FDUSD Stablecoin Recovers After Depeg Amid Justin Sun’s Insolvency Claims

First Digital USD (FDUSD), the world’s fifth-largest stablecoin, bounced back after a brief dip to $0.87 on April 2. The price drop followed accusations from TRON founder Justin Sun who alleged that FDUSD’s issuer, First Digital Trust (FDT), was insolvent, causing a market panic. The crisis was sparked when Sun filed a lawsuit, claiming that FDT could not meet client redemption requests, with much of the panic centered around TUSD, another stablecoin managed by FDT. In response to Sun’s accusations, Wintermute, a major market maker, withdrew over $30 million from FDUSD, further destabilizing its price. Accusations from Justin Sun

Continue reading on DailyCoin.