FDUSD vs USDT
First Digital USD and Tether, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and FDUSD/USDT spread
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Hong Kong-issued dollar token with reserves held in regulated custodians. Liquidity is heavily concentrated on a small number of venues.
Verdict band: Caution
The largest dollar token on-chain, backed mainly by US Treasury bills and cash equivalents. Direct redemption is available to verified institutional customers above a minimum size; everyone else exits via secondary markets.
Verdict band: Adequate
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 57 | 76 | USDT |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 85 | 78 | FDUSD |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $5.32M | $3.49B | USDT |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 54 | 54 | Tie |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.274% | −0.059% | USDT |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | -8.7% | -4.8% | USDT |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 59 | 100 | USDT |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $350.96M | $182.95B | USDT |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 6 chains | 104 chains | USDT |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 1.31% | 17.67% | USDT |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
USDT scores higher on safety (76 vs 57), driven mainly by peg stability and track record. USDT has deeper tracked liquidity ($3.49B), which is what determines whether you can exit at size. USDT currently earns up to 17.67% — remember that any rate above the T-bill yield is payment for a risk.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: FDUSD or USDT?
Capital preservation over everything else.
For park cash safely, USDT is the better fit over FDUSD.
- Safety score 76 vs 57, with collateral rated 78/100.
- Current peg deviation -0.059% against -0.274% for FDUSD.
- USDT has 2 recorded depeg event(s) — read them before sizing up.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
FDUSD
- Issuer and banking risk: reserves sit with First Digital under Hong Kong rules.
- Depeg history: 1 recorded event(s), worst deviation -8.70%.
- Attestation cadence: monthly.
- Yield venue risk: 1.31% is earned outside the token itself.
USDT
- Issuer and banking risk: reserves sit with Tether under El Salvador / BVI rules.
- Depeg history: 2 recorded event(s), worst deviation -4.80%.
- Attestation cadence: quarterly.
- Yield venue risk: 17.67% is earned outside the token itself.
| Metric | FDUSD | USDT |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | First Digital | Tether |
| Jurisdiction | Hong Kong | El Salvador / BVI |
| Collateral | fiat-reserves | fiat-reserves |
| Peg mechanism | fiat-backed | fiat-backed |
| Attestation | monthly | quarterly |
| Redemption | gated | gated |
| Price | $0.9973 | $0.9994 |
| Peg deviation | −0.274% | −0.059% |
| Market cap | $350.96M | $182.95B |
| 7d supply change | +0.05% | +0.51% |
| Liquidity | $5.32M | $3.49B |
| Best yield | 1.31% (venus-core-pool · BSC) | 17.67% (azuro · Polygon) |
| Chains | 6 | 104 |
| Launched | 2023 | 2014 |
| Worst recorded depeg | −8.7% | −4.8% |
Spread, peg gap and switching cost
- Price spread (FDUSD vs USDT)
- -21.5 bps
- $0.9973 vs $0.9994
- Peg deviation gap
- 0.215 pp
- FDUSD −0.274% · USDT −0.059%
- Yield spread
- -16.37%
- FDUSD 1.31% · USDT 17.67%
- Liquidity ratio
- 0.00×
- $5.32M vs $3.49B
A round trip between FDUSD and USDT costs roughly the market spread plus venue fees. At 21.5 bps of price gap, swapping $1M implies about $2.2K of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Historical context
Track record is the part of a stablecoin you cannot model — it has to be observed. Here is how FDUSD and USDT have actually behaved since launch, including every stress event we have on record.
- USDT
Tether goes live.
- USDT
Launched as Realcoin on Bitcoin's Omni layer, later renamed Tether.
- USDT
NYAG filings reveal reserves were not fully cash-backed at the time.
- USDT
Settles with the NY Attorney General; agrees to quarterly reserve reporting.
- USDT
Terra contagion run (worst deviation -4.8%).
- FDUSD
First Digital USD goes live.
- USDT
Shifts reserves decisively toward short-dated US Treasury bills.
- USDT
Banking stress (worst deviation 0.5%).
- FDUSD
Solvency allegations (worst deviation -8.7%).
Chain coverage
FDUSD is live on 6 chains, USDT on 104. 6 chains carry both, so bridging is only unavoidable for the 98 networks where just one of them is deployed.
| Chain | FDUSD | USDT | Both available |
|---|---|---|---|
| — | $90.48B | USDT only | |
| $241.87M | $74.15B | Yes | |
| $57.08M | $9.18B | Yes | |
| $8.50M | $2.86B | Yes | |
| — | $976.42M | USDT only | |
| $44.6K | $852.74M | Yes | |
| — | $832.75M | USDT only | |
| $1.1K | $680.39M | Yes | |
| — | $649.09M | USDT only | |
| — | $437.42M | USDT only | |
| — | $382.36M | USDT only | |
| — | $228.35M | USDT only | |
| — | $192.98M | USDT only | |
| — | $113.10M | USDT only | |
| — | $100.27M | USDT only | |
| — | $82.91M | USDT only | |
| — | $79.99M | USDT only | |
| — | $78.88M | USDT only | |
| — | $77.53M | USDT only | |
| — | $64.33M | USDT only |
FDUSD vs USDT: frequently asked questions
Is FDUSD or USDT safer?
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On our composite safety score USDT rates 76/100 versus 57/100 for FDUSD. The score weighs collateral quality (fiat-reserves vs fiat-reserves), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between FDUSD and USDT?
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First Digital USD is issued by First Digital (Hong Kong), backed by fiat-reserves, with redemption terms: gated. Tether is issued by Tether (El Salvador / BVI), backed by fiat-reserves, with redemption terms: gated. Attestation coverage is "monthly" for FDUSD and "quarterly" for USDT.
Which has the bigger market cap, FDUSD or USDT?
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USDT is larger at $182.95B in circulating supply, against $350.96M for the other. Over the last 7 days supply moved +0.05% for FDUSD and +0.51% for USDT.
Are FDUSD and USDT trading at $1.00 right now?
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FDUSD trades at $0.9973 (−0.274% off peg) and USDT at $0.9994 (−0.059% off peg). The gap between the two is about 21.5 basis points, which is the cost you pay when rotating size between them before fees.
Has FDUSD or USDT ever depegged?
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FDUSD: worst recorded deviation −8.7%. USDT: worst recorded deviation −4.8%. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, FDUSD or USDT?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. USDT shows deeper on-chain liquidity at $3.49B versus $5.32M. Combine that with the redemption channel — FDUSD: gated; USDT: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on FDUSD or USDT?
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USDT currently shows the higher rate at 17.67% via azuro · Polygon, against 1.31% via venus-core-pool · BSC for FDUSD. Neither token pays interest by holding it in a wallet: the yield comes from lending, liquidity provision or a wrapped yield-bearing version, each with its own counterparty and contract risk.
Which chains support both FDUSD and USDT?
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Both are deployed on 6 shared networks, including Ethereum, BSC, Sui, Solana, Arbitrum, TON. FDUSD spans 6 chains in total and USDT spans 104. Bridged supply on a chain is not the same as natively issued supply, and it usually carries the bridge's risk rather than the issuer's.
What does it cost to switch from FDUSD to USDT?
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Budget three components: the current price spread of roughly 21.5 bps, swap or venue fees, and slippage against available depth ($5.32M for FDUSD, $3.49B for USDT). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is FDUSD or USDT regulated?
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FDUSD is issued from Hong Kong with monthly; USDT is issued from El Salvador / BVI with quarterly. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.