FDUSDStablecoin

First Digital USD

Circulating supply: $175.7M
30D change: -18.2%
Yield: None
NAV: 1.0000
Management fees: 0.00%
Minimum: $0
Redemption: Daily
Launched: 01 Jun 2023

Field coverage 100%Primary-source or on-chain verified 100% of tracked metrics1/1 source documents analyst-verifiedLast reconciled 13 Nov 2026

Overview

What this product is

A reserve-backed stablecoin issued by First Digital Trust, a Hong Kong registered trust company.

Underlying asset: High-quality cash and cash equivalents
Asset class: Stablecoin
Product structure: Payment Stablecoin
Legal structure: MAS Single-Currency Stablecoin
Issuer jurisdiction: Hong Kong SAR
Fund domicile: Hong Kong
Base currency: USD
Launched: 01 Jun 2023

Peer set

Comparable products

Products in the same asset class and currency. Yields are quoted on different bases, so check each one before comparing.


USDT	0.00%	0.00%	$0	$90.67B
USDC	0.00%	0.00%	$0	$61.58B
USDS	0.00%	0.00%	$1	$5.38B
USDe	10.50%	0.00%	$0	$5.27B
DAI	0.00%	0.00%	$0	$4.95B
sUSDS	6.00%	0.00%	$0	$3.39B
PYUSD	0.00%	0.00%	$0	$2.64B

Issuer

Who runs it

First Digital Trust

Hong Kong

A qualified custodian and trust company headquartered in Hong Kong, issuing the FDUSD stablecoin.

Portfolio

Composition

Cash and Equivalents100.0%

Weighted average maturity

0 days

Reserves

Attestation

Reserve composition

What actually backs the float, from the most recent independent attestation.

Cash and EquivalentsBank deposits100.0%

Attestation

Verification history

Attesting firm: Prescient Assurance
Frequency: monthly
Last attestation: 31 Aug 2026
Reserve WAM: 0 days

An attestation confirms the reserve existed on a reporting date. It is not an audit, and it says nothing about what a holder legally owns if the issuer fails, that question is answered by the legal structure, not the reserve report.

Risk

Reserve profile

Who holds the reserves, and whether the yield they earn reaches you or stays with the issuer.

Held as bank deposits100.0%

Deposits are unsecured claims on a bank; government securities are not. A higher share means more bank credit exposure inside a product marketed as cash.

Backing type: fiat backed
Yield to holders: Retained by the issuer
Peg currency: USD

Par redemption access

Direct par redemption for verified accounts.

On-chain history begins 03 Oct 2026 and covers 42 days of readings.

AUM

$175.7M

Assets under management

-18.2% over 42 days held

Yield

0.00%

Yield history. No yield

No on-chain history recorded for this series yet.

NAV

1.0000

NAV per token (stable $1.00)

This fund maintains a constant NAV of USD 1.00 and distributes yield through token supply rather than price. NAV history is therefore flat by construction; monitor supply and yield instead.

-18.2% over 42 days held

Movement

Recent daily movement

Net movement -$39.1MOver 42 daysChange -18.2%


13 Nov 2026	$175.7M	$0	0.0%
12 Nov 2026	$175.7M	$0	0.0%
11 Nov 2026	$175.7M	$50K	+0.0%
10 Nov 2026	$175.7M	$0	0.0%
09 Nov 2026	$175.7M	$0	0.0%
08 Nov 2026	$175.7M	$0	0.0%
07 Nov 2026	$175.7M	-$3M	-1.7%
06 Nov 2026	$178.7M	-$4.1M	-2.2%
05 Nov 2026	$182.8M	-$7.9M	-4.1%
04 Nov 2026	$190.7M	$0	0.0%

Redemption

Terms

Contractual terms

Redemption frequency: Daily
Dealing cut-off: 12 PM HKT for same day processing
Settlement: T+1 via wire transfer
Redemption fee: None
Secondary venues: Binance
Transfer restrictions: Freely transferable. Issuer retains a freeze capability for lawful orders.

These are contractual terms from the offering documents. Observed settlement performance and any discretionary accommodation by the manager are explicitly out of scope.

Assessment

Liquidity profile

Primary redemption

Daily · T+1 via wire transfer

Off-hours exit

Constrained to 12 PM HKT for same day processing

Secondary market

Binance

Transferability

Freely transferable after compliance period

Exit fee

No redemption fee

Relationship graph

Operational dependency network

Every firm and system this product relies on. Select any of them to open its profile.

Every counterparty and system this product depends on to function. Each card links to that entity's own profile: the question worth asking of each is what happens to your position if it stops working.

Open in Ecosystem Graph →

Issuance & legal

Who is legally on the hook for this product.

Issued byFirst DigitalHong Kongderived Administered byFirst DigitalHong Kongderived Transfer agent of recordFirst DigitalHong Kongderived

Custody

Where the backing assets actually sit.

Custodied byFirst DigitalHong Kongderived

Platform & data

The software and price sources the product runs on.

Markets & settlement

Where it trades and how value moves between venues and chains.

Deployed onEthereumpublic l1 · 100% of supplyderived Deployed onSuipublic l1 · 0% of supplyderived

Edges marked derived are inferred from a structured field on this product that carries its own source; they are not independent confirmation of it. Edges without that mark were sourced separately from a disclosure naming both parties.

Deployments

Registry

Networks and contracts

		Contract / asset id
Ethereum	public l1	0xc5f0f7b667…95E16409	100.0%
Sui	public l1		0.0%

Counterparties

Service providers

If any of these has a problem, this product is affected.

Custodian: First Digital· Hong Kong
Administrator: First Digital· Hong Kong
Transfer agent: First Digital· Hong Kong
Tokenization platform: First Digital· Hong Kong
Oracle / attestation: prescient-assurance

Access

Classification

Who may hold this

RetailEligible

AccreditedNot eligible

ProfessionalNot eligible

InstitutionalEligible

Minimum investment: $0
Allow-list required: No
Transfer restrictions: Freely transferable. Issuer retains a freeze capability for lawful orders.

Geography

Where it is available

United StatesNot available

European UnionAvailable

SingaporeAvailable

United KingdomAvailable

SwitzerlandAvailable

Hong Kong SARAvailable

United Arab EmiratesAvailable

Explicit prohibitions

−United States

Availability is limited to the jurisdictions in the coverage boundary. Absence here means not covered, not necessarily prohibited. This is a classification of the offering documents, not legal advice.

Structure

Legal and regulatory

Legal structure: MAS Single-Currency Stablecoin
Product structure: Payment Stablecoin
Fund domicile: Hong Kong
Issuer jurisdiction: Hong Kong SAR
Transfer agent: First Digital Trust

The domicile of the fund and the jurisdiction of its manager are frequently different. Both are recorded separately because they drive different questions: tax and insolvency follow the domicile, supervision follows the manager.

Source documents

Offering documentation

The documents behind the figures on this page. Anything marked verified has been checked by an analyst.

Monthly Reserve Reportattestation · 31 Aug 2026Parsed & verified↗

On-chain activity

Daily value outstanding

Value outstanding as read from the token contracts each day, and the movement between readings. Mints and redemptions are not separable on-chain, so this is the net of both, not gross issuance.

Net movement -$39.1MOver 42 daysChange -18.2%


13 Nov 2026	$175.7M	$0	0.0%
12 Nov 2026	$175.7M	$0	0.0%
11 Nov 2026	$175.7M	$50K	+0.0%
10 Nov 2026	$175.7M	$0	0.0%
09 Nov 2026	$175.7M	$0	0.0%
08 Nov 2026	$175.7M	$0	0.0%
07 Nov 2026	$175.7M	-$3M	-1.7%
06 Nov 2026	$178.7M	-$4.1M	-2.2%
05 Nov 2026	$182.8M	-$7.9M	-4.1%
04 Nov 2026	$190.7M	$0	0.0%
03 Nov 2026	$190.7M	$0	0.0%
02 Nov 2026	$190.7M	$0	0.0%
01 Nov 2026	$190.7M	$0	0.0%
31 Oct 2026	$190.7M	$0	0.0%
30 Oct 2026	$190.7M	-$2.2M	-1.1%
29 Oct 2026	$192.9M	$0	0.0%
28 Oct 2026	$192.9M	-$2M	-1.0%
27 Oct 2026	$194.9M	$0	0.0%
26 Oct 2026	$194.9M	-$30K	-0.0%
25 Oct 2026	$194.9M	$0	0.0%
24 Oct 2026	$194.9M	$0	0.0%
23 Oct 2026	$194.9M	$0	0.0%
22 Oct 2026	$194.9M	$0	0.0%
21 Oct 2026	$194.9M	-$1.3M	-0.7%
20 Oct 2026	$196.2M	$0	0.0%
19 Oct 2026	$196.2M	-$10M	-4.8%
18 Oct 2026	$206.2M	$0	0.0%
17 Oct 2026	$206.2M	$0	0.0%
16 Oct 2026	$206.2M	-$2.8M	-1.3%
15 Oct 2026	$209M	$0	0.0%
14 Oct 2026	$209M	-$5.8M	-2.7%
13 Oct 2026	$214.8M	$0	0.0%
12 Oct 2026	$214.8M	$0	0.0%
11 Oct 2026	$214.8M	$0	0.0%
10 Oct 2026	$214.8M	$0	0.0%
09 Oct 2026	$214.8M	$0	0.0%
08 Oct 2026	$214.8M	$0	0.0%
07 Oct 2026	$214.8M	-$92K	-0.0%
06 Oct 2026	$214.9M	$0	0.0%
05 Oct 2026	$214.9M	$0	0.0%
04 Oct 2026	$214.9M	$0	0.0%
03 Oct 2026	$214.9M	-	-

Related intelligence

2 events reference this product

07 Nov 2026Market Structure

Sui Network Stablecoin Supply Tops $500 Million as USDC Share Reaches Roughly 65% - Cryptonews.net

Total stablecoin supply on the Sui network surpasses $500 million, driven predominantly by USDC which accounts for approximately 65% of the total liquidity volume.

Surpassing the $500 million threshold on Sui underscores aggressive alternative L1 liquidity capture, with USDC capturing dominant market share. This cements network-level concentration risk while validating multi-chain deployment strategies for institutional stablecoin issuers seeking non-EVM throughput.

03 Nov 2026Market Structure

Binance sits to benefit from First Digital listing

Analysis highlights the strategic advantages and volume implications for Binance following the expansion and listing activity of the First Digital USD (FDUSD) stablecoin.

The deep integration of FDUSD within top-tier exchange infrastructure reinforces stablecoin market concentration and alters secondary market liquidity routing. This dynamic directly impacts stablecoin peg resilience and institutional counterparty exposure risks across major trading venues.