24h Change+0.029%
All Time HighFeb 3, 2025$1.15
All Time LowDec 5, 2024$0.94
Market Cap$351.6m
Fully Diluted Valuation$351.6m
Circ. Supply352.52m FDUSD
CEX Volume$119.1m
DEX Volume$20.57m
How much debt can be issued against FDUSD as collateral across lending protocols.
Maximum possible exposure to FDUSD
$20.11m
$19.18m (max additional borrows against FDUSD) + $933,558 (bad debt if FDUSD was hacked now)
Venus Core Pool
$20.11m at-risk exposure = $933,558 bad debt if hacked + $19.18m additional borrowable against FDUSD
Showing collateral exposure for FDUSD on BSC. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for FDUSD as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
FDUSD0xc5f0f7b66764f6ec8c8dff7ba683102295e16409 | $19.18m | $933,558 |
Risk-management actions published about FDUSD by tracked risk managers and governance contributors, newest first.
Update on FDUSD uncertainty provided legal insights following Justin Sun's insolvency allegations, summarizing guardian activity but without parameter recommendations.
FDUSD's supply is 96% controlled by Binance entities, indicating low organic demand on Ethereum, and it recently depegged amid unconfirmed solvency concerns raised by Justin Sun, leading to emergency caps of zero by Gauntlet due to heightened instability.
Dai Savings Rate and Sky Savings Rate reductions from 5.5% to 3.5% and 6.5% to 4.5% lower DeFi risk-free yields, prompting kink borrow APY cuts in Euler Yield to maintain arbitrage spreads and boost borrowing/utilization.
Justin Sun raised concerns about First Digital Trust’s solvency, causing FDUSD to depeg below $0.95 before recovering. To prevent users from supplying at stale oracle prices and extracting undercollateralized loans, supply and borrow caps on the eFDUSD-1 vault were set to zero.
Allegations of solvency issues and Hong Kong regulatory shortcomings persist, with attestations failing to disclose reserve-holding financial institutions, limiting scrutiny of their creditworthiness. While First Digital Trust holds a sufficient TCSP license and the auditor is verified, concerns remain over asset segregation in custodian-named accounts during potential insolvency.
First Digital is responding to solvency allegations from Justin Sun, denying them via Twitter and Spaces, but the latest February 2025 attestation report lacks disclosure of reserve-holding institutions. Ongoing uncertainty persists without clarity on the allegations' validity, as detailed in LlamaRisk's comprehensive fdUSD risk report.
Interest rate curve adjustments lower the kink and max borrow APY to align with current market demand and reduce fragmentation on Euler Yield.
Reducing FDUSD's interest rates to current DeFi levels is intended to drive higher borrow volumes and improve capital efficiency.
FDUSD experienced brief rates exceeding 110% APY due to small reserves amplifying large transaction impacts, but rates returned to sustainable levels post-volatility.
Increased demand for borrowing stable assets like FDUSD against tokenized yield strategies, which offer higher yields but different risk profiles from standard collaterals, warrants a dedicated Euler Yield market to isolate impacts on lenders and borrowers.
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Tracking 10 pools, average APY 6.60%
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabFDUSD | $7.08m | 1.27% | 1.27% | 4.79% | |||||
| open in new tabFDUSD | $113,896 | 2.72% | 2.72% | 2.62% | |||||
| open in new tabFDUSD | $71,121 | 33.38% | 33.38% | 21.55% | |||||
| open in new tabFDUSD-USDC1% | $39,508 | 3.50% | 1.87% | 9.02% | |||||
| open in new tabFDUSD-DFIUSD0.01% | $30,029 | 0% | 0% | 0% | |||||
| open in new tabFDUSD | $29,542 | 3.60% | 3.60% | 4.02% | |||||
| open in new tabFDUSDMain Market | $28,470 | 1.70% | 1.70% | 2.92% | |||||
| open in new tabFDUSD | $24,919 | 0.11% | 0.11% | 0.27% | |||||
| open in new tabFDUSDZeus Bitcoin Market | $11,080 | 0.29% | 0.29% | 0.32% | |||||
| open in new tabFDUSD | $5,450 | 12.82% | 12.82% | 14.39% |
Showing 10 of 264 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabFDUSD ➞ SOLVBTC | $158.37m | 12.81% | 12.82% | -0.01% | 75% | $32,326 | $27,151 | ||
| open in new tabFDUSD ➞ WBETH | $15.9m | 12.71% | 12.82% | -0.14% | 75% | $32,326 | $27,151 | ||
| open in new tabFDUSD ➞ HASUI | $15.24m | 12.61% | 12.82% | -0.28% | 75% | $32,326 | $27,151 | ||
| open in new tabFDUSD ➞ DOGE | $6.14m | 12.82% | 12.82% | 0% | 75% | $32,326 | $27,151 | ||
| open in new tabFDUSD ➞ UNI | $5.63m | 12.73% | 12.82% | -0.12% | 75% | $32,326 | $27,151 | ||
| open in new tabFDUSD ➞ LBTC | $2.81m | 12.59% | 12.82% | -0.30% | 75% | $32,326 | $27,151 | ||
| open in new tabFDUSD ➞ USDY | $2.2m | 12.62% | 12.82% | -0.27% | 75% | $32,326 | $27,151 | ||
| open in new tabFDUSD ➞ BTCB | $1.15m | 12.59% | 12.82% | -0.30% | 75% | $32,326 | $27,151 | ||
| open in new tabFDUSD ➞ TRX | $793,753 | 12.82% | 12.82% | 0% | 75% | $32,326 | $27,151 | ||
| open in new tabFDUSD ➞ CAKE | $74,254 | 12.63% | 12.82% | -0.25% | 75% | $32,326 | $27,151 |
