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First Digital
Active AUM
$301.76mKey Metrics
Onchain AUM$301.76m
Change (24h)-0.66%
Active / Onchain100%
DeFi Active TVL$2.76m
Change (24h)-7.50%
Utilization0.9%
Largest ProtocolVenus Core Pool$2.38m
Net Flows 30dN/A
Net Flows 7dN/A
Live Assets1
Issuers1
Asset rankings
| Name | Chains | Asset Type | AUM | DeFi | Flows | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| USD Stable | $301.76m | $301.76m | -1.12% | $2.76m | 0.92% | -21.29% | $1 | |||
About First Digital
First Digital issues a fiat-backed stablecoin maintained at parity with its reference currency through reserve backing and redemption mechanisms. It enables fast, low-cost settlement of stablecoin transactions.
Entity
Legal entityFirst Digital Trust Limited
HeadquartersHong Kong, Hong Kong
Founded2017
Primary chainBSC
Entity structure
First Digital Group has First Digital Trust Limited holding FDUSD reserves in segregated accounts and First Digital Labs as the issuer brand. Since August 2025 the issuer is FD121 (BVI) Limited, which is not a trust company or bank, with reserves legally segregated for bankruptcy isolation.
Regulation
FDUSD reserves are custodied by First Digital Trust Limited, a Hong Kong registered trust company and licensed Trust or Company Service Provider. The issuer moved from Hong Kong entity FD121 Limited to FD121 (BVI) Limited in August 2025, two weeks after the Hong Kong Stablecoins Ordinance took effect, and no First Digital entity appears on the HKMA register of licensed stablecoin issuers as of mid 2026. Monthly ISAE 3000 attestations are signed by AOGB CPA Limited.
Compliance
Of 1 assets
Attested1 of 1
KYC to mint or redeem1 of 1
Allowlisted to holdunknown
Transferable1 of 1
Self custody1 of 1
Redeemable1 of 1
Fees & revenue
ConfidenceIssuer-Disclosed
Mint Fee0 bps
Redemption Fee0 bps
Float IncomeYes
Fees Last Verified2026-07-09
The whitepaper states zero fee minting and redemption as long as you mint more than you redeem, with no published schedule for net redeemers. Holders are not entitled to interest so reserve income is retained. Note the April 2025 depeg episode and unresolved litigation with Techteryx parties.
Milestones
- 2026-04HKMA grants first stablecoin licenses with First Digital absent from the register
- 2025-08FDUSD issuance moved to FD121 (BVI) Limited
- 2025-04FDUSD depegged about 9 percent after Justin Sun insolvency allegations, with a defamation writ filed in Hong Kong
- 2024-10Solana expansion
- 2023-06FDUSD launched by FD121 Limited