Who controls it
FD121 (BVI) Limited issues FDUSD and First Digital Trust custodies segregated reserves; direct minting and redemption require approved professional counterparties and exclude U.S. persons.
- Backing
- Segregated cash and high-quality liquid reserve assets held in custody under the published reserve policy.
- Holder’s claim
- FDUSD is an issuer claim; token holders do not directly own reserve accounts.
- Redemption or sale
- Approved professional counterparties redeem directly; U.S. persons are excluded and retail holders generally use markets.
Dependencies
- FD121 Limited
- First Digital Trust and banking partners
- Attestation process
- Counterparty eligibility
Losses and incidents
- We found no control, reserve, or redemption incident in the sources we reviewed.
Advisor notes
Controlling party: FD121 Limited and First Digital Trust reserve custodian. Check whether the client can redeem directly with the issuer. Holding the token on chain leaves every reserve, custody, contract, and legal dependency in place.
A named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. This grade can sit beside a sound reserve, a useful product, or a fitting role in a client account. It records who can act on the token and passes no judgment on the product.
Questions before use
- Does the exact contract and chain match the instrument reviewed here?
- Which party can mint, burn, pause, upgrade, block, or redeem?
- Does the client have direct redemption access or only secondary liquidity?
- What protocol, bridge, wallet, and custodian dependencies are added?
- Which event would force a review or a sale?
Sources
- First Digital Labs: Transparency · primary
- First Digital Labs: FDUSD · primary
- DefiLlama: Stablecoins circulation dataset · secondary
Issuers can change their documents and product terms. This page gives our reading of control as of 2026-08-19. Check the current terms before a client buys.
Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.