On April 2, the stablecoin FDUSD sharply fell after TRON founder Justin Sun claimed that its custodian, First Digital Trust, is insolvent. He urged users to cut ties immediately
FDT responded that the accusations are false, saying all FDUSD reserves (over $2 billion) are safely held in U.S. government bonds, and accused Sun of targeting competitors
The price has recovered to $0.99, but trust in the project remains shaky. This is the second depeg incident in a year