Binance has released its first official statement following the recent surge in the FDUSD stablecoin, which saw its price drop to as low as $0.87. The exchange informed users that FDUSD maintains full 1:1 reserve support and provided details from its latest attestation report.
In the statement, Binance acknowledged concerns regarding FDUSD and reiterated its commitment to transparency regarding the stablecoin’s reserves. The exchange conducts monthly reviews and verifications of FDUSD’s reserve data, with the latest attestation confirming that reserves exceed the total circulating supply.
According to Binance, the February attestation report was conducted by independent auditing firm Prescient Assurance on behalf of FD121 Limited, the issuer of FDUSD. As of March 1, 2025, the total reserves held in US Treasury bonds and overnight fixed deposits were $2,051,348,188.70. According to Binance, this amount was confirmed to exceed the total supply of FDUSD at the time of the audit, confirming that the stablecoin is redeemable 1:1 with the US dollar.
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Binance also told users that it has conducted additional internal checks and reconfirmed the accuracy of data in response to recent market volatility. The exchange announced that it will conduct in-depth reviews for its March attestation report, which is expected to be released in the next two weeks.
However, as Bitcoinsistemi.com, we would like to remind you that all cryptocurrencies, including stablecoins, are always high risk and all deposited money, including the principal, may be lost.
*This is not investment advice.
Continue Reading: BREAKING: Binance Makes First Official Statement on FDUSD Drop
