由First Digital发行的FDUSD的Stablecoin市场崩溃加深了，失去了1美元的PEG

由First Digital发行的FDUSD加深了Stablecoin市场的崩溃，在Tron创始人Justin Sun的破产指控中失去了1美元的钉子。

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发行的FDUSD加深了Stablecoin市场的崩溃，在Tron创始人Justin Sun的破产指控中失去了1美元的钉子。对于USDC而言，该代币在稳定约0.98美元之前下跌了0.76美元。首先，数字数字否认了这一说法，称FDUSD得到了美国国库账单的完全支持。该公司宣布针对Sun的法律诉讼，以散布错误信息。

Investor Panic as FDUSD Faces Extreme Volatility

FDUSD面临极端波动的投资者恐慌

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市场崩溃使FDUSD的价格急剧上波动，这引起了投资者的担忧。报告表明，另一位Stablecoin Tureusd（Tusd）的储量不足。管理TUSD储备金的第一数字信托（FDT）被Sun指控破产。但是，首先数字驳斥了这些主张，强调FDUSD的储备被牢固地持有美国国库账单。

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

图表1-FDUSD-USDC交易对，于2025年4月3日在TradingView上发布。

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币）。对FDUSD的比特币（BTC）也飙升了近100,000美元，表明不稳定。令牌后来反弹至0.98美元左右，$ 0.96，仍然低于其预期的钉子。

Legal Showdown: First Digital Takes Action Against Sun

法律摊牌：首先数字对太阳采取行动

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.

首先将Sun的指控标记为“涂片运动”，旨在损害FDUSD的市场地位，并宣布了法律行动计划。尽管如此，FDUSD仍处于审查状态，努力恢复完全稳定。这种情况加强了关于Stablecoin法规和保留安全性的讨论。

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.

争议凸显了需要改进加密储备审核方法的必要性。批评家认为，稳定的发行人必须采用链上的固定验证机制来提高透明度。这些系统使用加密验证来提供实时数据，从而有可能防止FDUSD的流动性危机。

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…

贾斯汀·孙（Justin Sun）对第一数字信托的最新指控是完全错误的。这一争议与TUSD有关，而不是$ fdusd。第一个数字是完全溶剂的。 $ fdusd的每一美元支持都是完全，安全，安全的，并且在我们支持的t-bills上都可以解决。这…

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，第一个数字发布了，每笔储备FDUSD都在美国支持的国库账单中占。该帖子强调了公司的财务稳定性，并指责太阳传播虚假信息以操纵市场。第一个数字保证了FDUSD与美元以1：1比率兑换的用户。第一个数字稳定性已受到质疑，但该公司对储量仍然有信心。

What’s Next for FDUSD and the Stablecoin Industry?

FDUSD和Stablecoin行业的下一步是什么？

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市场崩溃强调了信任和透明度在数字资产中的重要性。行业参与者认为，需要改进审计和法规，以避免将来的不稳定。 FDUSD的最新储备报告显示，20亿美元的支持主要在美国国债账单中，但担心危机流动性。一些分析师认为，稳定发行人应实施独立的第三方审计以确保信誉。

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.

随着加密市场社区的反应，投资者将密切监视FDUSD的表现。但是，与Sun的法律斗争可能会进一步影响加密市场，从而增加了有关Stablecoins的长期可靠性的不确定性。随后可能会增加监管审查，从而导致更严格的稳定性策略。

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.

第一次数字稳定性辩论仍在继续，专家呼吁提供更多的储备证明，以确保投资者信任。该案引起了人们对稳定的流动性和透明度的普遍关注，尤其是在财务困境时期。

Final Thoughts: Can FDUSD Recover from the Crash?

最终想法：FDUSD可以从撞车事故中恢复吗？

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.

由破产谣言触发的Stablecoin市场崩溃使FDUSD受到了严格的审查。首先，Digital坚持其偿付能力，但投资者的信心仍然不确定。加密市场可能会采取更严格的加密储备审核措施，以防止未来的危机。 FDUSD的命运取决于在市场波动中恢复信任并保持其钉子。

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.

尽管有担忧，但第一个数字稳定性可以通过更大的透明度和法规依从性提高。如果第一个数字可以证明其储备金是防破产的，它可能会恢复信任并稳定FDUSD的价格。