Binance has issued its first official statement following the recent FDUSD price drop to $0.87, assuring full reserve support.
FDUSD Concerns
Following recent fluctuations in the FDUSD stablecoin, concerns were raised. Binance confirmed that FDUSD maintains full 1:1 reserve backing. The exchange continues to monitor and verify reserve data to maintain user trust.
Attestation and Reserves
The attestation report conducted by the independent audit firm Prescient Assurance for FD121 Limited revealed total reserves of $2,051,348,188.70 as of March 1, 2025. These reserves, held in US Treasury bonds and overnight deposits, exceed the FDUSD's total supply at audit time.
Additional Binance Measures
In response to recent market volatility, Binance has conducted additional checks and confirmed data accuracy. The exchange announced plans for in-depth reviews for its March attestation report, expected in the next two weeks.
Binance continues its commitment to transparency, confirming FDUSD's stability despite recent price fluctuations.
