What’s the scoop? 📰
- FDUSD, the dollar-pegged baby of Hong Kong’s First Digital, took a little tumble from its perch due to folks getting twitchy about its piggy bank.
- Oh no! FDUSD’s value did the belly flop, hitting 0.87 against USDT and 0.76 against USDC on Binance, before mustering the strength to climb back to around $0.98. Phew, almost!
- Why the dive? Well, everyone’s favorite drama king, Justin Sun, started yapping about how FDUSD might be in the same sinking boat as TUSD, whose cash pile was being babysat by First Digital Trust. Justin claims they’re “broke as a joke!”
CoinDesk spills the beans on TUSD’s reserves being tied up in some wonky investments. Justin Sun, savior of the day, loans a helping hand. First Digital Trust, the big sis of First Digital, was supposed to keep TUSD’s cash pile safe. But Justin says, “Nah-uh, they’re broke!”
“First Digital Trust? More like First Digital Bust!” Justin Sun declares on his social media soapbox. But First Digital’s like, “Nuh-uh, we’re swimming in greenbacks!”
“Justin’s just throwing shade ’cause we’re competition,” First Digital huffs. “We’re gonna sue his pants off to protect our good name!” And guess what? They’ve got $2 billion in U.S. Treasury bills to back ’em up. 💸
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2025-04-02 20:03