First Digital USD(FDUSD)价格 + 图表

什么是 First Digital USD?

First Digital USD (FDUSD) is a US dollar stablecoin issued by First Digital Labs, a Hong Kong-headquartered subsidiary of First Digital Trust, a qualified custodian licensed under Hong Kong trust law. FDUSD launched on 1 June 2023 on Ethereum and BNB Chain and rapidly became Binance's preferred zero-fee trading pair after the exchange wound down BUSD following enforcement action against Paxos by the New York Department of Financial Services. Today FDUSD is the dominant stablecoin in Binance's BTC and ETH spot markets, where users trade with no maker or taker fee on selected FDUSD pairs.

The stablecoin is backed by reserves of US dollar cash deposits and short-duration US Treasury bills held with regulated banking partners and segregated from First Digital Trust's own balance sheet under Hong Kong trust law. First Digital publishes monthly reserve attestations performed by Prescient Assurance, an independent accounting firm, and the reserves are also subject to ongoing oversight by Hong Kong's regulatory framework for trust companies. FDUSD's mint and burn flows are open to authorised institutional partners only, who can request issuance against fiat deposits and redeem at par on demand.

FDUSD is multichain — natively issued on Ethereum, BNB Chain, and Sui — and supported on additional networks via canonical bridges. Most retail flow goes through BNB Chain because of dramatically lower gas costs versus Ethereum, while institutional flow concentrates on Ethereum for composability with Aave, Morpho, and other DeFi venues. FDUSD's combined supply has ranged from about $300 million in mid-2023 to a peak of roughly $4 billion in early 2024, reflecting Binance's promotion of FDUSD as the default zero-fee pair.

FDUSD experienced a notable depeg event in early April 2025, briefly trading as low as $0.97 amid market concerns about its issuer. The peg recovered within days as market makers arbitraged the discount and First Digital reaffirmed the integrity of its reserves. The episode highlighted the risk concentration that comes from being heavily promoted by a single exchange: when the issuer faces scrutiny, secondary-market liquidity can dry up faster than for more diversified stablecoins like USDC or USDT. Binance subsequently expanded the menu of zero-fee stablecoin pairs to include USDC alongside FDUSD.

核心功能： First Digital USD

• Reserves Held Under Hong Kong Trust Law: First Digital Trust is a qualified custodian regulated under Hong Kong trust law, with FDUSD reserves segregated from the issuer's balance sheet. This adds a layer of bankruptcy-remote protection that does not exist for stablecoins issued by ordinary corporate entities.
• Binance Zero-Fee Trading Pairs: FDUSD is the headline zero-maker-and-taker fee stablecoin pair on Binance for many flagship markets, which makes it the cheapest way to enter and exit BTC and ETH positions on the world's largest spot venue.
• Multichain Native Issuance: FDUSD is natively issued on Ethereum, BNB Chain, and Sui, allowing retail users to transact at low cost on BNB Chain while preserving Ethereum's deep DeFi integrations for institutional flow.
• Monthly Independent Attestations: Prescient Assurance produces monthly attestation reports confirming that FDUSD reserves are at least equal to circulating supply. Reports are published on the First Digital website.
• Cash and Short-Term Treasury Backing: Reserves are limited to bank cash deposits and short-duration US Treasury bills, mirroring the conservative profile of leading regulated stablecoins. There is no exposure to commercial paper or corporate credit.

First Digital USD 使用场景

• Zero-Fee Spot Trading on Binance: Traders use FDUSD as the quote asset on Binance's zero-fee BTC and ETH pairs, saving up to 0.1% per round-trip versus USDT-quoted markets.
• Asia-Pacific Stablecoin Rail: FDUSD is widely available on Asian-region exchanges and over-the-counter desks. Its issuance under Hong Kong trust law makes it well-suited for institutional flow across South-East Asia.
• Yield via Binance Earn: Binance Earn periodically offers elevated promotional APYs on FDUSD flexible savings, drawing retail capital that wants a higher headline rate than is available on USDT or USDC.
• DeFi Lending on Ethereum: FDUSD has growing markets on Aave, Morpho, and Curve, where it can be lent for variable yield or used as collateral for stablecoin-denominated leverage strategies.
• Cross-Chain Settlement: Users move FDUSD between Ethereum, BNB Chain, and Sui via canonical bridges to capture yield differences, take advantage of cheaper L1 fees, or settle on the chain their counterparty supports.

First Digital USD 代币经济学

总供应量

FDUSD has no fixed cap. Total supply expands when authorised partners deposit USD with First Digital and contracts when they redeem. Circulating supply has ranged from a few hundred million dollars at launch to peaks above $4 billion in early 2024.

流通量

All FDUSD in circulation is mirrored one-to-one by reserves. There is no pre-mine or vesting; supply is purely demand-driven and is published live by First Digital and aggregated by CoinGecko.

用途

FDUSD is a payment and trading instrument. It does not confer governance rights or pay yield to holders directly — yield is generated separately through Binance Earn or DeFi protocols.

释放机制

Mint and burn happen at par against fiat deposits and redemptions by authorised institutional partners. There is no algorithmic supply target or yield-bearing emission curve.

如何购买 First Digital USD

1. 1

   1. Create a Binance account

   Sign up at binance.com or in the app and complete KYC at the Intermediate verification level. Most FDUSD pairs require completed identity verification.

2. 2

   2. Fund your account

   Deposit fiat via bank transfer, SEPA, Faster Payments, or card, or transfer crypto in. If transferring stablecoins, choose BNB Chain (BEP-20) for the cheapest gas or Ethereum (ERC-20) for maximum compatibility.

3. 3

   3. Open a zero-fee FDUSD pair

   Click 'Trade' → 'Spot' and search for FDUSD. Pair options include BTC/FDUSD, ETH/FDUSD, and FDUSD/USDT. The first two carry the zero-fee promotion.

4. 4

   4. Place your order

   Use a market order for instant fills or a limit order at $0.999–$1.000 to ensure you sweep cheap liquidity. Enter the desired amount and confirm.

5. 5

   5. Earn or withdraw

   Move FDUSD into Binance Earn for flexible savings yield, or withdraw to a self-custody wallet over BNB Chain (cheap) or Ethereum (composability with Aave, Morpho, etc.).

First Digital USD 历史表现

FDUSD held its $1 peg through most of 2023 and 2024, scaling from a few hundred million dollars to a peak of roughly $4 billion in supply on the back of Binance's zero-fee promotion. The most significant deviation occurred in early April 2025, when FDUSD briefly traded near $0.97 amid concerns about its issuer; the peg recovered within days. The episode prompted Binance to broaden its zero-fee stablecoin menu to USDC alongside FDUSD.

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