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[First Digital]

FDUSD

Grade
C
Date of Rating:
September 30th, 2023
Last Change:
September 30th, 2023
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
N/A
[M]
N/A
[I]
N/A
[D]
N/A
[G]
N/A
[E]
N/A
FDUSD Price
Last Update:
30/04/57636 00:40:00
$0.998135
Market Cap
$1,159,918,201
24h Volume
$649,720,898
Collater­alization
100%
Type of Peg
Fixed - To Fiat
Type of Backing
Fiat
Data provided by
Coingecko
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
-
[M]
-
[I]
-
[D]
-
[G]
-
[E]
-
Core Team
  • Hidden Name
  • Hidden Name
Audits
Native Chains
  • Chain
Links
Full Report
Scoring Guidelines
[S]
[M]
[I]
[D]
[G]
[E]
0.00
0.00
0.00
0.00
0.00
0.00
First Digital
C
  • FDUSD is a stablecoin issued by First Digital Labs, incorporated in the British Virgin Islands, and part of the Hong Kong-based First Digital Group.
  • First Digital Labs is not a regulated issuer of stablecoins or digital assets.
  • FDUSD is backed by USD cash deposits and US T-Bills with a maturity of less than 3 months. These assets are held by banks and custodians in Hong Kong, Switzerland, and Australia.
  • Although the reserves are held in custody by a Hong-Kong trust, we believe these reserves are not bankruptcy-remote. In the event of bankruptcy of the issuer or its holding company, users’ funds may not be isolated from the liquidation process.
  • FDUSD meets the bare minimum requirements to achieve a passing grade.
  • At present, FDUSD lacks meaningful utility and is appropriate for those who wish to benefit from Binance's Zero Trading Fee promotion on the BTC/FDUSD pair. For all other users, safer and/or more liquid alternatives exist.

FDUSD's rating can be improved to a B- by:

  • being regulated by the Hong Kong Monetary Authority for the issuance and management of stablecoins.

 

First Digital
Stability

The Stability factor is evaluated on the following:

  1. Reserves Management - Quality, quantity, storage and segregation of reserve assets
  2. Market Feedback - Indicators of market's confidence in a stablecoin derived from price and trade data
  3. Mechanism - Stabilization methods that protect the stablecoin
First Digital
Management

The Management factor is evaluated on the following:

  1. Restrictions - What deterrents exist to prevent key personnel of stablecoin projects from unethical and illegal behavior?
  2. Negative Track Record - Have key personnel been involved in scams, frauds or other illegal activities?
First Digital
Decentralization

The Decentralization factor is evaluated on the following:

  1. Platform Censorship Risk
  2. Custodian Risk
  3. Type of Collateral
  4. Diversified Voting Power
  5. User Censorship Risk
First Digital
Governance

The Governance factor for fiat-backed stablecoins is evaluated on the following:


1. Holder Protection - What rules, statutes or code exist to protect interests of stablecoin holders?
2. Reserves Verification - What checks are done to ensure existence of reserves?
3. Redemptions - Do issuers have transparent and reasonable redemption terms?