First Digital Trust has denied Justin Sun's claims of liquidity issues, saying it is part of a "smear campaign" to hinder competition.
The First Digital US dollar-pegged stablecoin (FDUSD) depegged on April 2 following claims of insolvency from Tron network founder Justin Sun, who said that the issuer of the tokenized fiat equivalent, First Digital, is insolvent.
First Digital responded to the claims by assuring users they are completely solvent and said that FDUSD is still fully backed and redeemable with the US dollar on a 1:1 basis.
The firm also said that the ongoing dispute is with TrueUSD (TUSD), another stablecoin. The firm wrote in an April 2 X post:
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