Fiat / issuer reservesRank #11
FDUSDFirst Digital USD
First Digital Trust Limited
- Market cap
- $348M
- Circulating supply
- 349.0M
- 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
$348M
Circulating supply
349.0M
Supply chains
6
| Chain | Supply | Market cap | Share |
|---|---|---|---|
| Ethereum | 241.5M | $241M | 69.2% |
| BSC | 55.5M | $55M | 15.9% |
| Sui | 43.4M | $43M | 12.4% |
| Solana | 8.5M | $8M | 2.4% |
| Arbitrum | 44.6K | $44K | 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.
| Network | Standard | Upgrade | Contract |
|---|---|---|---|
EthereumPrimary | ERC-20 | Transparent | |
BNB ChainPrimary | BEP-20 | Transparent | Same address, different chain |
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.