Binance has addressed the accuracy of the reserve attestation for First Digital USD (FDUSD) after a brief de-pegging incident; in a blog update on April 3rd, Binance said they reviewed FDUSD’s reserves two times: once after the February report and again recently.
An audit by Prescient Assurance revealed that as of March 1st, FDUSD had $2.05 billion in reserves, consisting of fixed deposits and U.S. Treasuries, which exceeds the amount of FDUSD in circulation. This ensures a 1:1 redemption with USD.
Binance emphasizes its commitment to keeping users informed and will continue to provide timely updates through its official channels and announcement board. Users can find historical and current reserve attestations on the official transparency page provided by First Digital Labs.
This development comes after Justin Sun, founder of Tron (TRX), alleged that First Digital Trust, the issuer of the stablecoin FDUSD, was insolvent, causing FDUSD to drop to $0.87 before recovering. He called for regulatory action and advised investors to withdraw their funds. In response, First Digital Trust denied the claims, stating that FDUSD is fully backed and accused Sun of launching a “typical smear campaign” and has threatened legal action.
Concerns have arisen regarding Binance’s heavy reliance on FDUSD, as the exchange controls about 94% of its supply, raising questions about potential risks tied to a single stablecoin for trading. Despite market volatility, FDUSD remained relatively stable at $0.99. Binance plans to conduct a review following the upcoming attestation report, reaffirming its commitment to FDUSD’s stability.
Meanwhile, Binance recently launched the Particle Network (PARTI) as part of its HODLer Airdrops program, rewarding BNB holders who participated in specific Binance products. Trading for PARTI began on March 25, 2025, with several trading pairs available. The airdrop allocated 3% of PARTI’s total supply, with an equal amount set aside for future marketing. Additionally, Binance expanded its trading services by listing StraitsX USD (XUSD) and Four (FORM).
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
