First Digital Labs has released a new proof report confirming FDUSD's Stablecoin is fully supported despite allegations of fraud from Tron founder Justin Sun.
A report released on April 14th shows $603 million in a overnight repurchase agreement holds $603 million, matching the total supply of 25.8 billion tokens. Additional assets include fixed deposits across multiple jurisdictions.
The company has reaffirmed that all FDUSD reserves are kept in bankruptcy removal accounts and will not be mixed with the company's funds. He added that over $1 billion in FDUSD has been redeemed so far.
The latest $FDUSD certification report is available at our website https://t.co/IPSW33LPGQ.
At @firstdigitalhq, our commitment to economic transparency, accountability and clients' assets remains unshakable. To strengthen this commitment, we appoint two reputable appointments…
– First Digital Lab (@FDLABSHQ) April 14, 2025
This comes days after Justin Sun accused the first digital trust of embezzling nearly $500 million client funds. According to Sun, the company, along with a network of partners, including Dubai-based Aria DMCC, has deceived the Stablecoin publisher to wire its unrelated entities. He claims that the money was re-routed through an unauthorized address switch and partially deposited into a Hong Kong account called “glass doors.”
You might like it too: “Typical Justin Sunsmear Campaign”: First Digital denies allegations and threatens legal action
Sun is said to have involved multiple individuals, calling the scheme “a major international financial fraud,” comparing it to the classic Crypto wallet exploit. He also held live streams, met with Hong Kong regulators and presented evidence. The First Digital Trust denied all charges and responded by filing a honour and loss lawsuit in Hong Kong's High Court.
The company is trying to stop the Sun from repeating its claims, demanding withdrawal and damages. Earlier this month, the controversy caused FDUSD to temporarily lose its pegs, dropping by $0.87. At the time of writing, Stablecoin was trading at $0.99 after recovery.
Published by FD121 Limited and overseen by First Digital Trust, FDUSD has gained traction as a regulated stubcoin backed by Fiat. Currently available for Ethereum (ETH), BNB Chain (BNB), Solana (SOL), and SUI (SUI).
As legal disputes unfold, First Digital Trust says it will continue to publish regular proofs and work with independent companies to provide transparency to reserves.
read more: Report: Synthetix SUSD depreciation due to governance upgrades and loss of incentives
