Oh, The Drama! 🎭 FDUSD Stablecoin Loses Its Cool After Justin Sun’s Insolvent Accusations

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In the grand theater of the crypto world, dear readers, a new scene has unfolded, one ripe with intrigue and accusations. On the second day of April, the First Digital US-dollar pegged stablecoin (FDUSD) found itself in a precarious position, having lost its footing on the stage, so to speak, following the bold claims of none other than Justin Sun, the charismatic founder of the Tron network. He boldly proclaimed that First Digital, the issuer of this tokenized fiat equivalent, was, in fact, insolvent.

But fear not, for our protagonist, First Digital, swiftly countered these allegations with a valiant defense, assuring its audience that every dollar backing FDUSD was as secure as a fortress, nestled safely within US-backed Treasury Bills. In an April 2 missive, akin to a letter to the editor in days of yore, they declared:

“Every dollar backing FDUSD is completely secure, safe, and accounted for with US-backed Treasury Bills. The exact ISIN numbers of all of the reserves of FDUSD are set out in our attestation report and clearly accounted for.”

And what a plot twist it was when First Digital announced their intention to take legal action against the audacious Mr. Sun for his social media theatrics.

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Stay tuned, dear reader, for this tale is far from over. As more details emerge, we shall continue to bring you updates, lest you miss a single beat of this captivating drama. 🎼

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2025-04-02 20:23