Market makers’ blockchain transactions point to a potential $3 million arbitrage opportunity related to the depegging of the FDUSD stablecoin.

The First Digital US dollar-pegged stablecoin (FDUSD) depegged on April 2, after Tron founder Justin Sun claimed that the stablecoin issuer was insolvent.

The First Digital US dollar-pegged stablecoin (FDUSD) saw its peg slip on April 2 after Tron founder Justin Sun claimed that the stablecoin issuer was insolvent.

However, the FDUSD tokens were seen being transferred back to First Digital by market maker Wintermute, according to blockchain intelligence platform Lookonchain.

"Since $FDUSD depegged, #Wintermute has transferred 75M $FDUSD to First Digital Labs. Among them, 31M were withdrawn from Binance after $FDUSD depegged to $0.87. At least $3M arbitrage opportunities if they bought $FDUSD at the bottom and sold it at the peg."

After the depegging occurred, Wintermute was seen transferring over 75 million FDUSD tokens back to First Digital within a day since the stablecoin depegged to $0.87.

The selling patterns of market makers have been closely watched since February’s $2.24 billion crypto liquidation event, which saw large-scale selling from multiple crypto market participants, including market makers.

However, the crypto market crashes of 2025 have been “directly linked to TradFi events,” such as DeepSeek and Trump’s tariffs, according to Evgeny Gaevoy, the founder of Wintermute.

First Digital: 'Our stablecoin remains fully backed and solvent'

Despite the insolvency claims, First Digital assured users they are completely solvent and said that FDUSD is still fully backed and redeemable with the US dollar on a 1:1 basis.

"First Digital stands firm: Justin Sun's baseless accusations won't distract from Techteryx's own failures— our stablecoin FDUSD remains fully backed and solvent," said First Digital.

Still, some analytics tools have previously highlighted potential weaknesses in FDUSD’s stability, which was rated as 4 or "constrained" according to the S&P Global Ratings' stablecoin stability assessment, shared with Cointelegraph on March 19.

"Our stablecoin stability assessments, which range from 2 (strong) to 5 (weak), evaluate a stablecoin's ability to maintain its peg to a fiat currency despite stress scenarios. We also assess the quality of the assets backing the stablecoin, which is a critical driver of the final assessment."

First Digital said it would be taking legal action against Sun for his false bankruptcy allegations, which led to the stablecoin’s depegging.