{
  "$schema": "https://degreesofsatoshi.com/encyclopedia/schemas/article-v1.json",
  "schemaVersion": "1.0.0",
  "id": "what-is-fdusd",
  "canonical": "https://degreesofsatoshi.com/encyclopedia/what-is-fdusd/",
  "collection": "stablecoins",
  "title": "What is First Digital USD (FDUSD)?",
  "description": "Read First Digital USD’s issuer and redemption model using the current product page and its dated white paper, with reserve claims and access limitations kept explicit.",
  "aliases": [
    "what is fdusd",
    "What is First Digital USD (FDUSD)"
  ],
  "dates": {
    "published": "2026-10-02",
    "modified": "2026-10-02",
    "verified": "2026-10-02T19:26:58.461Z",
    "dataAsOf": "2026-10-02"
  },
  "authorship": {
    "publisher": "Degrees of Satoshi editorial project",
    "process": "AI-assisted research and drafting with a separate automated source-verification pass; no external expert or named human review is implied."
  },
  "quickAnswer": {
    "text": "First Digital USD, or FDUSD, is a stablecoin intended to track the US dollar. Its product page and August 2025 white paper identify FD121 (BVI) Limited as issuer and describe reserve custody through First Digital Trust. Direct minting and redemption are limited to eligible clients; issuer backing claims and dated reserve reports are evidence to inspect, not a guaranteed market price.",
    "claimId": "what-is-fdusd-quick-answer",
    "sourceIds": [
      "x425-sc-fdusd",
      "x425-sc-fdusd-paper"
    ]
  },
  "keyFacts": [
    {
      "label": "Issuer scope",
      "value": "The cited August 2025 paper identifies FD121 (BVI) Limited.",
      "sourceIds": [
        "x425-sc-fdusd-paper"
      ],
      "id": "issuer-scope",
      "claimId": "what-is-fdusd-fact-issuer-scope"
    },
    {
      "label": "Reference",
      "value": "FDUSD is designed for one-for-one value against the US dollar.",
      "sourceIds": [
        "x425-sc-fdusd"
      ],
      "id": "reference",
      "claimId": "what-is-fdusd-fact-reference"
    },
    {
      "label": "Access",
      "value": "The issuer describes direct access for eligible clients rather than unrestricted retail redemption.",
      "sourceIds": [
        "x425-sc-fdusd",
        "x425-sc-fdusd-paper"
      ],
      "id": "access",
      "claimId": "what-is-fdusd-fact-access"
    }
  ],
  "prerequisites": [
    "cash-backed-stablecoins"
  ],
  "sections": [
    {
      "id": "entity",
      "heading": "Use the dated issuer documents",
      "sourceIds": [
        "x425-sc-fdusd-paper"
      ],
      "paragraphs": [
        "The August 2025 white paper describes relocation of the issuer to the British Virgin Islands. Older summaries identifying an earlier issuer jurisdiction should therefore not be repeated as if they were current. This entry uses that paper and the product page retrieved on 2 October 2026.",
        "The white paper is an issuer document. Its statements about structure and protections are attributed to that source; this article is not an independent legal opinion or reserve examination."
      ]
    },
    {
      "id": "access",
      "heading": "Buying on an exchange is not issuer onboarding",
      "sourceIds": [
        "x425-sc-fdusd",
        "x425-sc-fdusd-paper"
      ],
      "paragraphs": [
        "The product page distinguishes secondary-market acquisition from becoming an eligible direct client. It also states geographic restrictions on minting and redemption, including exclusions for US persons and persons located in the United States.",
        "A token arriving in a wallet does not prove the holder meets those requirements. If direct redemption is unavailable, an exit may instead depend on an exchange or other counterparty and its quote."
      ]
    },
    {
      "id": "backing",
      "heading": "Ask what a reserve report establishes",
      "sourceIds": [
        "x425-sc-fdusd",
        "x425-sc-fdusd-paper"
      ],
      "paragraphs": [
        "The issuer describes reserve assets and publishes dated reports. Read the report’s asset definitions, observation date and assurance scope. Do not treat a website’s rounded headline reserve figure as a continuously verified balance.",
        "The white paper identifies market, liquidity and custody risks. A target of one dollar is a design objective and redemption framework, while a secondary-market sale can still occur at a different price or with additional costs."
      ]
    }
  ],
  "faq": [
    {
      "question": "Does an FDUSD exchange listing guarantee direct issuer redemption for me?",
      "answer": "No. Listing and direct issuer eligibility are different. The issuer’s current account, geographic and compliance requirements determine access to its own minting and redemption process.",
      "sourceIds": [
        "x425-sc-fdusd",
        "x425-sc-fdusd-paper"
      ]
    }
  ],
  "claims": [
    {
      "id": "what-is-fdusd-quick-answer",
      "articleSlug": "what-is-fdusd",
      "statement": "First Digital USD, or FDUSD, is a stablecoin intended to track the US dollar. Its product page and August 2025 white paper identify FD121 (BVI) Limited as issuer and describe reserve custody through First Digital Trust. Direct minting and redemption are limited to eligible clients; issuer backing claims and dated reserve reports are evidence to inspect, not a guaranteed market price.",
      "sourceIds": [
        "source-dc18da81c4621920",
        "source-44dc9c090fddf2f3"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-dc18da81c4621920",
          "locator": "What is FDUSD?; redemption; reserve reports"
        },
        {
          "sourceId": "source-44dc9c090fddf2f3",
          "locator": "Sections1–4 issuer, holder rights and redemption; Sections6–7 reserves and risks"
        }
      ],
      "scope": {
        "collection": "stablecoins",
        "dataAsOf": "2026-10-02",
        "blockHeight": null
      },
      "qualification": "",
      "evidenceStatus": "documented",
      "verification": {
        "status": "verified",
        "method": "independent automated source review",
        "checkedAt": "2026-10-02T19:26:58.461Z",
        "reviewer": "Independent automated verification — Codex DeFi agent, separate from the stablecoin drafting agent",
        "notes": "August 1 2025 currently linked PDF confirms BVI relocation and custody. Product restrictions and eligibility preserved; no old v1 issuer scope or reserve guarantee."
      }
    },
    {
      "id": "what-is-fdusd-fact-issuer-scope",
      "articleSlug": "what-is-fdusd",
      "statement": "Issuer scope: The cited August 2025 paper identifies FD121 (BVI) Limited.",
      "sourceIds": [
        "source-44dc9c090fddf2f3"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-44dc9c090fddf2f3",
          "locator": "Sections1–4 issuer, holder rights and redemption; Sections6–7 reserves and risks"
        }
      ],
      "scope": {
        "collection": "stablecoins",
        "dataAsOf": "2026-10-02",
        "blockHeight": null
      },
      "qualification": "",
      "evidenceStatus": "documented",
      "verification": {
        "status": "verified",
        "method": "independent automated source review",
        "checkedAt": "2026-10-02T19:26:58.461Z",
        "reviewer": "Independent automated verification — Codex DeFi agent, separate from the stablecoin drafting agent",
        "notes": "August 1 2025 currently linked PDF confirms BVI relocation and custody. Product restrictions and eligibility preserved; no old v1 issuer scope or reserve guarantee."
      }
    },
    {
      "id": "what-is-fdusd-fact-reference",
      "articleSlug": "what-is-fdusd",
      "statement": "Reference: FDUSD is designed for one-for-one value against the US dollar.",
      "sourceIds": [
        "source-dc18da81c4621920"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-dc18da81c4621920",
          "locator": "What is FDUSD?; redemption; reserve reports"
        }
      ],
      "scope": {
        "collection": "stablecoins",
        "dataAsOf": "2026-10-02",
        "blockHeight": null
      },
      "qualification": "",
      "evidenceStatus": "documented",
      "verification": {
        "status": "verified",
        "method": "independent automated source review",
        "checkedAt": "2026-10-02T19:26:58.461Z",
        "reviewer": "Independent automated verification — Codex DeFi agent, separate from the stablecoin drafting agent",
        "notes": "August 1 2025 currently linked PDF confirms BVI relocation and custody. Product restrictions and eligibility preserved; no old v1 issuer scope or reserve guarantee."
      }
    },
    {
      "id": "what-is-fdusd-fact-access",
      "articleSlug": "what-is-fdusd",
      "statement": "Access: The issuer describes direct access for eligible clients rather than unrestricted retail redemption.",
      "sourceIds": [
        "source-dc18da81c4621920",
        "source-44dc9c090fddf2f3"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-dc18da81c4621920",
          "locator": "What is FDUSD?; redemption; reserve reports"
        },
        {
          "sourceId": "source-44dc9c090fddf2f3",
          "locator": "Sections1–4 issuer, holder rights and redemption; Sections6–7 reserves and risks"
        }
      ],
      "scope": {
        "collection": "stablecoins",
        "dataAsOf": "2026-10-02",
        "blockHeight": null
      },
      "qualification": "",
      "evidenceStatus": "documented",
      "verification": {
        "status": "verified",
        "method": "independent automated source review",
        "checkedAt": "2026-10-02T19:26:58.461Z",
        "reviewer": "Independent automated verification — Codex DeFi agent, separate from the stablecoin drafting agent",
        "notes": "August 1 2025 currently linked PDF confirms BVI relocation and custody. Product restrictions and eligibility preserved; no old v1 issuer scope or reserve guarantee."
      }
    }
  ],
  "sources": [
    {
      "id": "x425-sc-fdusd",
      "label": "First Digital USD",
      "publisher": "First Digital Labs",
      "url": "https://www.firstdigitallabs.com/fdusd",
      "locator": "What is FDUSD?; redemption; reserve reports",
      "note": "Product design, eligibility and dated issuer reserve reporting; no endorsement of reserve assertions.",
      "version": "Document retrieved 2026-10-02; content hash recorded",
      "checkedAt": "2026-10-02T18:52:03.475Z",
      "contentSha256": "7f5d9455e3ac61485115244c943a910a7e41f21664f0342c3460c3178d1b28fb",
      "recordId": "source-dc18da81c4621920"
    },
    {
      "id": "x425-sc-fdusd-paper",
      "label": "FDUSD White Paper, August1,2025",
      "publisher": "First Digital Labs",
      "url": "https://cdn.prod.website-files.com/67343e8ae0825a566f704bb0/689f4ee63e948a1098ef51dd_FDL%20Whitepaper%2015.08.pdf",
      "locator": "Sections1–4 issuer, holder rights and redemption; Sections6–7 reserves and risks",
      "note": "Issuer obligations, reserve custody claims and acknowledged operational/redemption risks.",
      "version": "Document retrieved 2026-10-02; content hash recorded",
      "checkedAt": "2026-10-02T18:52:49.151Z",
      "contentSha256": "41284fcedae0dafa2af20b1174dfc5e2fa5a5d7d8b9a69b7ba2cd050ba31fcc0",
      "recordId": "source-44dc9c090fddf2f3"
    }
  ],
  "related": {
    "articles": [
      "stablecoin-minting-redemption-eligibility",
      "stablecoin-reserve-reports",
      "attestations-audits-proof-of-reserves",
      "what-is-usdp",
      "what-is-crvusd"
    ],
    "dossiers": [],
    "wallets": []
  },
  "revisionHistory": [
    {
      "date": "2026-10-02",
      "kind": "published",
      "summary": "First publication after primary-source research and separate automated verification."
    }
  ],
  "citation": "Degrees of Satoshi editorial project. “What is First Digital USD (FDUSD)?.” Published 2026-10-02; updated 2026-10-02. https://degreesofsatoshi.com/encyclopedia/what-is-fdusd/"
}