#BSC链热浪来袭 Keeping up with current events, summary of the FDUSD decoupling incident

1. Why did Brother Sun suddenly explode with anger?

👉 Having been scammed $500 million by FDT (it is said that the money is stuck and not released), he tweeted that 'FDT is going to run away!' Sun Yuchen accused FDT, the issuer of FDUSD, of being insolvent, which immediately triggered market panic, causing FDUSD to decouple by 13%.

But Brother Sun is not a naive rabbit either; as a competitor to Binance, is he protecting rights or creating trouble? To put it bluntly, Brother Sun may be both a victim and a manipulator of panic. Blindly guessing, as long as FDUSD collapses and FDT's funding chain issues are confirmed, his $500 million might be cashed out even faster. Additionally, as a partner of FDUSD, Binance might as well undermine the market confidence in its competitor's stablecoin.

2. Binance's Crisis Public Relations

In the face of the stablecoin decoupling, Binance did not issue an announcement immediately and did not publicly disclose audit evidence of its reserves. Meanwhile, staff member Sisi reassured in a WeChat group that 'the first sister said it can be redeemed.' These actions led to two outcomes: an information vacuum triggered panic among retail investors, while institutional investors seized the opportunity to bottom-fish for profit. This caused Binance to fall into a public opinion vortex of 'prioritizing institutional investors.' Although He Yi responded that 'there are no insider groups,' the facts have objectively allowed some users to obtain information earlier.

Binance's handling of the situation was indeed inappropriate; at the very least, notifications should have been synchronized on the official website, Twitter, and the app, rather than relying on a single group message to become the information hub.

3. The 'Trust Crisis' of FDUSD: How Stable is the Stablecoin?

FDUSD (First Digital USD) is issued by FD121 Limited, a subsidiary of the Hong Kong financial company First Digital Limited. It was launched in June 2023 and currently operates on blockchains such as Ethereum, BNB Chain, and Sui, aiming to maintain a 1:1 peg with the US dollar. The design goal of FDUSD is to maintain price stability by holding an equivalent amount of US dollar reserve assets, thereby reducing volatility in the cryptocurrency market. This 1:1 peg mechanism means that each FDUSD is theoretically backed by one US dollar in reserves, making it a typical fiat-backed stablecoin, similar to USDT (Tether) and USDC (USD Coin).

However, FDT, as the parent company of FDUSD, has been accused by Sun Yuchen of being insolvent, which directly undermines market trust in its reserves!!|

4. Points of Public Concern: Information Asymmetry between Retail and Institutional Investors

In this incident, panic selling and bottom-fishing arbitrage occurred almost simultaneously. Institutional investors, leveraging faster information channels and capital advantages, easily completed 'buying low and selling high,' while retail investors either sold at a loss or were left to react late. This ecosystem essentially exposes the 'information privilege' issue of centralized exchanges, and it is recommended that Binance officially establish fairer information disclosure rules, especially that officials need to be more cautious about their words and actions, and that key issues be released simultaneously, otherwise 'protecting user assets' can only be PR talk.

📒 This incident has also exposed the fatal flaw of the stablecoin 'centralized custody + vague auditing' model: once the issuer collapses, exchanges and users can only passively take over.

Finally, let me remind everyone: in the crypto world, 'decentralization' is an ideal, while 'centralized profit extraction' is the reality. Enjoy the game and stay alert. 🤣