FDUSD stablecoin loses dollar peg following Justin Sun accusations (Decrypt)
The First Digital USD (FDUSD) stablecoin lost its U.S. dollar peg after Tron founder Justin Sun claimed that its issuer, First Digital Trust, is effectively insolvent. First Digital Trust denied the allegation, saying that its stablecoin is backed one-to-one with U.S. Treasuries. FDUSD, which is prominently used by Binance after it dropped support for its own BUSD USD stablecoin in 2023, plunged as low as $0.95 in the wake of the allegations. Despite its small market capitalization (about $2.5 billion), it’s trading volume is second only to Tether (market cap of about $144 billion) and ahead of USDC ($60 billion). [Read more at Decrypt]
Ripple integrates RLUSD into Ripple Payments (Ripple)
Ripple has integrated its enterprise-grade Ripple USD (RLUSD) USD-denominated stablecoin into its Ripple Payments cross-border payments solution. RLUSD allows enterprises to facilitate instant settlement of cross-border payments, access liquidity for remittance and treasury operations, integrate with decentralized finance (DeFi) protocols, bridge between traditional fiat currencies and the crypto ecosystem, and provide collateralization for trading tokenized real-world assets on-chain. Since launching in December 2024, RLUSD is nearing $250 million in market capitalization and $10 billion in trading. [Read more at Ripple]
And just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at john@kiffmeister.com.
