- FDUSD reserves exceed circulation, confirming full 1:1 backing with U.S. dollar.
- Independent Hong Kong firms verify FDUSD’s liquidity and asset segregation.
- $500M embezzlement claims emerge despite FDUSD’s latest attestation report.
Hong Kong-based crypto custodian First Digital Labs shared its latest report showing its FDUSD stablecoin remains fully supported by cash or similar holdings. The report, for the period ending March 31, 2025, repeated a 1-to-1 exchange promise with the U.S. dollar.
Related: FDUSD Defies FUD with $170M Inflow Against Trend of Major Crypto Outflows
First Digital stated FDUSD had $2.588 billion in tokens active at March’s end. The company held $2.597 billion in backing assets, about $9 million more than the active supply. First Digital also noted users cashed out nearly $1 billion FDUSD since it started. The firm said client money stays apart from its own working funds.
How Independent Audits & Asset Segregation Aim to Protect FDUSD Users
Two independent Hong Kong-based companies checked the report’s details. These outside groups were chosen to examine the reserve amounts and confirm FDUSD’s backing assets are liquid and handled safely. The newest numbers show the held assets are enough for the total active supply, keeping the stablecoin’s 1-to-1 link with the US dollar intact.
First Digital underscored that client holdings are legally separate (‘bankruptcy remote’), meaning they cannot be joined with company accounts if problems arise. The firm repeated its focus on openness and keeping client money safe amidst market worries about stablecoin company practices.
Report Follows Justin Sun’s Unaddressed $500M Fraud Claims
This reserve check report arrived after public claims from Tron founder Justin Sun surfaced. In an earlier message, Sun claimed that multiple individuals were involved in the reported fraud of $500 million at First Digital. However, the company provided no further details regarding these claims at the time of the report’s release.
Related: FDT Insolvency Buzz, FDUSD Depeg Stoke Fears: Hong Kong Oversight Questioned
Separately, data for USDC, another popular stablecoin, indicated similar practices. As of March 31, 2025, USDC had $2.588 billion in circulation, backed by $2.597 billion in reserves.
The reserve structure includes U.S. Treasury Bills (67%), cash holdings (23%), bank deposits (7%), and reverse repurchase agreements (3%). This reserve allocation highlights stablecoin issuers’ efforts to meet regulatory expectations and maintain liquidity.
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