSwap on BNB Chain, Uniswap and Curve on Ethereum, Raydium and Meteora on Solana, and Cetus on Sui constitute the principal DEX liquidity for FDUSD pairs.
- Lending market integration: The Aave deployment exposes FDUSD as both a borrowable asset and a yield-bearing collateral position, depending on the user’s strategy at any given block.
- Total venue count: More than two dozen centralized and decentralized venues list FDUSD as of June 2026 per the issuer’s product page, reflecting the chain-by-chain expansion of the past 18 months.
| Venue Type | Examples |
|---|---|
| Centralized exchanges | Binance, Gate, MEXC, BTSE, Coins.ph |
| Indonesia / SEA centralized | Tokocrypto, Indodax |
| Ethereum / EVM DEXs | Uniswap, PancakeSwap, Curve, Camelot |
| Lending markets | Aave |
| Solana DEXs | Phantom, Kamino, Meteora, Raydium |
| Sui DEXs | Cetus, NAVI |
Source: First Digital Labs FDUSD product page, June 2026
According to OpenPayd CEO Iana Dimitrova, “Digital asset businesses need resilient fiat infrastructure to operate at a global scale. By providing First Digital with USD SWIFT accounts and EUR SEPA connectivity, we’re enabling seamless, regulated fiat settlement to support stablecoin on- and off-ramping and the continued expansion of the digital asset economy.”
FDUSD Launch History and Multi-Chain Expansion Timeline
The FDUSD launch timeline runs from a Hong Kong trust company’s product release in mid-2023 through a peak adoption window driven by Binance’s BUSD wind-down, then into a measured multi-chain build-out.
- Launch date: FDUSD launched in June 2023 by FD121 Limited, an entity under the First Digital group.
- First chains: Initial deployment was on Ethereum and BNB Chain networks at the time of issuance.
- First $1 billion milestone: FDUSD reached $1 billion market capitalization within six months of its June 2023 listing.
- Trust company foundation: First Digital was established in 2017 under the Legacy Trust Company, originally established in 1992 under the Trustee Ordinance in Hong Kong.
- Trust company independence: First Digital Trust Limited became a fully independent public trust corporation in 2019, headquartered in Hong Kong with a presence across Asia.
- 2025-2026 chains added: TON, Sui, Solana, and Arbitrum on-chain deployments per the issuer’s product page.
| Year | Event |
|---|---|
| 1992 | Legacy Trust Company established under HK Trustee Ordinance |
| 2017 | First Digital established under Legacy Trust umbrella |
| 2019 | First Digital Trust becomes independent trust corporation |
| 2023 | FDUSD launched on Ethereum and BNB Chain (June) |
| 2023 | FDUSD reaches $1 billion market cap (December) |
| 2024 | Binance BUSD wind-down accelerates FDUSD adoption |
| 2025 | Binance delists FDUSD for EEA spot markets under MiCA (March) |
| 2025 | Justin Sun depeg event triggers $0.87 intraday low (April 2) |
| 2026 | OpenPayd integration delivers USD SWIFT and EUR SEPA (March 31) |
| 2026 | HKMA grants first stablecoin licences without First Digital (April 10) |
Source: First Digital PRNewswire announcement (Dec 2023); HKMA press release (Apr 2026); OpenPayd press release (Mar 2026)
The timeline shows a stablecoin that grew fastest when piggybacking on Binance’s BUSD distribution, then absorbed two structural shocks during the same window the Hong Kong licensing framework was crystallizing. The multi-chain expansion onto Solana, Sui, TON, and Arbitrum during 2025-2026 reads as a deliberate venue diversification response.
FDUSD Price History: ATH, ATL, and the April Depeg
FDUSD’s headline price record sits inside CoinGecko’s tracked range. The All-Time High was $1.15 on February 3, 2025, and the All-Time Low was $0.9404 on December 5, 2024, both reached over a year before the snapshot.
- All-Time High: $1.15 on February 3, 2025, reached over a year before the snapshot.
- All-Time Low: $0.9404 on December 5, 2024, reached over a year before the snapshot.
- 24-hour range at snapshot: $0.9966 to $0.9976.
- 7-day range at snapshot: $0.9955 to $0.9987.
- Recovery pattern: Each historical peg break has reverted toward the $1.00 anchor within hours.
| Period | Price Reference |
|---|---|
| All-Time Low | $0.9404 (Dec 5, 2024) |
| All-Time High | $1.15 (Feb 3, 2025) |
| 7-day Low | $0.9955 (Jun 2026) |
| 7-day High | $0.9987 (Jun 2026) |
| 24h Low | $0.9966 (Jun 2026) |
| 24h High | $0.9976 (Jun 2026) |
Source: CoinGecko FDUSD historical price, June 2026
The most-discussed FDUSD price event was the April 2, 2025 depeg triggered by Justin Sun insolvency allegations against First Digital Trust on X. FDUSD recovered toward $0.99 the next morning; First Digital denied the claims and filed a defamation claim within a week. The dispute referenced TUSD reserves, not FDUSD reserves. Industry reporting documented a market-cap drop of roughly $130 million on the day.
The seven-day band at the June 2026 snapshot sits inside a normal stablecoin trading window; the historical ATH and ATL prints reflect thin-liquidity moments rather than structural pricing.
Single-venue concentration risk: FDUSD’s pre-event trading distribution was overwhelmingly concentrated on Binance, where the bulk of customer-held FDUSD sat at that time. A single exchange holding a dominant share of a stablecoin’s float means any platform-specific disruption (delisting, withdrawal restriction, or trust event) can move the price independently of reserve quality. This concentration has since shifted, with the multi-chain DeFi venue list above absorbing more activity, but readers should still treat venue diversification as a risk variable when evaluating any fiat-backed stablecoin.
FDUSD vs USDT and USDC by Scale and Backing
- FDUSD market cap: $349,145,592 at the snapshot.
- FDUSD reserve mix: Cash and cash equivalents.
- FDUSD attestation cadence: Monthly independent attestations.
- FDUSD redemption channel: Redemption of First Digital stablecoins is available against U.S. Dollars on a one-for-one basis from FD121 (BVI) Limited, subject to the FDD Terms.
- FDUSD smart-contract auditors: PeckShield and Quantstamp audit the ERC20-standard FDUSD contracts.
- USDT market cap reference: Well above $100 billion at industry-wide scale per stablecoin tracker aggregates.
- USDC market cap reference: In the $50-60 billion band at industry-wide scale.
- All three issuers cite cash plus short-dated U.S. Treasuries as the dominant reserve component, with USDC and FDUSD also citing overnight reverse repos as a same-day liquidity layer.
- Disclosure cadence: FDUSD’s monthly attestation matches USDC’s monthly Grant Thornton report cadence, while USDT has historically operated on a quarterly attestation schedule (BDO), shifting toward more frequent reporting.
- Custody jurisdiction: FDUSD reserves are custodied in Hong Kong under the Trustee Ordinance, while USDC reserves sit primarily with regulated U.S. banks and Treasury market access through BNY Mellon, and USDT reserves are held across multiple international custodians with composition disclosed quarterly.
- Smart-contract risk: FDUSD inherits the same ERC20 + BEP-20 contract patterns as USDC and the former BUSD, with PeckShield plus Quantstamp serving as the dual-auditor stack across the issuing chains.
FDUSD’s circulating supply is roughly 0.3% of USDT’s float and roughly 0.6% of USDC’s at the snapshot; peer comparisons on liquidity depth and DeFi composability are not directly substitutable.
Regulatory Context: Hong Kong’s Stablecoins Ordinance and MiCA
The Hong Kong Monetary Authority announced on April 10, 2026, that it had granted stablecoin issuer licences under the Stablecoins Ordinance to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited. According to HKMA Chief Executive Eddie Yue, “The granting of stablecoin issuer licences is an important milestone for the development of digital assets in Hong Kong. The regulatory regime provides an orderly operating environment for stablecoin issuers to apply innovative technologies while ensuring robust user protection and effective risk management, which will foster the development of a healthy, responsible, and sustainable stablecoin ecosystem.”
- HKMA licensing milestone: Two licences took effect on April 10, 2026.
- Initial licensees: Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited.
- First Digital position: Not among the initial round; First Digital Labs has stated it is actively working toward regulatory authorization.
- Public register: HKMA maintains a Register of Licensed Stablecoin Issuers with the latest list of licensees and their relevant information.
- EEA position: FDUSD was removed from Binance EEA spot markets under MiCA non-compliance in March 2025.
MiCA closed Binance’s EEA spot-pair corridor; the HKMA’s first licences went to HSBC and a Standard Chartered-led JV instead.
Is FDUSD Safe?
FDUSD is a fiat-backed stablecoin with monthly attestation reports, a bankruptcy-remote custody structure under Hong Kong trust law, and a reserve composition built on cash and cash equivalents. The April 2025 depeg involved TUSD rather than FDUSD reserves and recovered within 24 hours. Single-venue concentration on Binance remains the structural risk worth tracking.
Is FDUSD Better Than USDT or USDC?
FDUSD’s reserve composition and monthly attestation cadence are broadly comparable to USDC’s transparency profile, with scale the operative variable for liquidity depth.
Conclusion
FDUSD enters mid-2026 carrying a $349,145,592 circulating market cap across 53,147 addresses on six issuing chains. Three 2025-2026 events shaped this footprint: the Binance MiCA delisting closing EEA spot pairs, the April 2025 depeg recovery within a day, and the HKMA’s first licensing round leaving First Digital outside. The OpenPayd USD SWIFT and EUR SEPA integration now positions FDUSD toward institutional fiat settlement.
