Core Insights - The rise and fall of BUSD is not merely a tale of a stablecoin but a narrative of the financial war between exchanges, focusing on liquidity, power, and regulation [1][3] - Binance's strategy evolved from a monopolistic approach to a more aggregative one, adapting to regulatory pressures while preparing for the AI economy [2][25] Group 1: BUSD's Historical Context - BUSD's inception was marked by a strategic partnership between CZ and Richmond Teo, establishing a compliant stablecoin that aimed to unify market liquidity [5][6] - In September 2022, Binance executed a controversial liquidity unification strategy, converting user balances of USDC, USDP, and TUSD to BUSD at a 1:1 ratio, significantly boosting BUSD's market cap to $23 billion [6][7] - The regulatory crackdown on February 13, 2023, by NYDFS led to the cessation of Binance-Peg BUSD minting, resulting in BUSD's market cap plummeting from its peak [8][11] Group 2: Structural Flaws and Regulatory Challenges - BUSD's downfall was partly due to the existence of two forms: the compliant Paxos-issued BUSD and the unregulated Binance-Peg BUSD, which lacked proper oversight [9][10] - The NYDFS's directive to halt BUSD minting was based on the failure of Paxos to supervise its relationship with Binance, particularly regarding the unauthorized issuance of Binance-Peg BUSD [11][12] - Following the regulatory actions, BUSD became a "zombie token," leading to a drastic market cap reduction of over 90% within a year [12][13] Group 3: Transition to New Stablecoins - In response to BUSD's decline, Binance introduced First Digital USD (FDUSD) as a strategic buffer, although it remained a centralized stablecoin with inherent regulatory risks [13][16] - BFUSD was launched as a "reward-type margin asset," offering users an annual percentage yield (APY) of 4-5%, but it is not a true stablecoin [17][18] - United Stables ($U) represents a shift towards a more inclusive strategy, integrating various stablecoins into its reserve while positioning itself for the AI economy [19][21] Group 4: Future Outlook - United Stables aims to unify liquidity by incorporating assets like USDT, USDC, and USD1, presenting a more sophisticated approach compared to BUSD's previous monopolistic tactics [19][24] - The introduction of features designed for AI transactions indicates a forward-thinking strategy, potentially capturing future market opportunities in machine-to-machine economies [22][24] - The evolution from BUSD to United Stables reflects a significant strategic shift, moving from aggressive market dominance to a more collaborative and adaptive approach [25]

Company Overview - First Digital Group is a leading provider of stablecoin and digital asset infrastructure, known for its flagship product FDUSD, which is the third most-traded stablecoin globally [1][17] - The company operates under a compliance-first model and has established a strong presence in multiple jurisdictions since its founding in 2019 and restructuring in 2022 [2][17] Product and Market Performance - FDUSD is a USD-denominated stablecoin fully backed by cash and cash equivalents, achieving a market capitalization of over US$1 billion within four months and a peak circulation of over US$4.4 billion [3] - The stablecoin has processed more than US$2 trillion in cumulative trading volume, indicating strong liquidity and demand in global markets [3] - First Digital expects to report approximately US$80-$90 million in unaudited revenue for 2025, highlighting its growth trajectory in the digital asset economy [4] Strategic Developments - First Digital has entered a non-binding letter of intent for a proposed business combination with CSLM Digital Asset Acquisition Corp III, which aims to enhance its public listing and expand its product offerings [1][7] - The company is set to launch Finance District, a decentralized finance ecosystem that will utilize its agentic payments layer, Prism, to facilitate AI-powered transactions [5] Regulatory and Compliance Framework - First Digital operates with a compliance-first approach, holding licenses and registrations in key financial centers, which positions it favorably in a sector experiencing increasing regulatory clarity [4][7] - The company emphasizes transparent reserves and regulated structures, which are critical for building trust in the digital finance landscape [9][17] Leadership and Vision - The CEO of First Digital, Vincent Chok, emphasizes the significance of taking an APAC-rooted stablecoin issuer public, marking a milestone in the evolution of digital finance [9] - The partnership with KOYN is seen as a strategic move to scale globally and shape the future of trusted digital dollars [9][8]

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]

Say goodbye to borders, fees and delays!With Binance Pay you can now send, spend and accept stablecoins like USDT, USDC, FDUSD and EURI — instantly, globally, and with zero gas fees.Learn more 👉 https://t.co/4QqWvttrCD https://t.co/SdKsW8UWQ2 ...

Introducing Kite (KITE) @GoKiteAI on Binance Launchpool! Farm KITE by staking BNB, FDUSD, and USDC!Read more 👉 https://t.co/3MztzgZVYi ...

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]

Buy crypto & start earning instantly with Binance!Subscribe to Simple Earn or Launchpool directly from your purchase confirmation page with 1 click.Buy BNB, USDC, or FDUSD to unlock rewards & token airdrops benefits effortlessly.Start now 👉 https://t.co/tvnSZ0UbCq https://t.co/jBmFcIyJzU ...

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]