First Digital USDFDUSD

A US-dollar stablecoin from Hong Kong's First Digital group, issued by a British Virgin Islands company.

Rank #135Since June 2023

Price on 31 Oct 2026

C$1.39 -0.5% since 31 Jul 2026 · 18.0% below its all-time high

The short version

First Digital USD is a dollar stablecoin launched on 1 Jun 2023 under the First Digital Labs brand; the issuer is FD121 (BVI) Limited, with reserves held by the related First Digital Trust Limited in Hong Kong. AOGB CPA Limited attested US$351.7M of reserves against 350.1M FDUSD as of 30 Jun 2026. FDUSD briefly lost its dollar peg on 2 Apr 2025 after Justin Sun called First Digital Trust insolvent, which it denied. On 31 Oct 2026 one FDUSD cost C$1.39. From 31 Jul 2026 to 31 Oct 2026 its price changed -0.5% in Canadian dollars, and it was 18.0% below its all-time high of C$1.70 set on 2 Feb 2025.^[1]

Facts checked 2 Nov 2026 · 12 sources · next update about 1 Dec 2026

Price, past year

Past year: high C$1.42 (12 Oct 2026) · low C$1.35 (29 Jan 2026) · -0.7%^[1]

Month-end prices (table)

Date	C$	US$
31 Oct 2026	C$1.39	US$0.9972
30 Sep 2026	C$1.42	US$0.9982
31 Aug 2026	C$1.38	US$0.9984
31 Jul 2026	C$1.40	US$0.9975
30 Jun 2026	C$1.42	US$0.9969
31 May 2026	C$1.38	US$0.9984
30 Apr 2026	C$1.36	US$0.9985
31 Mar 2026	C$1.39	US$0.9988
28 Feb 2026	C$1.36	US$0.9993
31 Jan 2026	C$1.35	US$0.9974
31 Dec 2025	C$1.37	US$0.9984
30 Nov 2025	C$1.39	US$0.9967

Daily prices from CoinGecko; C$ converted at the Bank of Canada daily rate. The latest point is live when available. Past prices, not a forecast.

Choose what to see

Key facts

Price, 31 Oct 2026: C$1.39^[1]
3-month change: -0.5% in C$ (31 Jul 2026 to 31 Oct 2026)^[1]
From its high: 18.0% below its high of C$1.70 (2 Feb 2025)^[1]
Market rank: #135, market value about C$418.7M^[1]
Kind: Stablecoin · Ethereum and BNB Chain (same upgradeable proxy address); also Sui, Solana, Arbitrum and TON
Started: June 2023

Checks: the same 9 questions for every coin

Facts, not a rating

Can an admin key create new coins?YesThe issuer mints FDUSD against dollar deposits; owner-only mint function^{[2, 3]}

Can anyone freeze or take coins from holders?YesThe contract has freeze, unfreeze and pause functions; 12 addresses were blacklisted on 2 Nov 2026^{[2, 3]}

Can the token's contract code be changed?YesUpgradeable proxy contract on Ethereum^[4]

Is the supply capped?NoNo maximum; supply follows deposits and redemptions^[5]

Any scheduled unlocks in the next 12 months?NoNo vesting or locked allocations^[3]

Does a team or foundation hold over 10% of supply?NoNo team or investor allocation; coins are issued against deposits^[3]

Do network fees reach coin holders?NoNo yield to holders; reserves are T-bills and deposits held for the issuer^[3]

Main network hacked or halted in the past 2 years?NoNo exploit of the contracts in the DefiLlama hacks list^[6]

Is a regulator or court case targeting the coin itself?NoNo regulator action found; the Sun and Techteryx disputes are private^{[7, 8]}

Each answer is a fact with a source, not a score. What each check means.

Who controls it

Issuer: FD121 (BVI) Limited, a British Virgin Islands company under the First Digital Labs brand; CEO Vincent Chok^{[3, 7]}
Custodian: First Digital Trust Limited, a Hong Kong trust company and related party, holds the T-bills, deposit and cash^[3]
Licence: None identified; the white paper says FDUSD is not licensed under Hong Kong's Stablecoins Ordinance (HKMA register, 28 Oct 2026)^{[3, 9]}
Admin powers: The issuer can mint, burn, pause and freeze addresses; the Ethereum and BNB Chain contract is an upgradeable proxy^{[2, 10]}

Supply

In circulation: 300.40M FDUSD^[1]
Maximum supply: None set^[1]
Outstanding: US$299.4M on 2 Nov 2026, down from US$324.0M a month earlier; mostly on Ethereum and BNB Chain^[5]
Attestation: Monthly ISAE 3000 limited-assurance reports by AOGB CPA Limited; 30 Jun 2026: 350,117,619 FDUSD against US$351,727,982^[3]
Reserve mix: On 30 Jun 2026: US$300.2M US Treasury bills, US$15.0M fixed deposit, US$36.5M cash in custody accounts^[3]
Shrinkage: Circulation fell from 456.1M on 31 Jan 2026 to 350.1M on 30 Jun 2026 and about 299M by 2 Nov 2026^{[3, 5]}

Use and fees

Main use: Dollar settlement and DeFi collateral on Ethereum, BNB Chain, Sui, Solana, Arbitrum and TON^{[5, 3]}
Frozen funds: 12 addresses blacklisted and about 3.5M FDUSD (US$3.4M) frozen across two chains on 2 Nov 2026^[3]

Trading

Daily trading: About C$169.5M a day on average, 31 Jul 2026 to 31 Oct 2026^[1]
Daily turnover: Typically 33.75% of its market value changes hands each day^[1]
20-week average: 0.1% below its 20-week average price^[1]
1-year change: -0.2% in C$^[1]^[11]

History

Not a forecast

Coins ranked 51-200 at this point in past cycles (12-14 months after a Bitcoin peak), one year later: 4,050 cases, 612 coins

39% were higher a year later^[12]

Typical result: Median -25% after a year; 45% higher after two years
Lost half or more: 38% within a year
Against Bitcoin: 12% did better than Bitcoin over the year

History, not a forecast.

Red flags and things to watch

1 red flag found

Red flag: The issuer can freeze addresses and pause all transfers, with 12 addresses blacklisted on 2 Nov 2026; no stablecoin licence or published freeze policy was found.^{[2, 3, 9]}

On 2 Apr 2025 Justin Sun called First Digital Trust insolvent; FDUSD fell as much as 9% that day, and First Digital called the claim false.^[7]
Techteryx's TUSD reserve dispute names First Digital Trust as the custodian that sent US$456M to Aria Commodities DMCC; First Digital denies wrongdoing.^{[7, 8]}
FDUSD's white paper says it has not been and will not be licensed under Hong Kong's Stablecoins Ordinance; the HKMA register listed two issuers on 28 Oct 2026.^{[3, 9]}

Checked: admin keys, contract upgrades, unlocks, insider supply, hacks, legal actions and claims against records.

Sources and dates

Facts as of 31 Oct 2026. Prices from CoinGecko in Canadian and US dollars; US$ figures without a C$ price are converted at 1.3976 C$ per US$.