Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
Its one stablecoin
Share of total stablecoin supply
#19 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #32 of 98 issuers
Share of supply in lending
lower bound; below the median issuer (3.2%)
Founded / domicile
VG · Hong Kong
Issuer of FDUSD, a USD stablecoin with reserves custodied by First Digital Trust.
What sets it apart
First Digital Labs is the brand of FD121 (BVI) Limited, which the whitepaper calls a subsidiary under the First Digital Group. It issues one US dollar stablecoin, with reserves held by a related Hong Kong trust company, First Digital Trust Limited. The whitepaper says FDUSD will not be licensed under Hong Kong's Stablecoins Ordinance. As of 28 October 2026, the HKMA register (last revised 23 April 2026) lists no First Digital entity.
April 2025 insolvency claim
In April 2025 Justin Sun, responding to reports of a Techteryx lawsuit over TrueUSD (TUSD) reserves held by First Digital Trust, said the trust company was "effectively insolvent and unable to fulfill client fund redemptions". First Digital called the allegations "completely false", said the dispute was with TUSD and not FDUSD, and said it was "completely solvent". It filed a defamation writ against Sun on 3 April 2025. Its October 2026 announcement does not report the status of the action.
Proposed Nasdaq listing
In October 2026 First Digital Group Ltd. agreed to combine with KOYN, a Nasdaq-listed special purpose acquisition company, at a $250 million pre-money valuation. Closing is expected in the first half of 2027, subject to shareholder, regulatory and Nasdaq approvals and an effective Form F-4. The announcement says no assurance can be given that it will complete.
Sources: The Block, FDUSD stablecoin depegs 9% after Justin Sun raises concerns over First Digital's solvency, 2 April 2025, CSLM Digital Asset Acquisition Corp III, Form 8-K, Item 1.01 (business combination agreement signed 6 October 2026), CSLM Digital Asset Acquisition Corp III, Form 8-K, Exhibit 99.1 (First Digital press release, 6 October 2026), FDUSD Stablecoin White Paper, last updated 1 August 2025 (issuer, history, appendix on First Digital Group), HKMA Register of Licensees under the Stablecoins Ordinance (Cap. 656), last revised 23 April 2026, AOGB CPA Limited, ISAE 3000 attestation report on FD121 (BVI) Limited reserves accounts, 30 June 2026 (custodian as related party)
FDUSD is First Digital Labs's only stablecoin.
FDUSD's supply, counted once across its chains.
Supply of every coin First Digital Labs issues, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
$299.5M
Read on 4 chains, all in the total
Ethereum63%$190.2M
BSC19%$57.4M
Sui15%$43.5M
Solana3%$8.5MIn DIA's latest read, FDUSD sits 28 bps below its USD peg. FDUSD's typical daily move over the last 90 days was 7.8 bps.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
Attestation cadence is how often an independent accountant's report covers the reserves, where one is published. A stablecoin with none shown has no cadence published.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
$6.5M supplied to 6 lending markets on 5 protocols. That is 2.2% of its onchain supply; the median across 44 issuers in lending markets is 3.2%. Yield pools live on the stablecoin's own page.
Lower bound: the balance of every First Digital Labs coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins First Digital Labs issues, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000, or pinned at full utilisation with runaway interest is left out.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 100% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$6.5M
supplied to 6 lending markets on 5 protocols
59%
Borrowed
share of supplied stablecoins now on loan
3.03%
Average supply APY
weighted by the balance in each market
90%$5.8MBSCFDUSD$5.8M2.89%56%8%$534KBSCFDUSD$534K4.57%91%
1%$57KSolanaFDUSD$41K8.06%70%SolanaFDUSD$15K0.52%27%
1%$44KSuiFDUSD$44K0.99%25%<1%$27KSuiFDUSD$27K0.47%13%BSCin 2 lending markets98%$6.4MSuiin 2 lending markets1%$71KSolanain 2 lending markets1%$57KEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 44 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 44.
2.2%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Below the median issuer (3.2%)
We checked the registers and the issuer's own pages and found no licence, registration or authorisation. Distinct from an issuer we have not checked, which carries no value at all.
What is published
The whitepaper says an independent third party attests the reserves and a reserve account report is published monthly on the First Digital Labs website. The report dated 10 July 2026 came from AOGB CPA Limited in Hong Kong. It was a limited assurance engagement under ISAE 3000 (Revised) on FD121's reserves at 30 June 2026, 9:00pm Eastern Time. AOGB states its work is substantially less in scope than an audit and expresses no audit opinion.
At that time the issuer reported 350,117,619.46 FDUSD in circulation and US$351,727,981.95 in reserve accounts:
What it leaves out
The report describes the custodian as a related party. It lists the countries where reserve accounts sit, from Hong Kong and Singapore to Bahrain and Georgia, without naming the institutions. AOGB performed no procedures and gave no assurance for any date or time other than the report time. It gave no assurance on management's going-concern assessment.
Sources: AOGB CPA Limited, ISAE 3000 attestation report on FD121 (BVI) Limited reserves accounts, 30 June 2026, FDUSD Stablecoin White Paper, Audits and Transparency section
First Digital Labs issues one stablecoin on the map, FDUSD, which the whitepaper describes as pegged 1:1 to the US dollar. Holders are not entitled to interest or any other monetary benefit. Minting and redemption at par run through an FD121 Account after customer due diligence, and redemptions may carry a surcharge. The whitepaper says the token is not intended for or available to individuals or entities in the United States.
The whitepaper lists six networks: Ethereum, Solana, Sui, BNB Chain, TON and Arbitrum. The map tracks four of them. The June 2026 reserves report put 44,738.03 FDUSD on Arbitrum and 1,087.65 FDUSD on TON.
Sources: FDUSD Stablecoin White Paper, last updated 1 August 2025 (redemption, entitlements, networks), AOGB CPA Limited, ISAE 3000 attestation report on FD121 (BVI) Limited reserves accounts, 30 June 2026 (Note 1, supply by chain)
Summed by recorded day (daily for the last year, weekly before that). This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated
