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
0.1% of USD stablecoin supply · 21st of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
16th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
19th of 43 USD stablecoins scanned on Ethereum
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · Venus Core Pool · 2.88% base, 0% rewards
FDUSD is a USD stablecoin issued by First Digital Labs, launched on 1 Jun 2023.
Who issues it
FDUSD is a US dollar fiat-backed stablecoin issued by FD121 (BVI) Limited, under the First Digital Labs brand. First Digital's announcement of 6 October 2026, filed with the SEC by KOYN, describes FDUSD as "issued by a First Digital group company" and says: "Every FDUSD in circulation is backed by reserves of cash and cash equivalents, including short-dated US Treasury bills, held for the issuer by First Digital Trust Limited ... a Hong Kong-licensed trust or company service provider and a First Digital group company, as custodian, in segregated accounts. Reserves are subject to independent monthly attestations. FDUSD does not pay interest or yield." The whitepaper gives the custodian's licence number as TC006771.
The announcement also says FDUSD launched in 2023, "reached $1 billion in market capitalisation within four months of launch", had "a peak circulation of more than $4.4 billion (reached in April 2024)" and traded "in more than 100 pairs across 16 exchanges" as of 30 June 2026. It says Binance listed FDUSD pairs and "remains the largest centralised secondary market for FDUSD".
Proposed Nasdaq listing
The announcement says First Digital Group Limited agreed to combine with KOYN, a Nasdaq-listed special purpose acquisition company, with closing expected in the first half of 2027 subject to approvals. It says no assurance can be given that the transaction will complete. Details are on the First Digital Labs page.
Sources: FDUSD Stablecoin White Paper, last updated 1 August 2025, CSLM Digital Asset Acquisition Corp III, Form 8-K, Exhibit 99.1 (First Digital press release, 6 October 2026)
300.4M FDUSD in circulation across 4 chains; Ethereum carries 63.5%. That is 0.1% of the USD stablecoin supply on the map, 21st largest of 70.
All USD stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 64 USD stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across FDUSD’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 70 active USD stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
300.4M FDUSD
0.1% of all USD stablecoin supply, #21 of 70
Ethereum 63.5% · other chains 36.5%
Ethereum190.7M FDUSD · 63.5%
BSC57.6M FDUSD · 19.2%
Sui43.6M FDUSD · 14.5%
Solana8.5M FDUSD · 2.8%Supply growth
What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 92.4% of it. Exchange custody is one address holding for many end holders. Unattributed addresses have no public label.
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders. The median column compares stablecoins counted on the same chain. A few of them are read from DIA’s replay state, which leaves contracts in, so a median can mix two rules.
Source: Blockscout.
4,331holders on Ethereum
19th of 43 USD stablecoins on Ethereum
| FDUSD | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 66.1% | 16.5% |
| Top 10 | 96.9% | 53.3% |
| Top 50 | 99.4% | 57.0% |
| Top 100 | 99.6% | 74.7% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
The balance held by addresses on the FDUSD issuer's blacklist, as of 2 Nov 2026.
Frozen balance
3.5M FDUSD across 2 chains
Frozen with a balance
addresses currently frozen with a balance
Blacklisted
blacklisted addresses, whatever they hold
Current balances of addresses on the issuer's blacklist, read from the token contracts on each chain. Reported next to supply, not subtracted from it. Blacklisted addresses include entries that hold nothing.
FDUSD's typical daily move over the last 90 days was 7.8 bps, steadier than 25 of 66 other USD stablecoins.
By default FDUSD sits beside its largest USD peer by current supply. Add more from the picker below the chart. Figures are in basis points: 100 bps = 1%.
Peg volatility is how much FDUSD's price swings around $1 from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at $0.998 scores near zero. Largest deviation is the single day in the last 12 months furthest from $1, signed.
Median of peers, off by default, is the middle value among the peers currently shown; turn it on from the chart's controls.
The ranking counts every active USD stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled $1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
7.8 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, FDUSD's daily swings around $1 were smaller than those of 25 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| −29 bps (−0.29%) | 7.2 bps | 7.8 bps | +66 bps (+0.66%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
April 2025 insolvency claim
On 2 April 2025 Justin Sun, responding to reports of a lawsuit by Techteryx over TrueUSD (TUSD) reserves held by First Digital Trust, said First Digital Trust was "effectively insolvent and unable to fulfill client fund redemptions". FDUSD fell as much as 9% immediately afterwards, The Block reported. First Digital called the allegations "completely false", said the dispute was with TUSD and not FDUSD, and said it was "completely solvent". First Digital's announcement of 6 October 2026 says it filed a defamation writ against Sun in the Hong Kong High Court on 3 April 2025. The announcement does not report the status of the action.
Sources: The Block, FDUSD stablecoin depegs 9% after Justin Sun raises concerns over First Digital's solvency, 2 April 2025, Cointelegraph, FDUSD stablecoin depegs following insolvency claims by Justin Sun, 2 April 2025, CSLM Digital Asset Acquisition Corp III, Form 8-K, Exhibit 99.1 (First Digital press release, 6 October 2026)
$6.5M of FDUSD is supplied to 6 lending markets on 5 protocols, 2.2% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much FDUSD is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed FDUSD again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000 of FDUSD, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for FDUSD.
Both figures are averages across markets, weighted by how much FDUSD each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 100% of the balance report an APY.
Ranks and the median compare FDUSD with the 41 USD stablecoins that have a published lending balance on this map, each measured the same way. Coins with no balance in a market DIA reads are not in the median.
$6.5M2.2% of supply
supplied to 6 lending markets on 5 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
59%
Borrowed
share of supplied FDUSD now on loan
3.03%
Average supply APY
weighted by FDUSD balance in each market
By protocol
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%FDUSD in lending markets, by chain, largest first. The bar is each chain's share of FDUSD's lending balance.
BSCin 2 lending markets98%$6.4MSuiin 2 lending markets1%$71KSolanain 2 lending markets1%$57KAmong 41 USD stablecoins in lending markets
Top 5 FDUSD pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
2.88% | 2.73% | OrganicStable | BSC | +0.00% | $5.8M | Lending | ||
4.46% | 4.40% | OrganicStable | BSC | +0.00% | $534.2K | Lending | ||
11.70% | 2.45% | OrganicVolatile |  opBNB | +0.00% | $71.1K | Lending | ||
0.10% | 4.22% | LP fees · IL riskVolatile | BSC | +0.00% | $67.3K | LP | ||
0.99% | 0.87% | OrganicStable | Sui | +0.00% | $44.1K | Lending |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
FDUSD in pool is FDUSD's own side of the pool, at its USD price. Pool liquidity counts both sides.
$1.2M of FDUSD sits in 8 DEX pools across 5 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼FDUSD in pool | 24h volume |
|---|---|---|---|---|---|
| FDUSD / USDT | Ethereum | $998.8K | $809.5K | $0 | |
| FDUSD / USDT | Ethereum | $304.7K | $149.8K | $2 | |
| FDUSD / USDT | BSC | $73.9K | $62.0K | $28 | |
| FDUSD / USDT | BSC | $73.3K | $46.3K | $1.9K | |
| FDUSD / USDC | BSC | $35.8K | $30.5K | $1.6K | |
| FDUSD / USDT | BSC | $67.4K | $28.5K | $236 | |
| FDUSD / USDC | Solana | $13.8K | $13.8K | $40 | |
| FDUSD / Cake | BSC | $41.0K | $13.5K | $2.3K |
Exchange trading
When Binance ended support for BUSD in December 2023, it said remaining BUSD balances would convert automatically to FDUSD for certain users. In April 2025 The Block reported that Binance held about $2.2 billion of FDUSD, and quoted Coinbase director Conor Grogan on X saying "BTC/FDUSD is historically the most traded pair on Binance".
Sources: Cointelegraph, Binance will end support for BUSD stablecoin in December, 29 November 2023, The Block, FDUSD stablecoin depegs 9% after Justin Sun raises concerns over First Digital's solvency, 2 April 2025
FDUSD is designed to be backed by cash and money-market assets.
What the attestation says
AOGB CPA Limited reported on FD121's Reserves Accounts Report as of 30 June 2026 at 9:00pm Eastern Time, signed in Hong Kong on 10 July 2026. It was a limited assurance engagement under ISAE 3000 (Revised). The conclusion is stated in the negative: nothing came to the firm's attention to suggest the report was not prepared in accordance with the applicable criteria. The report says the work "is substantially less in scope than an audit" and that "we do not express an audit opinion". The whitepaper says reserve reports are published monthly at www.firstdigitallabs.com.
What the schedule holds
Tokens issued and in circulation were 350,117,619.46 FDUSD. Total assets held in Reserve Accounts were US$351,727,981.95:
The repurchase-agreement section of the June 2026 schedule contains one line, the fixed deposit. First Digital's 6 October 2026 announcement also lists reverse repurchase agreements among the reserve assets.
Scope and limits of the attestation
AOGB performed no procedures on activity before or after the report time, gave no assurance on internal controls, and gave no assurance on management's going-concern assessment. The report describes the custodian as a related party. Cash and deposits sit with institutions in nine jurisdictions listed by country, and no institution is named.
Sources: AOGB CPA Limited, ISAE 3000 attestation report on FD121 (BVI) Limited reserves accounts, 30 June 2026, FDUSD Stablecoin White Paper, last updated 1 August 2025, CSLM Digital Asset Acquisition Corp III, Form 8-K, Exhibit 99.1 (First Digital press release, 6 October 2026)
Ethereum0xc5f0f7b6…95e16409freeze(address), unfreeze(address)paused()mint(address,uint256), mint(uint256)eip1967-transparent0xc5f0f7b6…95e16409freeze(address), unfreeze(address)paused()mint(address,uint256), mint(uint256)eip1967-transparent9zNQRsGLjN…3SSZh54ufreezeAuthoritymintAuthorityContract controls are not read on Sui yet.
Read from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can freeze · pause · mint · upgrade (proxy)
Independent reserve attestations are published monthly.
Licensing position
The FDUSD whitepaper, last updated 1 August 2025, states that the token "has not been, and will not be, registered or licensed under the Hong Kong Stablecoins Ordinance (Chapter 656 of the laws of Hong Kong)". The whitepaper also states that FDUSD and the related services are "not intended for nor available to, and may not be used by or for the benefit of, individuals or entities in the United States". The transparency page says First Digital Labs "is actively working to secure regulatory authorisation for its stablecoin issuance activities from a recognised and reputable financial regulatory authority".
What the register shows
As of 28 October 2026, the HKMA Register of Licensed Stablecoin Issuers (last revised 23 April 2026) carries two names: Anchorpoint Financial Limited, licence FRS01, and The Hongkong and Shanghai Banking Corporation Limited, licence FRS02, both effective 10 April 2026. No First Digital entity appears on it. The Hong Kong registration First Digital does hold covers First Digital Trust as a trust company and service provider, not FD121 as an issuer.
Sources: HKMA Register of Licensees under the Stablecoins Ordinance (Cap. 656), HKMA press release, Granting of stablecoin issuer licences, 10 April 2026, FDUSD Stablecoin White Paper, disclaimer section, First Digital Labs transparency page
Redemption requires an FD121 Account
Redemption at par runs through an FD121 Account and customer due diligence. The whitepaper adds that "Redemption requests may be subject to a redemption surcharge", and conditions redemption on the account remaining valid and on no regulatory or court action restricting it.
Compensation schemes
The whitepaper states FDUSD "is not covered by any investor compensation schemes or deposit guarantee schemes in any jurisdiction". The issuer is a BVI company. The custodian holding the reserves is a related party of the issuer.
Circulation in the January and June 2026 attestations
The 31 January 2026 attestation reported 456,143,819.06 FDUSD against reserves of US$457,884,345.60. The 30 June 2026 attestation reported 350,117,619.46 FDUSD against US$351,727,981.95.
Treasury bill maturing on the report date
Note 6 of the June 2026 report says Treasury Bill 912797UC96 "was originally matured on 30 June 2026" and, as of the report date and time, "has not yet been redeemed". The schedule lists it at US$10,000,000.
Sources: FDUSD Stablecoin White Paper, redemption and risk sections, AOGB CPA Limited, ISAE 3000 attestation report on FD121 (BVI) Limited reserves accounts, 31 January 2026, AOGB CPA Limited, ISAE 3000 attestation report on FD121 (BVI) Limited reserves accounts, 30 June 2026
FD121 (BVI) Limited, a British Virgin Islands company operating under the First Digital Labs brand. Reserve assets are custodied by First Digital Trust Limited, a trust company registered in Hong Kong under section 78(1) of the Trustee Ordinance.
No. The FDUSD whitepaper states the token has not been and will not be registered or licensed under the Hong Kong Stablecoins Ordinance. As of 28 October 2026 the HKMA register of licensed stablecoin issuers (last revised 23 April 2026) lists only Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited.
The 30 June 2026 attestation lists US$300,236,688.70 of US Treasury bills across eight CUSIPs, a US$15,000,000 fixed deposit and US$36,491,293.25 of dollars in custody accounts, totalling US$351,727,981.95 against 350,117,619.46 FDUSD.
AOGB CPA Limited, under ISAE 3000 (Revised). The engagement is limited assurance, not an audit, and the report states it does not express an audit opinion and covers a single point in time.
Note 1 of the June 2026 attestation lists Ethereum, BNB Chain, Sui, Solana, TON and Arbitrum. Ethereum and BNB Chain share the contract address 0xc5f0f7b66764F6ec8C8Dff7BA683102295E16409.
48 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026), Ethereum Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it. The axis spans -100 bps to +300 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 5 closes sit beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
Source: DeFiLlama and CoinGecko prices Updated