🚨 FDUSD Depegs Amid Insolvency Claims, Recovers to $0.98

#JustinSun alleged First Digital Trust (FDT) is insolvent, triggering an #fdusd depeg up to 13% on some platforms before recovering, ultimately settling around 5% lower and wiping $130M off its market cap.

#FDT denied the claims, stating FDUSD is fully backed by U.S. T-Bills, accusing Sun of a smear campaign. With conflicting statements, concerns over stablecoin transparency intensify.

FDT will hold an AMA on April 3 to address the issue. 📉
Crisis or market manipulation? #FDUSDInsolvency