I. Core context of the FDUSD de-pegging incident

  1. Sun Yuchen's accusations and market panic
    Sun Yuchen publicly accused FDUSD issuer First Digital Trust (FDT) of being insolvent and misappropriating user funds to fill gaps in other projects, causing FDUSD to briefly plummet to $0.87 and triggering a sell-off. Although FDT subsequently released a reserve report (84.5% in US Treasury bonds, 7.1% in time deposits, etc.), market doubts over its audit transparency and fund misappropriation remain.

  2. Institutional gaming and Binance's position

  • Wintermute's arbitrage operation: Market maker Wintermute purchased 31.36 million FDUSD at a low price within 20 minutes of the crash, becoming the largest holder after Binance, attempting to support the market through intervention.

  • Binance's contradictory response: Binance co-founder He Yi stated that the incident stemmed from "Sun Yuchen's old case dispute with TUSD," but did not directly endorse FDUSD, only emphasizing compliance with reserve audits. Users criticized Binance for not issuing timely official announcements, which exacerbated panic.

  1. Continuation of historical disputes: This incident is directly related to FDT's previous misappropriation of $456 million while managing TUSD (another stablecoin). FDT is accused of transferring funds to a shell company in Dubai, and Sun Yuchen previously provided liquidity support for TUSD, with loans still unrecovered.

II. Risk classification of stablecoin anchoring mechanisms
The anchoring models and risk levels of current mainstream stablecoins can be summarized as:

  • Fiat-backed: USDT, USDC (pegged to cash/Treasuries, risk point: centralized audit opacity, case: FDUSD reserve controversy)

  • Crypto asset-backed: DAI (pegged to ETH and other cryptocurrencies, risk point: collateral price volatility leading to liquidation, case: excessive collateralization before the 2022 UST collapse)

  • Algorithmic stablecoin: USTC (formerly UST) (relies on algorithmic supply-demand adjustment, risk point: death spiral, case: USTC went to zero after losing its peg [[User Supplement]])

  • Commodity-backed: PAXG (pegged to physical gold, risk point: commodity price volatility and storage risks, case: requires verification of physical gold reserves)

III. Subsequent impacts and recommendation suggestions regarding FDUSD's loss of peg

  1. Possibility of market chain reactions
    In the short term, Wintermute's support and Binance's reserve statement have caused FDUSD to rebound to $0.98, but if FDT's legal disputes remain unresolved, long-term trust will be hard to rebuild. Historically, the collapse of USTC triggered a 20% drop in the overall crypto market [[User Supplement]], so similar risks should be heeded.

  2. Investor response strategies

  • Prioritize regulated stablecoins: such as USDC (issued by Circle, regularly audited) or BUSD approved by the New York Department of Financial Services

  • Beware of high-yield traps: FDT once attracted users under the guise of "investing in US Treasury bonds," but actually misappropriated funds to high-risk projects

  • Diversify holdings and monitor in real-time: avoid over-reliance on a single stablecoin, use DeFi tools (like Curve liquidity pools) to monitor de-pegging signals

IV. Industry reflection: the urgency of stablecoin regulation
The US Congress is promoting the (GENIUS Act) and (STABLE Act), requiring stablecoin issuers to have 100% reserve transparency and limiting non-bank issuers. This incident exposed three major regulatory gaps:

  1. Lack of audit independence: FDT claimed adequate reserves, but third-party audits did not cover fund flows

  2. Cross-border fund misappropriation regulatory blind spot: FDT transferred funds through entities in the Cayman Islands and Dubai, evading judicial accountability

  3. Information asymmetry for retail investors: Most users rely on exchange statements, lacking direct verification capability

In conclusion
The dispute between Sun Yuchen and FDT is not only a personal grudge but also a reflection of the compliance process in the stablecoin industry. Investors need to recognize: "stability" ≠ risk-free, and choices must comprehensively consider the issuer's qualifications, anchoring liquidity, and regulatory transparency. In the future, with the advancement of US legislation and the strengthening of global cooperation, stablecoins may bid farewell to reckless growth and enter an era of "licensed operation."

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