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    FDUSD stablecoin depegs following claims made by Justin Sun

    APEWAVEBy No Comments1 Min Read

    First Digital Trust has denied Justin Sun’s claims of liquidity issues, saying it is part of “smear campaign.”

    COINTELEGRAPH IN YOUR SOCIAL FEED

    The First Digital US-dollar pegged stablecoin (FDUSD) depegged on April 2 following claims of insolvency from Tron network founder Justin Sun, who said that the issuer of the tokenized fiat equivalent, First Digital, is insolvent.

    First Digital responded to the claims by assuring users that the issuer is completely solvent and said that the dispute is with TrueUSD (TUSD), another stablecoin. The firm wrote in an April 2 X post:

    “Every dollar backing FDUSD is completely secure, safe and accounted for with US-backed Treasury Bills. The exact ISIN numbers of all of the reserves of FDUSD are set out in our attestation report and clearly accounted for.”

    First Digital also indicated they would be taking legal action against Sun for making the claims on social media.

    Stablecoin, Justin Sun

    FDUSD loses its dollar peg following online claims. Source: CoinMarketCap

    This is a developing story, and further information will be added as it becomes available.