What could affect the price of FDUSD?
FDUSD’s stability is facing some challenges as the sector grows.
- Fed Rate Cuts – Lower earnings from reserves reduce issuer revenue by $2.92 million per year.
- Multi-Chain Growth – Integrations with TON and Solana open access to over 900 million Telegram users, which is a positive sign.
- Regulatory Changes – New licensing rules in Hong Kong and U.S. compliance requirements add operational costs.
Deep Dive
1. Federal Reserve Rate Cuts (Negative Impact)
Overview:
In September 2025, the Federal Reserve lowered interest rates, which cut FDUSD’s yearly revenue by $2.92 million. This happened because FDUSD holds most of its reserves in short-term U.S. government debt, and lower rates mean lower returns on those reserves. Since 93% of FDUSD’s $2.4 billion market value is tied to these reserves, further rate cuts could reduce profits even more.
What this means:
With less income from reserves, First Digital might have less money to spend on important activities like audits, partnerships, or guaranteeing redemptions. Still, FDUSD’s price has shown some stability, with only 0.17% price movement in 24 hours compared to USDC’s 0.21%, indicating it can handle short-term shocks.
2. Expansion on TON and Solana Blockchains (Positive Impact)
Overview:
In July 2025, FDUSD launched on the TON blockchain, which is connected to Telegram’s 900 million users. It also integrated with Solana’s BTCFi platform through the Zeus Network, aiming to tap into a projected $1.4 trillion stablecoin payment market by 2030.
What this means:
If just 1% of Telegram users start using FDUSD, that could mean about $9 billion more in transactions. On Solana, FDUSD is used in Bitcoin-backed lending through the Zeus Network, which adds real-world use beyond just trading.
3. Regulatory Environment (Mixed Impact)
Overview:
Hong Kong is rolling out stablecoin licensing in late 2025, and the U.S. GENIUS Act requires stablecoins to keep full 1:1 reserves and undergo monthly audits. FDUSD’s March 2025 audit showed it had 102% collateral coverage, but compliance costs have increased by 18% year-over-year.
What this means:
While these regulations build trust and could help FDUSD capture 3-5% of Asia’s $195 billion remittance market, FDUSD faces stiff competition from USDC, which complies with Europe’s MiCA rules, and RLUSD, which benefits from Ripple’s liquidity.
Conclusion
FDUSD’s price stability depends on balancing earnings from reserves with growing adoption on platforms like Telegram and Solana. Although lower interest rates put pressure on profits, expanding into new blockchain ecosystems helps reduce risk. The key question is whether TON-based payment volumes can exceed $150 billion per month by 2026, which is crucial for FDUSD to maintain liquidity leadership.
What are people saying about FDUSD?
First Digital USD (FDUSD) is making moves in the stablecoin market with some positive developments and a few challenges. Here’s the quick overview:
- Integration with TON boosts Telegram’s payment system
- Expansion to Arbitrum strengthens decentralized finance (DeFi) options
- Some exchange delistings create mixed signals
In-Depth Look
1. @ton_blockchain: FDUSD powers Telegram payments — Positive outlook
"FDUSD enables real stablecoin use for Telegram’s 900 million+ users with fast, low-cost transfers"
– @ton_blockchain (1.2M followers · 12.4K impressions · July 28, 2025)
See original post
What this means: This is good news for FDUSD. Telegram’s huge user base could help FDUSD become a popular choice for everyday payments, increasing its demand and usefulness.
2. @TheDefiant: FDUSD expands to Arbitrum — Neutral impact
FDUSD is now the 8th-largest stablecoin by market value ($1.6 billion) after launching on Arbitrum, a popular Ethereum Layer 2 network. However, it still trails behind bigger stablecoins like USDT and USDC on this platform.
– @TheDefiant (June 6, 2025)
Read full article
What this means: Expanding to Arbitrum helps FDUSD grow in the DeFi space, but it faces strong competition from well-established stablecoins. So, the impact is neutral for now.
3. @CoinMarketCap: Binance cuts some FDUSD trading pairs — Negative signal
Binance removed 4 FDUSD margin trading pairs (DOGS/FDUSD, PEOPLE/FDUSD) on August 8, 2025, due to low trading volume. However, regular spot trading of FDUSD is still available.
– CMC Community Alert (August 4, 2025)
More details here
What this means: This is a short-term negative sign. Reduced support from a major exchange like Binance could mean less demand for FDUSD in leveraged trading.
Summary
Overall, the outlook for FDUSD is mixed. It’s growing through partnerships with TON and Arbitrum but facing some setbacks with exchange trading pairs being cut and a 15.9% drop in market cap during July (Cryptonews). Keep an eye on FDUSD’s circulating supply, which is currently about 1.085 billion, for signs of renewed interest from big investors after the TON integration.
What is the latest news about FDUSD?
FDUSD is adapting to Federal Reserve rate cuts while growing its presence in blockchain and decentralized finance (DeFi). Here’s the latest update:
- Fed Rate Cut Lowers FDUSD Revenue (September 24, 2025) – Annual revenue dropped by $2.9 million due to broader pressures on stablecoins.
- FDUSD Launches on Telegram’s TON Blockchain (July 28, 2025) – Expands to over 900 million users for affordable payments and increased DeFi activity.
- Venus Protocol Recovers $11 Million in FDUSD (September 8, 2025) – Quick response to a security breach strengthens trust in DeFi platforms.
Detailed Overview
1. Fed Rate Cut Lowers FDUSD Revenue (September 24, 2025)
What happened:
The Federal Reserve lowered interest rates by 0.25%, which reduced FDUSD’s annual revenue by about $2.9 million. This is because stablecoins like First Digital USD (FDUSD) earn income from government-backed securities, which now pay less interest. Despite this, FDUSD’s market value grew by 3.44% in September, and it holds nearly 9% of the stablecoin trading volume on centralized exchanges.
Why it matters:
This change affects all stablecoins backed by U.S. dollars, not just FDUSD. However, FDUSD remains strong with a daily trading volume of $7.4 billion, showing continued user confidence (CoinDesk).
2. FDUSD Launches on Telegram’s TON Blockchain (July 28, 2025)
What happened:
FDUSD is now available on The Open Network (TON), Telegram’s own blockchain platform. This gives access to over 900 million Telegram users, allowing fast and low-cost transactions. FDUSD is now supported on six blockchains, including Ethereum, Binance Smart Chain, Arbitrum, Sui, Solana, and TON.
Why it matters:
This move is expected to increase FDUSD’s adoption by tapping into Telegram’s huge user base and expanding its reach across multiple blockchains. TON’s DeFi ecosystem grew to $372 million in total locked value in August, partly due to FDUSD’s presence (CoinMarketCap).
3. Venus Protocol Recovers $11 Million in FDUSD (September 8, 2025)
What happened:
Venus Protocol, a decentralized finance platform, quickly recovered $11.4 million worth of FDUSD and other assets after a phishing attack. The platform paused operations within 20 minutes and worked with security experts to resolve the issue.
Why it matters:
This incident highlights FDUSD’s role in DeFi security and risk management. The quick recovery helped restore confidence, and Venus’ governance token (XVS) returned to its previous value soon after (The Block).
Conclusion
FDUSD is facing challenges from lower interest rates but is balancing this with strategic growth on new blockchains like TON and strong security responses in DeFi. While revenue pressure remains, FDUSD’s multi-chain presence and $1.08 billion market cap show it is well-positioned for resilience. The key question is whether FDUSD’s partnerships and institutional use can keep pace with regulatory and economic challenges.
What is expected in the development of FDUSD?
FDUSD’s roadmap is focused on expanding its reach and growing its ecosystem.
- Global Issuer Expansion (2025) – Setting up a new issuer in the British Virgin Islands (BVI) to better navigate international regulations.
- Multi-Chain Liquidity Growth (Ongoing) – Increasing availability across multiple blockchain networks that support decentralized finance (DeFi).
- TON Ecosystem Integration (2025) – Bringing FDUSD to Telegram’s TON blockchain to improve Web3 payment options.
Deep Dive
1. Global Issuer Expansion (2025)
Overview: First Digital is launching a new issuer based in the British Virgin Islands (First Digital Team) to simplify compliance with global regulations and encourage wider adoption. This move supports FDUSD’s goal of serving international markets while keeping a 1:1 backing with U.S. dollars.
What this means: This is generally positive for FDUSD because spreading regulatory oversight reduces risks tied to any single country’s rules. However, it may face competition from stablecoins that focus on specific regions.
2. Multi-Chain Liquidity Growth (Ongoing)
Overview: FDUSD is currently available on six blockchains—Ethereum, BNB Chain, Solana, Sui, Arbitrum, and TON—with plans to expand further (First Digital Team). Recent additions like TON and Arbitrum target fast and efficient DeFi platforms.
What this means: This is a strong positive for FDUSD’s adoption since being accessible on multiple blockchains makes it easier to use for lending, trading, and cross-chain transactions.
3. TON Ecosystem Integration (2025)
Overview: FDUSD will launch on the TON blockchain in July 2025 (First Digital Team), enabling smooth payments within Telegram’s massive user base of over 900 million people. Collaborations with Toncoin decentralized exchanges (DEX) and wallets aim to increase liquidity and DeFi activity.
What this means: This is promising for FDUSD’s real-world use, as Telegram’s large audience could drive significant adoption. However, success depends on how well TON’s DeFi ecosystem develops.
Conclusion
FDUSD is focusing on regulatory flexibility, expanding liquidity across multiple blockchains, and integrating with ecosystems like TON to strengthen its position in global payments. While these efforts improve its usefulness, FDUSD still faces strong competition from established stablecoins like USDT and USDC, along with ongoing regulatory challenges. The key question remains: how will FDUSD stand out in a crowded stablecoin market?
What updates are there in the FDUSD code base?
FDUSD is expanding its presence across multiple blockchains to improve how it works across different networks.
- TON Blockchain Integration (July 28, 2025) – FDUSD is now available directly on TON, the blockchain behind Telegram’s platform.
- Arbitrum Mainnet Launch (June 6, 2025) – FDUSD is supported natively on Arbitrum, a faster and cheaper Ethereum Layer-2 network.
- Solana Integration (January 15, 2025) – FDUSD transactions are now faster and more affordable using Solana’s blockchain.
Deep Dive
1. TON Blockchain Integration (July 28, 2025)
What happened:
FDUSD was launched directly on The Open Network (TON), which powers Telegram’s ecosystem of over 900 million users. This means people can now use FDUSD easily within Telegram for sending money, swapping tokens, lending, and borrowing—all inside Telegram wallets like @wallet_tg.
Institutions can also create (mint) FDUSD directly through First Digital Labs without needing complicated connections between blockchains.
Why it matters:
This is a big win for FDUSD because it connects to a huge audience and makes sending money across borders easier and cheaper. It also strengthens FDUSD’s role in decentralized finance (DeFi), offering fast and low-cost transactions.
(Source)
2. Arbitrum Mainnet Launch (June 6, 2025)
What happened:
FDUSD became available natively on Arbitrum, which is Ethereum’s largest Layer-2 solution. Layer-2 networks help Ethereum run faster and cheaper by handling transactions off the main Ethereum blockchain.
Because FDUSD is deployed directly on Arbitrum (not just moved there through bridges), it’s more secure and liquid. This benefits DeFi platforms like Camelot DEX, and institutions can mint FDUSD directly on Arbitrum.
Why it matters:
This move makes FDUSD more accessible to Ethereum users and helps solve Ethereum’s speed and cost issues. Traders can also take advantage of price differences across blockchains more efficiently.
(Source)
3. Solana Integration (January 15, 2025)
What happened:
FDUSD was added natively on Solana, a blockchain known for processing up to 65,000 transactions per second with transaction fees under $0.001.
Popular DeFi platforms like Kamino Finance and Raydium now support FDUSD, improving liquidity for trading and earning strategies.
Why it matters:
Solana’s speed and low fees make it perfect for frequent trading and small payments. This attracts both everyday users and large investors to use FDUSD on Solana.
(Source)
Conclusion
FDUSD’s strategy to operate on multiple blockchains—TON, Arbitrum, and Solana—makes it a flexible stablecoin for global payments and decentralized finance. Each blockchain adds unique benefits: Telegram’s huge user base, Ethereum’s scalability improvements, and Solana’s fast, low-cost transactions.
How will FDUSD’s growing presence across blockchains affect its competition with USDT and USDC in emerging markets?