Fiat / issuer reservesRank #11
FDUSDFirst Digital USD
First Digital Trust Limited
- Market cap
- $409M
- Circulating supply
- 409.9M
- Networks
- 2
EIP/ERC standards & compliance
Full FDUSD profile: ERC-20, permit, proxy patterns, cross-chain, flash loans, and compliance EIPs — with implementation notes and verified contract context.
Overview
Launched June 2023 to replace Binance's BUSD after wind-down. Primarily used for trading pairs on Binance, though usage has declined sharply. In April 2025, Justin Sun publicly accused First Digital Trust of insolvency, causing a brief depeg to $0.87 before recovering. Binance subsequently delisted multiple FDUSD trading pairs in early 2026, accelerating market cap decline from a ~$2B+ peak.
Supply by chain
Market cap
$409M
Circulating supply
409.9M
Supply chains
6
| Chain | Supply | Market cap | Share |
|---|---|---|---|
| Ethereum | 270.2M | $270M | 65.9% |
| BSC | 87.6M | $87M | 21.4% |
| Sui | 43.5M | $43M | 10.6% |
| Solana | 8.5M | $9M | 2.1% |
| Arbitrum | 59.9K | $60K | 0.01% |
| TON | 1.1K | $1K | 0.00% |
| Current circulating supply by chain from DeFiLlama. Small supply footprints are grouped after the top 12 chains and may include bridged or non-curated deployments. | |||
Features
Engineering-oriented breakdown of capabilities: standards, who they matter for, integration rationale, per-feature risks, and vetted external references (specs, docs, verified source).
Primary Ethereum verified source: Etherscan
| Feature | Standards | Audience | Why it matters | Risk / caveat | References |
|---|---|---|---|---|---|
EIP-3009 gasless transfers on BSC authorization |
| User | Gas sponsorship on BNB Chain via `transferWithAuthorization` — enables commerce-style flows similar to USDC. | Relayer and nonce handling identical caveats to other EIP-3009 deployments. | |
Bankruptcy-remote trust structure compliance | — | Corporate | Legal ring-fencing for reserves — institutional due diligence, not on-chain enforceable. | Legal regime and trust deed determine real protection; not visible in Solidity. | |
Chainlink PoR oracle compliance |
| Both | On-chain FDUSD/USD feed on BNB — contracts can anchor off-chain logic to oracle answers. | Oracle downtime or deviation thresholds can block dependent protocols. | |
Monthly attestations compliance | — | Corporate | Periodic attestations for reserve reporting — ops/compliance monitoring. | Attestation lag vs real-time market; not on-chain proof. | |
Issuer mint/burn/freeze compliance |
| Corporate | Centralized controls typical of fiat-backed issuers — same integration caveats as USDT/USDC. | Blacklist/pause can strand positions in smart contracts holding FDUSD. |
EIP / ERC support matrix
Standards & compliance support for FDUSD. Click an EIP to jump to the global deep-dive section.
| Standard | Status | Notes |
|---|---|---|
| Core | ||
| ERC-20 Fungible token standard | Implemented | Standard wallet and CEX integration; DeFi depth is thinner than USDT/USDC. |
| Signatures & typed data | ||
| EIP-712 Typed structured data signing | Implemented | Required to build relayer-signed payment flows wherever EIP-3009 is live. |
| EIP-2612 Permit — gasless ERC-20 approval | Implemented | Gasless approvals and single-transaction DeFi flows where permit is supported on the target deployment. |
| EIP-3009 transferWithAuthorization | Partial | Network-specific: BNB Chain deployment only. Enables sponsored transfers on chains where the upgrade is live; critical for payment SDK parity with USDC on those chains. |
| EIP-1271 Signature validation for smart contracts | Not implemented | Smart contract wallets use standard permit only if EIP-2612 exists. |
| Upgradeability & proxies | ||
| EIP-1967 Standard proxy storage slots | Implemented | Proxy detection drives correct ABI attachment in indexers and wallets. |
| EIP-1822 UUPS — universal upgradeable proxy | Not implemented | Standard transparent proxy — upgrade authority is in the ProxyAdmin contract, not the token implementation. No risk of accidentally bricking upgrades via implementation deployment mistakes (a UUPS risk). |
| Vaults & yield | ||
| ERC-4626 Tokenized yield vault standard | Not implemented | Yield requires external protocols. |
| Compliance | ||
| Freeze Address freezing / blacklisting | Implemented | Standard freeze-check pattern applies. Cross-chain freeze status is NOT synchronized — always check on the target chain. |
| Seize Fund seizure / clawback | Not implemented | Frozen FDUSD remains in totalSupply() and balanceOf(). No surprise supply reductions from seizure events. Supply tracking is straightforward. |
| Pause Global transfer pause | Implemented | Standard pause risk model — all FDUSD-dependent operations halt during a pause. The single-owner key concentration means no role separation between compliance and operational functions. |
| Cross-chain | ||
| ERC-7802 Crosschain token interface | Not implemented | Always verify the correct chain-native deployment address. |
| Flash Loans | ||
| ERC-3156 Flash loans | Not implemented | Use external flash loan providers. |
| Data sourced from verified Etherscan contract source code. Implementations may differ across networks — always verify on the specific chain you integrate with. | ||
Technical notes
- 18 decimals.
- TransparentUpgradeableProxy (EIP-1967) confirmed via fd-121/fd-stablecoin repository.
- Conforms to EIP-20, EIP-712, EIP-2612 (standard permit).
- Built with Foundry.
- freeze/unfreeze functions for individual accounts.
- Ethereum and BNB Chain contracts are independent deployments (same address, different chains) — can diverge through separate upgrades.
- EIP-3009 BSC upgrade (Dec 2025).
- Chainlink FDUSD/USD price feed on BNB Chain.
Reserves & peg
- Reserves
- Cash and cash equivalents held in trust by First Digital Trust Ltd
- Collateral
- Fiat (off-chain)
- Peg mechanism
- Hard 1:1 via trust company redemption
- Auditor
- Prescient Assurance (monthly attestation)
Ecosystem
- DeFi integration
- Primarily CEX trading pairs on Binance — limited on-chain DeFi integration
- Yield
- None
Risk factors
highApril 2025 Justin Sun insolvency accusation and depeghighBinance pair delistings — declining usage and market capmediumBinance concentration
Technical references
Block explorers
Networks & contracts
Deployments by chain — primary rows are highlighted. Always verify addresses against issuer docs before mainnet integrations.
Engineering deep dive
Integration notes
FDUSD is optimised for exchange rails more than deep DeFi composability—verify BSC EIP-3009 support on the deployment you target before building meta-transaction flows.
Ops
Treat attestations and oracle feeds as part of your monitoring stack if you custody or list FDUSD programmatically.