Listen up, folks! Binance, the galactic overlords of crypto, have just announced that FDUSD’s reserves are as real as a cat in a dog costume. 🐱🐶 After a brief moment of chaos, where FDUSD started acting like a roller coaster, Binance has confirmed that everything is kosher.
In an April 3 update on their blog (probably written by a Meatloaf-loving intern), Binance revealed they double-checked FDUSD’s reserve data. Once after the February report came out, and then again, just to be extra sure.
As of March 1, FDUSD had a whopping $2.05 billion in reserves, according to an audit by Prescient Assurance (because why not let wizards audit your money?). These reserves, which are locked up in fixed deposits and U.S. Treasuries, are more than enough to cover the stablecoin in circulation, guaranteeing a 1:1 redemption with the almighty USD. 🤑💰
But wait, there’s more drama! Tron’s founder, Justin Sun (aka the internet’s favorite troublemaker), accused First Digital Trust (FDT) of being broke and unable to handle redemptions. This little outburst caused FDUSD to momentarily lose its peg and dip to $0.87. Sun called for regulatory action, criticized Hong Kong’s financial system, and told everyone to scram. 🗑️💸
Protect users and protect HK
First Digital Trust (FDT) is effectively insolvent and unable to fulfill client fund redemptions. I strongly recommend that users take immediate action to secure their assets. There are significant loopholes in both the trust licensing process in…
— H.E. Justin Sun 🍌 (@justinsuntron) April 2, 2025
His claims sent the market into a frenzy, with FDUSD’s price plummeting to a low of $0.87 before it had a much-needed cup of coffee and perked up. FDT, not taking any of this lying down, fired back, saying Sun’s accusations were as truthful as a clown at a job interview. They insisted FDUSD is fully backed and the issue was related to another stablecoin, TrueUSD (TUSD). FDT even accused Sun of running a smear campaign and threatened to sue his socks off. 👕💥
With Binance holding about 94% of FDUSD’s supply, the crypto community is understandably worried. Analysts are warning about the risks of relying on a single stablecoin for trading, a situation that’s about as smart as using a sieve to catch fish. 🐟🔐
As of now, FDUSD is trading at $0.99, having seemingly stabilized. Binance plans to conduct another review in two weeks, just to make sure everything is hunky-dory. They’ve also promised to keep a watchful eye on FDUSD’s stability, because who doesn’t love a good crypto soap opera? 🎥🎉
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2025-04-03 06:34