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Deployments · platform by First Digital

First Digital USD (FDUSD)Updated 7 Nov 2026

A dollar stablecoin issued from Hong Kong by FD121 Limited, trading as First Digital Labs, and launched in June 2023 on Ethereum and BNB Chain with an early listing on Binance. Reserves are Treasury bills, overnight reverse repo and cash at regulated institutions, with monthly attestations. Supply passed $1 billion within six months but has since shrunk to about $325 million in October 2026.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (scaled) since Dec 2023[1] — Exchange-traded and open; supply has fallen a long way from its peak. · Reviewed 25d ago

Assets
Stablecoin[1]
US dollar stablecoin backed by Treasury bills, overnight reverse repo and cash
Networks
Ethereum Public, permissionless[2]
BNB Chain Public, permissionless[2]
Sui Public, permissionless[2]
Solana Public, permissionless[2]
Use cases
Primary issuance[2]
Jurisdictions
Hong Kong

Participants

  • First DigitalPlatform provider, Issuer, Operator[1]Hong Kong
  • BinanceDistributor[1]Global
  • Prescient AssuranceAuditor or reserve attestor[3]United States
  • Reserves are held by a related-party Hong Kong public trust company as custodian, with further accounts in its name at unnamed financial institutions in Hong Kong, Singapore, Australia, Canada and Switzerland.[3]

Likely relevant regulation

Assets

Metrics

  • ~$324.95mTokens in circulation · as of 11 Oct 2026[2]
    On-chain via DefiLlama; sum of its per-chain balances.
  • ~$214.77mTokens in circulation · as of 11 Oct 2026 · on Ethereum[2]
    On-chain via DefiLlama.
  • ~$58.02mTokens in circulation · as of 11 Oct 2026 · on BNB Chain[2]
    On-chain via DefiLlama.
  • ~$1bnMarket capitalisation · as of Dec 2023[1]
  • ~$283.78mSupply on chain (daily) · as of 7 Nov 2026[4]
    Automated daily reading of on-chain supply across all chains.
  • ~$55.93mSupply on chain (daily) · as of 7 Nov 2026 · on BNB Chain[4]
    Automated daily reading.
  • ~$175.69mSupply on chain (daily) · as of 7 Nov 2026 · on Ethereum[4]
    Automated daily reading.
  • ~$43.58mSupply on chain (daily) · as of 7 Nov 2026 · on Sui[4]
    Automated daily reading.
  • ~$8.53mSupply on chain (daily) · as of 7 Nov 2026 · on Solana[4]
    Automated daily reading.

Timeline

  1. Happened 6 Dec 2023 · Volume milestone · recorded 11 Oct 2026
    Market capitalisation reaches $1 billion.[1]
  2. Happened Jun 2023 (month only) · Launch · recorded 11 Oct 2026
    FDUSD launches on Ethereum and BNB Chain and lists on Binance.[1]

Sources

  1. [1]First Digital USD reaches US$1 billion market capitalisation — First Digital (via Cision / AAP), 6 Dec 2023. Accessed 11 Oct 2026.B
  2. [2]FDUSD stablecoin data (API) — DefiLlama, 11 Oct 2026. Accessed 11 Oct 2026.A
  3. [3]Reserve Accounts Report With Independent Accountant's Report, FD121 Limited, April 30, 2024 — FD121 Limited (examined by Prescient Assurance LLC), 13 May 2024. Accessed 28 Oct 2026. Archived copy; firstdigitallabs.com blocks scripts. Examiner identified from the report letterhead..A
  4. [4]Supply by chain, read daily — DefiLlama (automated daily refresh). Accessed 7 Nov 2026.A

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