First Digital USD

First Digital USD is a stablecoin issued by Hong Kong-based First Digital Labs and designed to keep its value pegged to the US dollar. FDUSD does not have its own blockchain; it has been issued as a token on networks such as Ethereum, BNB Chain, Solana, Sui, TON and Arbitrum. Under the model disclosed by the issuer, all tokens in circulation are backed by reserves.

The reserves consist of cash and cash-equivalent assets such as short-term US Treasury bills and are held in segregated custody accounts. Direct issuance and redemption are open to institutional clients that pass eligibility checks; retail users mostly access FDUSD through crypto exchanges. The token is used chiefly as a dollar counterpart in trading pairs on centralized exchanges. In April 2025, following publicly reported allegations concerning the issuer's group, FDUSD briefly traded below its pegged value; the episode clearly showed how much weight reserve transparency carries for stablecoins.

The main thing to watch in a stablecoin is how far its market price deviates from the dollar. That deviation can be affected by reserve attestation reports, confidence in the issuer, exchange listings and stablecoin regulation in different jurisdictions, Hong Kong in particular. The FDUSD price on the Lzzo.com page is taken from the FDUSD/USDT pair on Binance and converted into dollars at the Coinbase Exchange USDT/USD rate; for this reason, small differences between the two stablecoins may also be visible on the chart.