Alternatively, a fully collateralized model backed by equivalent value assets The official site describes FDUSD as a “1:1 USD-backed stablecoin” and states that its reserves are 100% backed by cash and cash equivalents and provides monthly independent attestation reports. As of March 31, 2026, the reserve composition on the official page is listed as 74.5% U.S. Treasury bonds, 17.5% cash, 6% bank deposits, and 2% reverse repo. FDUSD token on-chain state mapping: exists.
Investment View
Disadvantages include the possibility of censorship, differential accessibility to repayment, custody, banking, and regulatory risks, and audit time lags. Alternatively, information delays may occur in market stress situations. First, retail users cannot repay directly and rely on secondary market sales.
First Digital Labs' core product, FDUSD, is a USD reserve-based stablecoin introduced in June 2023, and proposes a design in which 1 FDUSD is backed by 1 USD or an asset of equivalent value through the FD121 series issuance structure and First Digital Trust Limited's custody structure. The official website describes FDUSD as a “1:1 USD-backed stablecoin” and announces that reserves are comprised of cash assets such as cash, U.S. short-term Treasury bonds, bank deposits, and overnight reverse repo. (First Digital Labs) The initial narrative of FDUSD was closer to an “exchange-centric alternative stablecoin” that would absorb trading pair...
Investment View
This is a strong basis for evaluating stablecoin maturity. The market size has decreased compared to its peak in 2024, trading volume is still centered on CEX, and detailed disclosure of reserve financial institutions and direct repayment accessibility are limited. The depegging incident in April 2025 showed that accounting sufficiency of reserves and psychological confidence in the market are separate issues.