FDUSD Depegging Sparks Market Turmoil: Stability in Doubt

A sudden drop in the value of FDUSD, a USD-pegged stablecoin, triggered panic among investors and resulted in a 13% decline in its price. The incident saw Wintermute trading firm withdraw a significant amount of FDUSD from Binance, raising concerns about the stability of the stablecoin. This event coincided with accusations from Justin Sun, founder of TRON, who alleged that FDUSD lacked adequate backing. Sun’s claims fueled market uncertainty and amplified the already volatile situation.