First Digital Redeeems $26 Million After FDUSD Depegs, Addresses Sun’s Insolvency Claims

First Digital has honored approximately $25.8 million in FDUSD redemptions since the incident. The company states it continues to process redemptions smoothly, highlighting the stability of FDUSD. When users request US dollar conversions for FDUSD, a portion of the stablecoin is burned on the blockchain to maintain a 1-to-1 peg with the US dollar and ensure the circulating supply matches reserves.