FDUSD or USDT — how does First Digital USD compare?
FDUSD (First Digital): $315M in circulation, not authorised under MiCA. USDT (Tether): $183.4B in circulation, not authorised under MiCA. USDC (Circle): $72.7B in circulation, authorised under MiCA in the EU.
FDUSD is issued by First Digital in Hong Kong and used mainly for trading on Binance. It briefly lost its peg in April 2025, when public insolvency claims were made against First Digital, which it denied. USDT and USDC are larger and more widely used.
How this list is made: computed from the live TokenBank dataset each time the page is built — 3 matching rows, each linked to its own page and source.
Figures from our live dataset · data as of 2026-10-11 · this answer as JSON · not investment advice
| Token | Issuer | Yield / return | Minimum | KYC to buy | EU (MiCA) | Chain |
|---|---|---|---|---|---|---|
| FDUSD First Digital USD | First Digital | No yield | — | No KYC on a DEX | Not authorisedsource | Ethereum / BSC / Sui (+3) |
| USDT Tether | Tether | No yield | — | No KYC on a DEX | Not authorisedsource | Tron / Ethereum / BSC (+127) |
| USDC USD Coin | Circle | No yield | — | No KYC on a DEX | Authorised · ACPR (France) Circle Internet Financial Europe SAS source | Ethereum / Hyperliquid L1 / Solana (+154) |
Side by side
| FDUSD | USDT | USDC | |
|---|---|---|---|
| Liquidity | Traded on public markets — venues not verified | Traded on public markets — venues not verified | Traded on public markets — venues not verified |
| KYC to mint with the issuer | KYC required | KYC required | KYC required |
| KYC to buy on a market | No KYC | No KYC | No KYC |
| KYC to redeem | KYC required | KYC required | KYC required |
| Assets under management | $315,123,934 circulating | $183,360,958,165 circulating | $72,656,933,418 circulating |
| Jurisdiction | United States | United States | United States |
| How to buy | On exchanges (KYC there) or on a DEX with a self-custody wallet (no KYC). Minting and redeeming need a client relationship with First Digital, including KYC. | On any exchange (KYC there) or on a DEX with a self-custody wallet (no KYC). Minting and redeeming directly with Tether needs a verified account and is aimed at large amounts. | On any exchange (KYC there) or on a DEX with a self-custody wallet (no KYC). Minting and redeeming 1:1 runs through Circle Mint, which is open to approved institutions only. |
More questions
Which is the largest?
By size, USDT at $183.4B, followed by USDC at $72.7B and FDUSD at $315M. Size is not safety, but a larger product usually means a deeper market to sell into.