FDUSD Stablecoin Depegged Amid Insolvency Claims

The First Digital US-dollar pegged stablecoin (FDUSD) lost its peg on April 2 after Justin Sun, the founder of Tron network, claimed that the issuer, First Digital, is insolvent. In response, First Digital reassured users that they are solvent and clarified that the dispute is with TrueUSD (TUSD), another stablecoin. They emphasized that every dollar backing FDUSD is secure and accounted for with US-backed Treasury Bills, with detailed ISIN numbers provided in their attestation report. First Digital also mentioned their intention to take legal action against Sun for his claims on social media. FDUSD's peg to the dollar was affected by online allegations. Source: CoinMarketCap. This is a developing story, and updates will be provided as more information becomes available.