Bubble
First Digital USD FDUSD
First Digital USD (FDUSD) was trading at $0.9982, ranked #123 by market cap at $333.03M, with 24h volume of $139.08M.
Data snapshot: 2026-09-02 12:15 UTC.
FDUSD is a dollar stablecoin issued by Hong Kong-based First Digital, holding reserves in cash and short-term instruments held with custodians outside the United States. It grew quickly after Binance featured it in zero-fee trading pairs, which is why its volume is large relative to its supply and concentrated on a small number of venues. FDUSD is a dollar stablecoin issued from Hong Kong, holding reserves in cash and equivalents with an independent custodian. Its supply grew rapidly through exchange trading-pair support, which is the important context: a stablecoin whose size is driven by one venue's promotions has a different stability profile from one grown through diverse payment use. It briefly traded below its peg in 2025 amid questions about reserve arrangements before recovering. On this map its market cap is a reasonable proxy for how much trading activity is routed through the pairs that use it.
Where is FDUSD issued from?
Hong Kong, with reserves in cash and equivalents held with an independent custodian.
Why did its supply grow so quickly?
Largely through support as a base trading pair on a major exchange. Supply driven by one venue behaves differently from supply grown through diverse use.
Has it held its peg?
It has traded slightly off a dollar at times, including a notable deviation in 2025 amid questions about its reserve arrangements, before recovering.
What does concentration risk mean for a stablecoin?
That much of its demand comes from one source. If that source changes its incentives, supply can contract quickly regardless of the reserves behind it.
Market cap decides how big a bubble is drawn, so rank is what places FDUSD on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #101 | TrueUSD (TUSD) | $492.13M |
| #111 | EURC (EURC) | $461.23M |
| #123 | First Digital USD (FDUSD) | $333.03M |
| #144 | AUSD (AUSD) | $255.77M |
| #145 | crvUSD (CRVUSD) | $254.32M |