NiftyNoon: The $FDUSD Depeg - Is Justin Sun Attacking Binance? 🥊💵➡️
Justin Sun has claimed that First Digital Trust, the issuer of the FDUSD stablecoin promoted heavily by Binance, is insolvent (April 4, 2025)
Nifty Thought:
Justin Sun has claimed that First Digital Trust, the issuer of the FDUSD stablecoin promoted heavily by Binance, is insolvent. Sun backed this claim by citing loopholes in the trust licensing and financial risk management processes of Hong Kong, where First Digital Trust is based. First Digital Trust denied the accusations stating the dispute is with the $TUSD stablecoin and not the $FDUSD stablecoin. The firm assured users 1:1 redemptions between FDUSD and traditional US Dollars would be honored. This entire fiasco comes at great detriment to Binance, the world’s largest centralized cryptocurrency exchange by a wide margin. Binance had previously sunset its support of the $BUSD stablecoin in favor of supporting $FDUSD. As a result, $FDUSD trading pairs (including $BTC/$FDUSD) are amongst the most popular on the platform. Furthermore, Binance itself holds a $1.67B $FDUSD reserve. Following Sun’s bombshell revelation, $FDUSD depegged to as low as $0.8816 before stabilizing to around $0.9963, effectively returned to its theoretical $1.00 value. Should Sun’s claims hold merit, $FDUSD could become a systematic risk for Binance. However, $FDUSD regaining its dollar peg suggests that the market largely trusts First Digital over Justin Sun.
Highlighted News:
💵 First Digital claims Justin Sun’s accusations won’t distract from Techteryx’s own failures— stablecoin FDUSD remains fully backed and solvent:
https://x.com/FirstDigitalHQ/status/1907716272172970222
📣 The first few redemptions after the recent FDUSD FUD have been processed:
https://x.com/FirstDigitalHQ/status/1907644502501896519
📉 $3.1 Trillion Erased from the Stock Market Today:
https://x.com/rovercrc/status/1907982862722150443
🔥 @justinsuntron claims on First Digital Trust (FDT)’s Diversion of Public Trust Funds and the Aria Investment Scam:
https://x.com/justinsuntron/status/1907671874135548159
🪙 Stable Act has Passed Committee with a Vote of 32-17:
https://x.com/taylorjbarr/status/1907630238613254497
🟣 4th April marks the largest single-day unlock of staked SOL until 2028:
https://x.com/arkham/status/1907906539018719529?s=46
Project and Community News:
Senate approves pro-crypto Paul Atkins to lead the SEC: https://x.com/AltcoinDailyio/status/1907837580189786258
Jack Dorsey says Square is working on allowing Bitcoin payments on their terminals: https://x.com/BitcoinMagazine/status/1907744320368644384
Since $FDUSD depegged, Wintermute has transferred 75M $FDUSD to First Digital Labs: https://x.com/lookonchain/status/1907732546395451886
@Metaplanet_JP shares Notice Regarding the Large Exercise of the 17th Series of Stock Acquisition Rights: https://x.com/Metaplanet_JP/status/1907646823788900616
The STABLE Act cleared a key committee vote in D.C. last night: https://x.com/chainlink/status/1907817782932103476
SEC Acknowledges Filing for Solana ETF: https://x.com/DegenerateNews/status/1907850888716161096
Coinbase Derivatives has filed with the CFTC to self-certify $XRP futures: https://x.com/CoinbaseInsto/status/1907903279247536639
Watr, the blockchain infrastructure purpose-built for the commodities market, is migrating to an Avalanche L1: https://x.com/avax/status/1907785430621135296
@Cardano_CF Introducing Veridian: https://x.com/Cardano_CF/status/1907782874839003493
Introducing Velora, the new era of ParaSwap: https://x.com/VeloraDEX/status/1907811479933366731
@StartaleGroup is taking a strategic step by using revenue from @soneium’s Layer 2 Sequencer to support Astar through ongoing ASTR token purchases on the open market: https://x.com/AstarNetwork/status/1907719737511162055
Pixels and Runiverse are joining forces: https://x.com/Ronin_Network/status/1907781648567119881
Step into the Aptos technical vision: https://x.com/Aptos/status/1907866649983930506
@DoubleZero Token Sale for Validators on @CoinList: https://x.com/doublezero/status/1907479580258042039
Introducing App Coins: A token tied directly to your vibe-coded apps & games, now LIVE on @base: https://x.com/tryoharaai/status/1907841494767333501?s=46
Mempool trading for Ordinals and Runes are now LIVE on Satflow: https://x.com/satflow_/status/1907835050500173827?s=46
Enter the Garden is now streaming on Viu, Southeast Asia’s largest streaming platform with distribution across 16 markets: https://x.com/azuki/status/1907614169765130526?s=46
Quick Stats:
👾 Blur ETH Daily Volume: 706 ETH (▼ 24.63%)
🌊 OpenSea ETH Daily Volume: 1,089 ETH (▲ 27.20%)
🟠 BTC : $82,335.40 (▼ 0.67%)
🔷 ETH: $1,779.67 (▼ 0.93%)
🟣 Solana: $114.83 (▼ 0.70%)
🟪 Polygon: $0.19 (▲ 3.77%)
Top NFT Sales:
CryptoPunks #5229: 46.00 ETH
CryptoPunks #7747: 42.59 ETH
CryptoPunks #5813: 39.20 ETH
NFT Daily Winners:
🏴☠ Captainz: 0.70 ETH (▲ 8.99%)
🏳🌈 Chromie Squiggles: 4.44 ETH (▲ 4.23%)
🐵 NodeMonkes: 0.04 BTC (▲ 1.66%)
🐧 Pudgy Penguins: 9.73 ETH (▲ 1.36%)
😡 Mad Lads: 51.37 SOL (▲ 0.02%)
NFT Daily Losers:
⛩ Azuki: 2.64 ETH (▼ 0.60%)
🍭 Mocaverse: 2.18 ETH (▼ 0.98%)
🦧 Bored Ape Yacht Club: 15.00 ETH (▼ 1.32%)
💼 Ordinal Maxi Biz: 0.03 BTC (▼ 1.84%)
👩🏻 Milady Maker: 2.86 ETH (▼ 1.99%)
👾 Tensorians: 2.90 SOL (▼ 2.68%)
🚬 CryptoPunks: 40.99 ETH (▼ 3.76%)
🧦 Bitcoin Puppets: 0.04 BTC (▼ 4.17%)
🐱 Quantum Cats: 0.04 BTC (▼ 11.29%)
Notes:
If you find quick daily crypto updates helpful, please feel free to subscribe:
The content on this site is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.
Managed by @AxuETH, @Miinted, @drethernik, @SpeedyGonzale87 and @SSPxLEO