FDUSD Stablecoin Attestation Report Verifies Full Asset Backing, Dispelling Misappropriation Allegations
FDUSD Stablecoin Attestation Report published on April 14 confirms that the total supply of 2.58 billion FDUSD tokens is fully backed by equivalent reserves, assuring users of the token’s financial integrity amid swirling fraud allegations.
First Digital Labs published the report, which states that the stablecoin’s reserves consist of $1.74 billion in U.S. Treasury bills, $603 million in overnight repurchase agreements, and other sums spread over several fixed deposits in several countries. Reportedly, all assets are kept in bankruptcy-remote accounts, so guaranteeing separation from company activities and therefore strengthening user protection and compliance criteria.
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This FDUSD Stablecoin Attestation Report follows harsh charges made by Tron creator Justin Sun alleging the misuse of about $500 million under First Digital Trust administration. Sun said that a wallet address had been changed to move money into other accounts, especially a Hong Kong bank account called “Glass Door.”
First Digital Trust categorically rejected the claims in response, calling them untrue and libellous. The corporation is pursuing a court-ordered injunction to stop more spread of these allegations and has filed a defamation case in the High Court of Hong Kong seeking damages as well.
Significantly, the FDUSD Stablecoin Attestation Report also revealed that more than $1 billion worth of FDUSD has already been redeemed without problem, indicating that the stablecoin is still operationally sound and appropriately collateralized.
FDUSD dropped from its dollar peg to $0.87 following the uproar but has now bounced back to about $0.99, so regaining confidence among institutional users and investors both.
Issued by FD121 Limited and run by First Digital Trust, FDUSD is live on various chains including Ethereum, Solana, BNB Chain, and Sui. The platform also underlined its dedication to openness by promising consistent third-party audits and regular attestations going future.
First Digital has worked with Ledger Enterprise TRADELINK to assist off-exchange stablecoin settlements for institutions as part of its growing use case. This integration intends to benefit market makers and institutional traders by means of safe, on-chain settlements and thereby reducing counterparty risk.
Moreover, the business collaborated with FOMO Pay to provide the FDUSD stablecoin be part of controlled payment options spread throughout Ethereum and Solana networks in areas such Singapore and Hong Kong.
Apart from offering comfort in the aftermath of controversy, the FDUSD Stablecoin Attestation Report emphasises the company’s continuous commitment to openness, security, and trust-building in the ecosystem of controlled digital assets.
