First Digital USD (FDUSD): What It Is, Uses and Risks

First Digital USD (FDUSD) is a stablecoin designed to track the US dollar at a 1:1 ratio. It is issued by First Digital, a company whose project description says it was established in 2019. The project says each token is backed by cash and cash equivalents and that holders can redeem tokens for dollars.

The project also describes the token as "bankruptcy remote". In its account, the reserves sit in segregated accounts at a registered trust company, apart from the issuer's own operating accounts. This is the issuer's description of the setup, not something this page has independently checked.

That puts FDUSD in the fiat-backed category of stablecoins. The peg depends on the quality of the reserves, on the redemption process working, and on trust in the issuer and its custodian. It does not depend on an algorithm or on crypto collateral. At the time of writing it ranks around 138th by market capitalization, so it is a mid-sized stablecoin and far smaller than the market leaders.

A stablecoin like FDUSD is used to hold or move dollar value on a blockchain without exposure to the price swings of assets like Bitcoin or Ether. The project highlights three selling points: transferability, redeemability and low fees.

In practice, stablecoins of this type serve a few common purposes:

• Trading pair or parking spot. Traders on exchanges often move into a stablecoin between positions.
• Transfers. Sending dollar-denominated value across chains or to another wallet can be faster and cheaper than a bank wire.
• Use in DeFi. Stablecoins are commonly used in lending markets, liquidity pools and payments, depending on which apps list them.

FDUSD is closely associated with centralized exchange trading, and it was promoted on Binance with zero-fee spot pairs in 2023. The project text does not list specific partners or integrations, so check each platform directly to confirm whether it supports FDUSD. Redeeming directly with the issuer generally requires an account and identity checks, so most holders sell on an exchange instead.

FDUSD does not have a fixed or maximum supply, because the issuer creates and burns tokens as deposits and redemptions occur. The data shows no maximum supply figure.

As of 2026-11-05, circulating and total supply were both about 289.8 million FDUSD. Market capitalization and fully diluted value were both about $289.1M, which fits a token priced just under one dollar. The 24-hour trading volume was about $143.8M.

There is no tokenomics model in the usual crypto sense. FDUSD has no staking rewards, no governance rights and no inflation schedule. Its value comes from the reserves and the redemption promise rather than from scarcity.

The price at the time of writing was about $0.9977, slightly below one dollar. The data lists an all-time low of about $0.940 on 2024-12-05 and an all-time high of about $1.15 on 2025-02-02. Moves that far from $1 usually point to thin trading or temporary stress on a particular venue. The 7-day and 1-year price changes were both small, at about 0.04% and 0.12%.

FDUSD is issued on several networks. According to the data, these are Ethereum, BNB Chain, Solana, Sui, TON and Arbitrum. It is not the native coin of any chain, so you also need the chain's own token to pay transaction fees.

Most people hold FDUSD in one of two ways:

• On an exchange. The balance is held in your exchange account, and the exchange controls the keys.
• In a self-custody wallet. You hold the keys, and the token sits on the network you chose.

The same ticker can exist on several chains, and the chains are not interchangeable. Sending FDUSD to an address on the wrong network can mean permanent loss. Always check the network selected for a withdrawal, confirm that the receiving wallet supports it, and test with a small amount first.

Bridged or wrapped versions of a stablecoin can also exist on other chains. These can carry extra risk compared with tokens issued natively by the company, so confirm the contract address from an official source before interacting with it.

The project's own history section is cut off, and it gives no launch date for the token. What it does say is that the issuing business was established in 2019. Beyond that, this page sticks to what is in the data.

What the price history shows is that FDUSD has at times traded outside a tight band around one dollar. The data records a low near $0.94 in December 2024 and a high of $1.15 in February 2025. Brief deviations like these are common for stablecoins on individual exchanges, but they remind holders that a peg is a target and not a guarantee.

If you want the full record, including any reserve attestations, audits or public disputes involving the issuer or its custodian, read the issuer's current disclosures and recent news coverage. Stablecoin events can move quickly, and anything written here may lag behind them. This page does not cover every incident, and you should not assume the absence of an event on this page means none has occurred.

The main risks with FDUSD are the same as with other fiat-backed stablecoins, plus some specific to its size and structure.

• Reserve and custody risk. The peg relies on the reserves existing and being accessible. Holders have to trust the issuer, its trust company and the reports they publish.
• Redemption risk. Redeeming 1:1 with the issuer may be limited to approved customers, and fees or delays can apply. Most holders depend on market liquidity instead.
• Depeg risk. The price can slip below or above $1 during stress or in thin markets, as the historical range in the data shows.
• Concentration risk. Much of the trading activity is tied to a small number of exchanges, so a policy change at one venue could affect liquidity.
• Regulatory risk. Stablecoin rules differ by country and can change, which may affect where and how the token can be used.
• Smart contract and bridge risk. Multi-chain issuance adds more contracts and potentially more points of failure.

This page is not financial advice and makes no prediction about price.

Where you store FDUSD depends on how much you hold and how you use it. Exchange accounts are convenient for trading but carry platform risk, so avoid keeping more there than you need to.

For self-custody, use a reputable wallet that supports the chain you are on. A hardware wallet adds protection for larger balances. Write down the recovery phrase offline, never photograph it or type it into a website, and never share it with anyone, including anyone claiming to be support staff.

Some practical habits help:

• Verify the token's contract address from an official source before adding it to a wallet.
• Double-check the network before every transfer, and send a small test amount first.
• Keep a little of the chain's native token for fees.
• Be wary of approval requests from unfamiliar apps, and revoke approvals you no longer need.
• Treat unsolicited messages offering returns on stablecoins as likely scams.

Spreading holdings across more than one stablecoin or custody method can reduce the impact of any single failure, though it adds some complexity.