An Asia-centered dollar stablecoin issued by First Digital Labs.
Live market data
CoinGecko data; may be delayed.
No declared max supply: no FDV is computable, supply follows demand.
100.0% of the achievable supply is already circulating.
$1.15 -13.27% · Feb 2, 2025
Source: CoinGecko, snapshot of Sep 13, 2026. Figures may be delayed.
This asset is not mapped to a DefiLlama-tracked protocol or chain, or the provider reports no data for it. When a verified mapping exists, the table appears here.
FDUSD is issued by First Digital Labs, a Hong Kong-based custody and trust business, and grew primarily through BNB Chain distribution and aggressive market-making incentives on Binance. It publishes reserve attestations and targets the same 1:1 dollar model as the majors, with a regional and exchange-partner distribution strategy instead of a global one.
General research guidance, not analysis specific to this asset. Detail is pending.
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Separate token utility from price action before building a position.
Compare network usage, liquidity, incentives, and governance quality against nearby competitors.
First Digital issues FDUSD through its Hong Kong trust structure: customers deliver dollars, tokens are minted 1:1, and redemption burns tokens and returns cash. Reserves are segregated and covered by attestations under Hong Kong trust law, a different regulatory regime from US issuers. Distribution runs heavily through Binance, where FDUSD serves as a preferred quote asset in zero-fee pair promotions.
Dollar settlement with strong BNB Chain distribution
Trading quote asset on partner exchanges
FDUSD is a payments instrument whose yield accrues to the issuer, not holders. Its market position is a distribution story: being the preferred stablecoin of the largest exchange by volume gives it liquidity that its reserve footprint alone would not. That cuts both ways — the same concentration makes its fortunes sensitive to one partner's policies.
Supply expands with exchange-partner demand and contracts with redemptions, tracked by reserve attestations. Its float is mid-tier: substantial on BNB Chain and partner venues, far smaller than USDT or USDC, which keeps peg maintenance straightforward in calm markets but concentrates redemption risk in its main distribution partner.
No token governance. First Digital controls issuance under Hong Kong trust law; exchange partners control distribution incentives. Address-freezing exists in the contract, exercisable by the issuer — the same centralized trade-off as the American stablecoin issuers, under a different legal system.
Demand concentrates in one exchange partner, whose incentives can change
Issuer's trust structure is subject to Hong Kong trust law, a different regime than US issuers
Smaller reserve footprint than the top stablecoins
Its issuer operates under Hong Kong's trust and custody regime rather than a US or EU stablecoin license. Reserve attestations are published, but the legal recourse and reporting cadence differ from NYDFS-regulated issuers like USDC or RLUSD — a real consideration for institutional users comparing options.
Because Binance promoted it as a preferred pair with zero-fee trading promotions, which concentrated deep liquidity there. That distribution strategy built its volume but ties its relevance to the exchange partner's continued incentives.
Last verified:
First Digital · firstdigital.us · primary source
FDUSD issuance by First Digital Labs, Hong Kong domicile, 1:1 reserve model, and BNB Chain / Binance distribution positioning.
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Pending linkage to a concrete organization on the map.
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Directory suggestion, pending verification.
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Directory suggestion, pending verification.
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Directory suggestion, pending verification.
