由First Digital發行的FDUSD的Stablecoin市場崩潰加深了，失去了1美元的PEG

由First Digital發行的FDUSD加深了Stablecoin市場的崩潰，在Tron創始人Justin Sun的破產指控中失去了1美元的釘子。

The stablecoin market crash deepened as FDUSD, issued by First Digital, lost its $1 peg following insolvency allegations from Tron founder Justin Sun. The token dropped as low as $0.76 against USDC before stabilizing around $0.98. First Digital denied the claims by saying that FDUSD is fully backed by U.S. Treasury bills. The company announced legal action against Sun for spreading misinformation.

由First Digital發行的FDUSD加深了Stablecoin市場的崩潰，在Tron創始人Justin Sun的破產指控中失去了1美元的釘子。對於USDC而言，該代幣在穩定約0.98美元之前下跌了0.76美元。首先，數字數字否認了這一說法，稱FDUSD得到了美國國庫賬單的完全支持。該公司宣布針對Sun的法律訴訟，以散佈錯誤信息。

Investor Panic as FDUSD Faces Extreme Volatility

FDUSD面臨極端波動的投資者恐慌

The stablecoin market crash saw FDUSD’s price fluctuate sharply, raising investor concerns. Reports suggested that TrueUSD (TUSD), another stablecoin, had illiquid reserves. First Digital Trust (FDT), which manages TUSD reserves, was accused of insolvency by Sun. However, First Digital refuted these claims, emphasizing that FDUSD’s reserves are securely held in U.S. Treasury Bills.

Stablecoin市場崩潰使FDUSD的價格急劇上波動，這引起了投資者的擔憂。報告表明，另一位Stablecoin Tureusd（Tusd）的儲量不足。管理TUSD儲備金的第一數字信託（FDT）被Sun指控破產。但是，首先數字駁斥了這些主張，強調FDUSD的儲備被牢固地持有美國國庫賬單。

Chart 1- FDUSD-USDC trading pair, published on TradingView, April 3, 2025.

圖表1-FDUSD-USDC交易對，於2025年4月3日在TradingView上發布。

FDUSD dropped to $0.87 against Tether’s USDT and $0.76 against Circle’s USDC, the primary exchange listing the token. Bitcoin (BTC) also surged close to $100,000 against FDUSD, indicating instability. The token later rebounded to around $0.98–$0.96, still below its intended peg.

FDUSD在Tether的USDT上跌至0.87美元，而Circle的USDC（主要交易所列出了代幣）。對FDUSD的比特幣（BTC）也飆升了近100,000美元，表明不穩定。令牌後來反彈至0.98美元左右，$ 0.96，仍然低於其預期的釘子。

Legal Showdown: First Digital Takes Action Against Sun

法律攤牌：首先數字對太陽採取行動

First Digital labeled Sun’s allegations as a “smear campaign” aimed at damaging FDUSD’s market position and announced plans for legal action. Despite this, FDUSD remains under scrutiny, struggling to regain full stability. The situation has intensified discussions about stablecoin regulations and reserve security.

首先將Sun的指控標記為“塗片運動”，旨在損害FDUSD的市場地位，並宣布了法律行動計劃。儘管如此，FDUSD仍處於審查狀態，努力恢復完全穩定。這種情況加強了關於Stablecoin法規和保留安全性的討論。

The controversy highlights the need for improved crypto reserve audit methods. Critics argue that stablecoin issuers must adopt on-chain proof-of-reserve mechanisms to improve transparency. These systems use cryptographic verification to provide real-time data, potentially preventing liquidity crises like FDUSD’s depegging.

爭議凸顯了需要改進加密儲備審核方法的必要性。批評家認為，穩定的發行人必須採用鏈上的固定驗證機制來提高透明度。這些系統使用加密驗證來提供實時數據，從而有可能防止FDUSD的流動性危機。

The recent allegations by Justin Sun against First Digital Trust are completely false. This dispute is with TUSD and not with $FDUSD. First Digital is completely solvent. Every dollar backing $FDUSD is completely, secure, safe and accounted for with US backed T-Bills. The…

賈斯汀·孫（Justin Sun）對第一數字信託的最新指控是完全錯誤的。這一爭議與TUSD有關，而不是$ fdusd。第一個數字是完全溶劑的。 $ fdusd的每一美元支持都是完全，安全，安全的，並且在我們支持的t-bills上都可以解決。這…

In X (formerly Twitter), First Digital posted that every dollar backing FDUSD is accounted for in U.S.-backed Treasury Bills. The post emphasized the company’s financial stability and accused Sun of spreading false information to manipulate the market. First Digital reassured users that FDUSD remains redeemable at a 1:1 ratio with the U.S. dollar. The First Digital stability has been questioned, but the firm remains confident in its reserves.

在X（以前是Twitter）中，第一個數字發布了，每筆儲備FDUSD都在美國支持的國庫賬單中佔。該帖子強調了公司的財務穩定性，並指責太陽傳播虛假信息以操縱市場。第一個數字保證了FDUSD與美元以1：1比率兌換的用戶。第一個數字穩定性已受到質疑，但該公司對儲量仍然有信心。

What’s Next for FDUSD and the Stablecoin Industry?

FDUSD和Stablecoin行業的下一步是什麼？

The stablecoin market crash has highlighted the importance of trust and transparency in digital assets. Industry players believe improved auditing and regulation are needed to avoid future instability. FDUSD’s latest reserve report revealed that $2 billion in backing is primarily in U.S. Treasury Bills, but concerns remain about liquidity in crises. Some analysts suggest that stablecoin issuers should implement independent third-party audits for credibility.

Stablecoin市場崩潰強調了信任和透明度在數字資產中的重要性。行業參與者認為，需要改進審計和法規，以避免將來的不穩定。 FDUSD的最新儲備報告顯示，20億美元的支持主要在美國國債賬單中，但擔心危機流動性。一些分析師認為，穩定發行人應實施獨立的第三方審計以確保信譽。

As the crypto market community reacts, investors will closely monitor FDUSD’s performance. However, the legal battle with Sun could further impact the crypto market, adding uncertainty about stablecoins’ long-term reliability. Increased regulatory scrutiny may follow, leading to tighter stablecoin policies.

隨著加密市場社區的反應，投資者將密切監視FDUSD的表現。但是，與Sun的法律鬥爭可能會進一步影響加密市場，從而增加了有關Stablecoins的長期可靠性的不確定性。隨後可能會增加監管審查，從而導致更嚴格的穩定性策略。

The First Digital stability debate continues, with experts calling for more proof of reserves to ensure investor trust. The case raises general concerns regarding stablecoins’ liquidity and transparency, particularly during times of financial distress.

第一次數字穩定性辯論仍在繼續，專家呼籲提供更多的儲備證明，以確保投資者信任。該案引起了人們對穩定的流動性和透明度的普遍關注，尤其是在財務困境時期。

Final Thoughts: Can FDUSD Recover from the Crash?

最終想法：FDUSD可以從撞車事故中恢復嗎？

The stablecoin market crash triggered by insolvency rumors has placed FDUSD under intense scrutiny. First Digital insists on its solvency, but investor confidence remains uncertain. The crypto market is likely to push for stricter crypto reserve audit measures to prevent future crises. FDUSD’s fate depends on restoring trust and maintaining its peg amid market volatility.

由破產謠言觸發的Stablecoin市場崩潰使FDUSD受到了嚴格的審查。首先，Digital堅持其償付能力，但投資者的信心仍然不確定。加密市場可能會採取更嚴格的加密儲備審核措施，以防止未來的危機。 FDUSD的命運取決於在市場波動中恢復信任並保持其釘子。

Despite concerns, First Digital stability could improve with greater transparency and regulatory compliance. If First Digital can demonstrate that its reserves are bankruptcy-proof, it may regain trust and stabilize the price of the FDUSD.

儘管有擔憂，但第一個數字穩定性可以通過更大的透明度和法規依從性提高。如果第一個數字可以證明其儲備金是防破產的，它可能會恢復信任並穩定FDUSD的價格。