（来源：吴说） 作者：@agintender 当 BUSD 被推上历史舞台，它承载的不只是合规叙事，更是币安试图用高压手段重塑稳定币秩序的野 心——通过强制汇率、合并交易对，把竞争对手的深度直接吞进自己的账本。 2022 年的"自动转换"，是一场教科书级别的闪击战；而 2023 年情人节的监管铁拳，则让这个看似无懈 可击的帝国瞬间崩塌。双生的 BUSD 、影子般的 Binance-Peg 、监管边界的错位，共同构成了它的阿喀 琉斯之踵。 但故事并未就此结束。 从 FDUSD 到 BFUSD ，再到 United Stables （ $U ），币安并未放弃稳定币，而是在失败中进化，从霸 权式统一转向聚合式吞噬，甚至提前为 AI 经济铺路。 这是一篇关于稳定币的文章，更是一部交易所权力如何试图驯服市场、又被监管反噬的商战纪实。 第一章：热血与霸权—— BUSD 的"大一统"往事 BUSD 的故事不仅仅是合规产品的兴衰，更是一段关于交易所如何试图通过行政手段统一市场流动性 的"帝王术"。 链接：https://x.com/agintender/status/2001865496464101733 声明：本文为转载内 ...

First Digital Group is a leading stablecoin and digital asset infrastructure provider, and the group behind FDUSD - the #3 most-traded stablecoin globally - supported by a compliance-first, fully backed trust framework and a rapidly expanding global payments and infrastructure ecosystemNEW YORK and HONG KONG, Dec. 02, 2025 (GLOBE NEWSWIRE) -- First Digital Group Ltd. (“First Digital” or the "company") and CSLM Digital Asset Acquisition Corp III, Ltd. (“KOYN”), a publicly listed special purpose acquisition c ...

Company News - First Digital Group (FDUSD issuer) plans to go public via merger with CSLM Digital Asset Acquisition Corp III [1]

Core Viewpoint - First Digital Group, a Hong Kong-based stablecoin company, is planning to go public through a merger with the US-listed SPAC CSLM Digital Asset Acquisition Corp III, having signed a non-binding letter of intent [1] Group 1: Company Overview - First Digital Group is the issuer of the stablecoin FDUSD, which currently has a circulation of approximately $920 million, significantly down from its peak of $4.4 billion in 2024 [1] - The company also provides trust custody services for TrueUSD (TUSD) and is currently involved in a legal dispute with TUSD operator Techteryx [1] Group 2: Financial Details - The potential transaction with CSLM may include PIPE financing, although specific details are still being finalized [1]

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Liquidity Pool Launch - First Digital Labs 宣布 $FDUSD 持有者和交易者迎来利好消息 [1] - PancakeSwap 上线新的 FDUSD 流动性池，PancakeSwap 是 BNB 智能链上的领先 DEX（去中心化交易所） [1] Platform - 更多信息请参考提供的链接 [1]

Risk Control & Systemic Issues - Binance's internal risk control system has significant issues, particularly regarding the management of circulating loans for assets like USDe, WBETH, and BNSOL [1] - The de-pegging of WBETH and BNSOL, assets that should be redeemable 1:1, highlights flaws in Binance's risk management [1] - The market's reliance on Binance's pricing creates systemic risk, as other exchanges and market makers are overly confident in Binance's stability [1] - The lack of immediate action or a post-incident report by Binance following the liquidations is unreasonable [1] Binance's Responsibility & Accountability - Binance should be held accountable for the volatility caused by assets that rely on its reputation, such as WBETH and BNSOL [1] - The issues leading to the liquidations should have been addressed six months prior, suggesting a failure to learn from past events like the FDUSD incident [1] - The author questions whether temporary control or suspension of trading for abnormal assets could have mitigated losses during the liquidation event [1] Market Impact & Solutions - The market impact of Binance's issues is greater than historical de-pegging events like USDC during the Silicon Valley Bank collapse [1] - The industry needs better solutions to address the current situation, rather than engaging in meaningless emotional venting [2] - Individual users should learn from this event, improve their risk management, and protect their capital [2]

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Project Overview - Binance announces the 49th HODLer Airdrops project, Morpho (MORPHO), to reward eligible BNB holders [1] - The total supply of MORPHO tokens is 1 billion [1] - 65 million (65%) MORPHO tokens are allocated for the airdrop [1] Trading Details - Trading of MORPHO tokens begins on October 3, 2025 [1] - Trading pairs include USDT, USDC, BNB, FDUSD, and TRY [1]