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Stablecoin Stability Assessment: First Digital USD (FDUSD)

Published Nov 10, 2026

About This Report

Abstract:

S&P Global Ratings assesses the ability of First Digital USD (FDUSD) to maintain its peg to the U.S. dollar at 4 (constrained). FDUSD is a fiat-collateralized stablecoin issued by FD121 (BVI) Ltd. (First Digital Labs), a subsidiary of First Digital Group incorporated in the British Virgin Islands.

Report Type:

Commentary

Issuer

Marion County

Sector

Global Issuers

Country

United States

Region

United States

Format:

PDF

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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author

Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Stablecoin Stability Assessment: First Digital USD (FDUSD)" Nov 10, 2026. Alacra Store. Nov 12, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Stablecoin-Stability-Assessment-First-Digital-USD-FDUSD-3657370>

APA:	S&P Global Ratings’ Credit Research. (). Stablecoin Stability Assessment: First Digital USD (FDUSD) Nov 10, 2026. New York, NY: Alacra Store. Retrieved Nov 12, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Stablecoin-Stability-Assessment-First-Digital-USD-FDUSD-3657370>

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