What could affect the price of FDUSD?

FDUSD’s $1 value is being tested by changes in liquidity, audits, and Binance’s shifting involvement.

1. Binance delistings – Cutting margin trading pairs reduces short-term liquidity, but spot trading remains strong.
2. Regulatory oversight – New rules like the EU’s MiCA and U.S. GENIUS Act may require clearer reserve disclosures.
3. Reserve audits – Monthly checks are key to keeping trust after a brief drop below $1 in March 2025.

Deep Dive

1. Exchange Liquidity Changes (Mixed Effects)

Overview:
In December 2025, Binance removed 18 FDUSD margin trading pairs to focus liquidity on higher-volume markets. Spot trading wasn’t affected, but fewer margin options might reduce speculative trading involving FDUSD. Still, FDUSD stays among the top 10 stablecoins by daily volume ($2.6 billion), with Binance handling about 80% of its trades.

What this means:
Less margin liquidity could limit FDUSD’s use in arbitrage and derivatives, but its strong presence in spot trading and Binance Launchpools (like Huma Finance) keeps steady demand. Keep an eye on FDUSD/BTC and FDUSD/ETH trading volumes for any signs of weakening.

2. Regulatory and Reserve Risks (Potential Downside)

Overview:
In March 2025, FDUSD briefly dropped to $0.90 amid rumors of reserve shortages, though audits by Prism Hong Kong confirmed full 1:1 backing. New U.S. stablecoin laws (GENIUS Act) and the EU’s MiCA require issuers to back stablecoins only with cash or government bonds, banning algorithmic backing. FDUSD’s compliance could be an advantage if audits remain clean.

What this means:
Any audit issues or delays could cause panic selling, as seen before. On the flip side, FDUSD’s 74.5% backing with U.S. Treasuries fits regulatory demands and might attract institutional investors, especially if competitors like USDT face increased scrutiny.

3. Growth in DeFi and Cross-Chain Use (Positive Outlook)

Overview:
FDUSD expanded to the TON Blockchain in July 2025, tapping into Telegram’s 900 million+ users. It also supports Ethereum, BNB, Solana, and Arbitrum networks. Partnerships like Zeus Network’s BTCFi on Solana (details) allow users to lend and borrow against Bitcoin using FDUSD, increasing its usefulness beyond just exchanges.

What this means:
Expanding across multiple blockchains spreads FDUSD’s use cases and reduces reliance on Binance. If TON-based payments take off, FDUSD could capture part of the $800 billion cross-border remittance market, helping maintain its $1 peg through real-world demand.

Conclusion

FDUSD’s stability depends on Binance’s market role, reliable audits, and adoption in DeFi and cross-border payments. While margin trading cuts and audit risks remain concerns, regulatory compliance and TON integration offer growth potential. Watch for the December 2025 reserve report and FDUSD’s share of TON payment volume—success there could transform FDUSD from just a “Binance stablecoin” into a broader financial tool.

What are people saying about FDUSD?

FDUSD is experiencing significant growth alongside increased attention on stablecoins. Here’s the latest:

1. Liquidity is booming with an impressive 247% annual percentage yield (APY) on ASTER/FDUSD pools
2. Binance will remove 18 FDUSD margin trading pairs by December 30, raising questions about market consolidation
3. Plans for a SPAC merger indicate First Digital’s goal to enter the public stock market

In-Depth Look

1. @FDLabsHQ: Liquidity Mining Surge (Positive)

"New Epoch FDUSD pools are offering 247.41% APY on ASTER pairs – the highest since launch."
– @FDLabsHQ (8.6K followers · 534 likes · 2025-11-25 06:02 UTC)
View original post
What this means: This is a strong positive sign for FDUSD. High yields attract decentralized finance (DeFi) investors, increasing the coin’s usefulness beyond just trading. Higher APYs usually mean more revenue for the platform and stronger network effects.

2. @CoinMarketCap: Binance Margin Trading Changes (Negative)

Binance will delist 18 FDUSD margin pairs (like EIGEN/FDUSD, PEPE/FDUSD) on December 30, requiring traders to close their positions.
– Article (2025-12-23 04:25 UTC)
View analysis
What this means: This is a short-term negative for FDUSD. Traders forced to close positions could create selling pressure on FDUSD-related assets. Binance says this is a routine move to optimize liquidity, not a sign of specific problems with FDUSD.

3. Bloomberg: SPAC Merger and Public Listing (Positive)

First Digital is negotiating a merger with $230 million SPAC CSLM Digital Asset Acquisition III to list on Nasdaq.
– Bloomberg via Weex (2025-12-01 15:45 UTC)
Read report
What this means: This is a positive development. Going public would bring FDUSD’s reserves under U.S. Securities and Exchange Commission (SEC) oversight, which could increase trust and attract institutional investors due to greater transparency.

Conclusion

Opinions on FDUSD are mixed. On one hand, high yields and corporate progress show promise. On the other, Binance’s margin pair removals create uncertainty. Traders should watch FDUSD/Binance spot trading volumes after December 30 to see if liquidity shifts. The SPAC merger could set new standards for stablecoin transparency and accountability in 2026.

What is the latest news about FDUSD?

FDUSD is navigating recent exchange changes and planning for growth as more people use stablecoins. Here’s the latest update:

1. Binance Removes 18 FDUSD Margin Trading Pairs (December 23, 2025) – Binance is cutting back on leveraged FDUSD trading, which affects liquidity.
2. First Digital Plans to Go Public via SPAC Merger (December 1, 2025) – The company behind FDUSD aims to list on a U.S. stock exchange, signaling confidence amid clearer regulations.
3. Binance Reaches 300 Million Users, FDUSD Plays a Key Role (December 21, 2025) – FDUSD helps Binance maintain its leading position by offering diverse stablecoin options.

In-Depth Look

1. Binance Removes 18 FDUSD Margin Trading Pairs (December 23, 2025)

What happened:
Binance announced it will stop offering 18 margin trading pairs involving FDUSD on December 30, 2025. This includes popular pairs like SHIB/FDUSD and PEPE/FDUSD. Margin trading allows users to borrow funds to trade larger amounts, but Binance cited liquidity and market quality concerns for this change. Any open margin trades will be automatically closed, which could lead to forced sell-offs. Spot trading (buying and selling without borrowing) will continue as usual.

What this means:
This is a short-term setback for FDUSD’s use in margin trading, possibly reducing speculative activity. However, Binance says this is a routine update, not a sign that FDUSD is unstable. Traders might move to USDT pairs instead, which could concentrate liquidity there.
(CoinMarketCap)

2. First Digital Plans to Go Public via SPAC Merger (December 1, 2025)

What happened:
First Digital Group, the company behind FDUSD, signed a non-binding agreement to merge with a special purpose acquisition company (SPAC) called CSLM Digital Asset Acquisition Corp III. This merger would allow First Digital to list on the Nasdaq stock exchange. This move comes as crypto companies seek clearer U.S. regulations.

What this means:
This is a positive sign for FDUSD’s long-term reputation and adoption by larger investors. Going public could improve transparency and oversight of FDUSD’s reserves, addressing past concerns like the rumors of FDUSD losing its peg in March 2025. However, it’s worth noting that FDUSD’s circulating supply has dropped 79% since its peak in April 2024.
(Bloomberg via Weex)

3. Binance Reaches 300 Million Users, FDUSD Plays a Key Role (December 21, 2025)

What happened:
Binance announced it now has over 300 million user accounts, partly thanks to integrating FDUSD as a core stablecoin option. According to research by Kaiko, FDUSD ranks third in 24-hour trading volume ($6.9 billion) and eighth in market capitalization ($1.6 billion).

What this means:
This is a neutral to positive sign for FDUSD’s role in the crypto ecosystem. While USDT remains the most popular stablecoin with 60% market share, FDUSD’s availability across multiple blockchains and Binance’s large retail user base create steady demand. The average FDUSD trade size ($323) is smaller than USDT’s ($1,450), indicating strong interest from everyday retail traders.
(CoinMarketCap)

Conclusion

FDUSD faces some short-term challenges due to Binance’s margin pair removals but benefits from Binance’s massive user base and First Digital’s plans to go public. The upcoming SPAC merger could help FDUSD compete more effectively with established stablecoins like USDT and USDC in institutional markets.

What is expected in the development of FDUSD?

FDUSD’s roadmap is focused on strategic growth and expanding its ecosystem.

1. SPAC Merger for Public Listing (2026) – Planning to go public on a U.S. stock exchange through a SPAC merger.
2. Multi-Chain Expansion (2026) – Adding support for more blockchains to increase usability.
3. Regulatory Licensing (Ongoing) – Working to get official approvals to build trust with institutions.

Deep Dive

1. SPAC Merger for Public Listing (2026)

Overview: First Digital intends to become a publicly traded company by merging with CSLM Digital Asset Acquisition Corp III, a special purpose acquisition company (SPAC) listed in New York. This was reported by Bloomberg on December 1, 2025. The goal is to increase credibility and attract investment from large financial institutions.
What this means: This is neutral for FDUSD. Going public could improve transparency and encourage wider use, but there are risks like regulatory challenges and market conditions that could delay or reduce the benefits.

2. Multi-Chain Expansion (2026)

Overview: FDUSD plans to expand beyond its current blockchains—Ethereum, BNB Chain, Solana, Sui, and TON—by supporting additional blockchain networks. This “multi-chain strategy” aims to make FDUSD more accessible to developers and users across different platforms.
What this means: This is positive for FDUSD. Supporting more blockchains can increase liquidity (how easily the coin can be bought or sold) and improve integration with decentralized finance (DeFi) applications. However, competition with other stablecoins like USDT and USDC on these new chains could limit growth.

3. Regulatory Licensing (Ongoing)

Overview: First Digital is actively pursuing regulatory approval from a recognized financial authority, likely in Asia or the British Virgin Islands, to officially license its stablecoin operations, according to its website.
What this means: This is positive for FDUSD. Having regulatory approval sets it apart from unlicensed stablecoins and could attract more institutional investors. However, delays or strict regulatory requirements could pose challenges.

Conclusion

FDUSD’s roadmap balances growth initiatives—like the SPAC listing and multi-chain expansion—with a focus on regulatory compliance. These steps could help FDUSD become one of the top five stablecoins, but success depends on navigating complex regulations and maintaining the coin’s value stability. It will be important to watch how FDUSD’s transparency around reserves and liquidity across multiple blockchains compares to competitors in 2026.

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What updates are there in the FDUSD code base?

No major updates to the core code; focus stays on verifying reserves and growing the ecosystem.

1. Monthly Reserve Report (October 16, 2025) – Confirmed $1.08 billion in reserves, with 74.5% held in U.S. Treasuries.
2. Integration with TON Blockchain (July 28, 2025) – Enabled payments and decentralized finance (DeFi) features within Telegram’s platform.
3. New Liquidity Pools on PancakeSwap (October 21, 2025) – Added FDUSD trading pairs with rewards to encourage liquidity.

In-Depth Look

1. Monthly Reserve Report (October 16, 2025)

Summary: First Digital Labs published its audit for September 2025, confirming that First Digital USD (FDUSD) is fully backed by $1.08 billion in reserves. Most of these reserves (74.5%) are in U.S. Treasury securities, with 17.5% held as cash.

The audit was performed by Prism Hong Kong Limited following international standards (ISAE 3000). Additionally, the smart contracts managing FDUSD were reviewed by security firms PeckShield and Quantstamp, with no serious issues found.

What this means: This update reassures users that FDUSD remains stable and transparent, but it doesn’t introduce any new technology or features. Users can continue to trust that FDUSD can be redeemed 1:1 with its reserves.
(Source)

2. Integration with TON Blockchain (July 28, 2025)

Summary: FDUSD was launched on the TON blockchain, which is integrated with Telegram’s platform that has over 900 million users. This allows users to make low-cost payments and access DeFi services directly within Telegram wallets like @wallet_tg.

To achieve this, FDUSD’s token was adapted to work on TON’s Layer-1 blockchain, focusing on fast transactions and compatibility between blockchains. No major changes were made to the core FDUSD code beyond enabling cross-chain functionality.

What this means: This is a positive development for FDUSD because it increases its usefulness in social and payment settings, especially within Telegram. However, the underlying technology remains the same.
(Source)

3. New Liquidity Pools on PancakeSwap (October 21, 2025)

Summary: FDUSD introduced new liquidity pools on PancakeSwap, a popular decentralized exchange on Binance Smart Chain. These pools, such as FDUSD paired with ETH or CAKE tokens, offer rewards through @Merkl_xyz to encourage users to provide liquidity.

The pools were created using standard templates, without any changes to the FDUSD protocol itself. Annual percentage yields (APYs) ranged from 85% to 247%, reflecting strong demand but no new technical upgrades.

What this means: This update improves access to FDUSD liquidity and trading options but doesn’t involve any changes to the core system.
(Source)

Conclusion

Recent FDUSD updates focus on maintaining transparency through reserve audits and expanding its ecosystem via integrations like TON and PancakeSwap. While the core technology remains stable, watching adoption metrics—such as transaction volume on TON—will be important to understand future development priorities.

Looking ahead to 2026, it will be interesting to see how FDUSD balances strict reserve compliance with growing demands for blockchain interoperability.