FDUSD (First Digital USD) vs TUSD (TrueUSD) FDUSD (First Digital USD) leads by 9 points.
FDUSD (First Digital USD) scores 9 points above TUSD (TrueUSD), led by counterparty and insolvency rank, reserve and assurance scope, and seizure and upgrade authority. FDUSD (First Digital USD) ranks #4 and TUSD (TrueUSD) #11 of 11 published stablecoins. Every term of the gap is on the ledger below; the inputs are on the audit receipt.
FDFDUSD (First Digital USD)62
vs
TUTUSD (TrueUSD)53
Scores are out of 100; published scores fall within 41–99 · ranks #4 and #11 of 11
FDUSD (First Digital USD) scores 9 points above TUSD (TrueUSD), led by counterparty and insolvency rank, reserve and assurance scope, and seizure and upgrade authority.
FDFDUSD (First Digital USD) #4 of 1162
TUTUSD (TrueUSD) #11 of 1153
Scores are out of 100; published scores fall within 41–99; a bar is empty at 41 and full at 99.
Why, term by termFDUSD (First Digital USD) leads on 3 of 4 published criteria; TUSD (TrueUSD) on 0. The terms sum to the gap.
TermFDUSD (First Digital USD)TUSD (TrueUSD)WeightPoints
Counterparty and insolvency rank2/101/107.2+1.9for FDUSD (First Digital USD)+1.0 of 32
Reserve and assurance scope6/102/105.8+6.0for FDUSD (First Digital USD)+3.1 of 32
Seizure and upgrade authority4/103/104.3+1.1for FDUSD (First Digital USD)+0.6 of 32
Net of the terms+9.0
Criteria roundingThe criteria block is rounded to whole points before it is spread−0.1
Reproduced gap+8.8
Published gapAfter score rounding and bounds — see the note below6253+9.0
Weight is in points of the 86-point weighted total. Points are score points of the gap between the two.
FDUSD (First Digital USD)Score 62A BVI-incorporated fintech issues FDUSD against a genuinely well-documented US T-bill reserve it tells you, in the binding terms, that you have no trust or contractual claim on.Strength: Reserve and assurance scope — 6/10Watch-out: The marketing says the reserve sits in a “bankruptcy-remote trust structure” and the contract says you own none of it. https://firstdigitallabs.webflow.io/fdusd (read 2026-08-19) states: “FDUSD is fully backed on a one-to-one basis by cash and cash equivalents only, held in a secure, bankruptcy-remote trust structure.” The transparency page adds that reserve assets are “fully segregated from the Trust company’s assets to isolate the Trust company’s bankruptcy” — the CUSTODIAN's bankruptcy, not the issuer's. The FDD Terms (https://firstdigitallabs.webflow.io/legal/fdd-terms, read 2026-08-19) then say of the issuer: “FDD Reserves are owned beneficially by FD121.” and, in the next sentence, “you acknowledge that you are not entitled, whether by way of contract, trust or otherwise, to such assets or any interest or other returns whatsoever earned by FD121 or its custodian on FDD Reserves.” The footer of that same Terms page settles it: “FD121 (BVI) Limited, which is not a trust company, is a financial technology company, not a bank.” A buyer who reads only the product page will believe a trust stands between them and FD121 (BVI) Limited's insolvency. No document says it does, the Terms say the opposite, the issuer's own footer says it is not a trust company, and FD121 (BVI) Limited holds no stablecoin authorisation on any register — the HKMA Register of Licensees under the Stablecoins Ordinance, re-loaded 2026-08-19, names only Anchorpoint Financial Limited (FRS01) and The Hongkong and Shanghai Banking Corporation Limited (FRS02).TUSD (TrueUSD)Score 53A live stablecoin whose binding Terms of Use name no legal entity and expressly do not guarantee redemption, and whose own same-day assurance report — reasonable assurance under ISAE 3000 (Revised), signed by Moore CPA Limited — shows US Treasury Bills of $0 and 99.98% of the reserve sitting as a single at-cost balance at First Digital Trust Limited that the report says 'cannot be readily convertible to cash' and is subject to ongoing legal proceedings.Strength: Redemption right exercised — 3/10Watch-out: That the reserve backing it holds zero US Treasury Bills. TUSD's own assurance report, dated 19 August 2026 and signed by Moore CPA Limited, lists 'US Treasury Bills $0', '$78,900.88' of cash, and $501,850,000 — 99.98% — as a single balance at First Digital Trust Limited, which the same report says 'has invested all or substantially all of the collateral in other instruments to generate yield, which cannot be readily convertible to cash, and are subject to ongoing legal proceedings.' Techteryx has a worldwide freezing order from the DIFC Courts over up to US$456 million and says it has arranged separate 'alternative liquidity' so that tokens 'in public circulation' can still be redeemed — while the same report discloses that 412,585,497.92 of the 494,515,082.75 tokens issued are held by Techteryx itself. A close second: the Terms of Use you agree to name no company at all — 'Company' is defined as 'us', and a search of the full Terms for 'Ltd', 'Limited', 'LLC', 'Inc.' and 'Techteryx' returns zero hits — and those same Terms state that 'the Company does not guarantee any right of redemption or exchange of TrueUSD tokens for US Dollars.'
Quick facts
At a glance
2 of 3 rows read the same for both.
FactFDUSD (First Digital USD)TUSD (TrueUSD)
PricingSnapshotNO FEE SCHEDULE IS PUBLISHED ANYWHERE REACHABLE, AND NO MINIMUM IS PUBLISHED AT ALL. Re-verified 29 September 2026. (a) The binding FDD Terms (https://firstdigitallabs.webflow.io/legal/fdd-terms, fetched 29 September 2026) are SILENT on mint and redeem fees and on minimums: the document’s only fee sentence concerns currency conversion — “If you transmit your wire in a currency other than in the currency which the FDD is denominated in, we will deduct an amount of FDD that results following a currency conversion of any fees charged for such currency conversion.” (b) The FD121 Account User Agreement (https://firstdigitallabs.webflow.io/legal/fd121-account-user-agreement, fetched 29 September 2026) defers to a schedule it does not link: “FD121 may charge fees in connection with the Services. You agree to pay the fees shown to you, if any, or as separately agreed between you and FD121 without set off or deduction. Fees are generally disclosed in the fee schedule which we publicize from time to time; we may change any of the fees that FD121 charges at any time, with or without notice.” No such schedule was found at any URL on 29 September 2026. A full-text search of both documents for “minimum” returns only the severability boilerplate “the minimum extent necessary” — there is no minimum ticket published anywhere. (c) The only price claim is on the product marketing page (https://firstdigitallabs.webflow.io/fdusd, fetched 29 September 2026), under the heading “Mint and Redeem at Near-Zero Cost”: “We offer zero fee minting and redemption, as long as you mint more than you redeem.” The condition matters — zero-fee redemption holds only while the client mints more than it redeems, and what is charged otherwise is published nowhere; this marketing claim is in no binding document. (d) Access, quoted from the issuer’s transparency page (fetched 29 September 2026): “Please note that First Digital Labs does not sell tokens directly to retail customers.”MINT/REDEEM FEES — TrueUSD Terms of Use, https://app.tusd.io/terms-of-use (a JavaScript app; the Terms text is served from https://app-cdn.tusd.io/static/js/4464.9b870b98.chunk.js, the same build as in August, fetched 29 September 2026): "You are responsible for all on-chain transaction costs associated with on-chain transfers of any TrueUSD. The Company does not charge any Fees for minting or redeeming any TrueUSD and does not charge any on-chain transaction fees in addition to the blockchain-specific transaction fees associated with such transfers." HOMEPAGE ECHO — https://tusd.io (fetched 29 September 2026): "Additionally, TUSD does not charge any fees for its minting and redemption." MINIMUM — Terms of Use: "We reserve the right to prohibit wire submissions of fiat currency or redemption requests of TrueUSD if the total amount submitted or requested is less than US$1,000." — a discretionary floor, not a stated hard minimum: the issuer reserves the right to REFUSE below US$1,000 rather than promising to accept at or above it. ROUNDING — Terms of Use: "All TrueUSD tokens will be rounded down to the nearest amount of the lowest circulating denomination of the underlying fiat currency, upon redemption." WHAT THE FREE FEE BUYS — the same Terms: "The Platform is only intended to facilitate such mints and redemptions and the Company does not guarantee any right of redemption or exchange of TrueUSD tokens for US Dollars." and "In order to cause TrueUSD tokens to be issued or redeemed by the Company, you must be a verified customer of the Company." SILENT ON: no page loaded on 29 September 2026 states a redemption SLA, a settlement window, a banking-partner wire fee, or any maximum; no separate fee-schedule page exists. TYPED RATE (label, not a quote): spreadPct = 0 — the issuer charges no mint or redemption fee; only network gas applies.
Asset coverageEditorial——
Region fitSnapshotglobalglobal
From the published criteria
Which should you pick?
FD
FDUSD (First Digital USD)
62#4 of 11
Leads
Pick it when
Pick FDUSD (First Digital USD) if counterparty and insolvency rank matters most — it scores 2/10 to TUSD (TrueUSD)'s 1/10 there (weight 30).
Strength
Reserve and assurance scope — 6/10
Tradeoff
The marketing says the reserve sits in a “bankruptcy-remote trust structure” and the contract says you own none of it. https://firstdigitallabs.webflow.io/fdusd (read 2026-08-19) states: “FDUSD is fully backed on a one-to-one basis by cash and cash equivalents only, held in a secure, bankruptcy-remote trust structure.” The transparency page adds that reserve assets are “fully segregated from the Trust company’s assets to isolate the Trust company’s bankruptcy” — the CUSTODIAN's bankruptcy, not the issuer's. The FDD Terms (https://firstdigitallabs.webflow.io/legal/fdd-terms, read 2026-08-19) then say of the issuer: “FDD Reserves are owned beneficially by FD121.” and, in the next sentence, “you acknowledge that you are not entitled, whether by way of contract, trust or otherwise, to such assets or any interest or other returns whatsoever earned by FD121 or its custodian on FDD Reserves.” The footer of that same Terms page settles it: “FD121 (BVI) Limited, which is not a trust company, is a financial technology company, not a bank.” A buyer who reads only the product page will believe a trust stands between them and FD121 (BVI) Limited's insolvency. No document says it does, the Terms say the opposite, the issuer's own footer says it is not a trust company, and FD121 (BVI) Limited holds no stablecoin authorisation on any register — the HKMA Register of Licensees under the Stablecoins Ordinance, re-loaded 2026-08-19, names only Anchorpoint Financial Limited (FRS01) and The Hongkong and Shanghai Banking Corporation Limited (FRS02).
TU
TUSD (TrueUSD)
53#11 of 11
Pick it when
TUSD (TrueUSD) leads FDUSD (First Digital USD) on no published criterion and no score dimension — pick it only if a fact outside the score (country, funding rail, custody) decides for you.
Strength
Redemption right exercised — 3/10
Tradeoff
That the reserve backing it holds zero US Treasury Bills. TUSD's own assurance report, dated 19 August 2026 and signed by Moore CPA Limited, lists 'US Treasury Bills $0', '$78,900.88' of cash, and $501,850,000 — 99.98% — as a single balance at First Digital Trust Limited, which the same report says 'has invested all or substantially all of the collateral in other instruments to generate yield, which cannot be readily convertible to cash, and are subject to ongoing legal proceedings.' Techteryx has a worldwide freezing order from the DIFC Courts over up to US$456 million and says it has arranged separate 'alternative liquidity' so that tokens 'in public circulation' can still be redeemed — while the same report discloses that 412,585,497.92 of the 494,515,082.75 tokens issued are held by Techteryx itself. A close second: the Terms of Use you agree to name no company at all — 'Company' is defined as 'us', and a search of the full Terms for 'Ltd', 'Limited', 'LLC', 'Inc.' and 'Techteryx' returns zero hits — and those same Terms state that 'the Company does not guarantee any right of redemption or exchange of TrueUSD tokens for US Dollars.'
Self-identify in 10 seconds
Which one is actually for you?
FDFDUSD (First Digital USD)Leads
Choose FDUSD (First Digital USD) if counterparty and insolvency rank matters most
Counterparty and insolvency rank: 2/10 against 1/10 for TUSD (TrueUSD) (weight 30)
Reserve and assurance scope: 6/10 against 2/10 for TUSD (TrueUSD) (weight 24)
Seizure and upgrade authority: 4/10 against 3/10 for TUSD (TrueUSD) (weight 18)
FDUSD (First Digital USD)Score 62A BVI-incorporated fintech issues FDUSD against a genuinely well-documented US T-bill reserve it tells you, in the binding terms, that you have no trust or contractual claim on.Strength: Reserve and assurance scope — 6/10Watch-out: The marketing says the reserve sits in a “bankruptcy-remote trust structure” and the contract says you own none of it. https://firstdigitallabs.webflow.io/fdusd (read 2026-08-19) states: “FDUSD is fully backed on a one-to-one basis by cash and cash equivalents only, held in a secure, bankruptcy-remote trust structure.” The transparency page adds that reserve assets are “fully segregated from the Trust company’s assets to isolate the Trust company’s bankruptcy” — the CUSTODIAN's bankruptcy, not the issuer's. The FDD Terms (https://firstdigitallabs.webflow.io/legal/fdd-terms, read 2026-08-19) then say of the issuer: “FDD Reserves are owned beneficially by FD121.” and, in the next sentence, “you acknowledge that you are not entitled, whether by way of contract, trust or otherwise, to such assets or any interest or other returns whatsoever earned by FD121 or its custodian on FDD Reserves.” The footer of that same Terms page settles it: “FD121 (BVI) Limited, which is not a trust company, is a financial technology company, not a bank.” A buyer who reads only the product page will believe a trust stands between them and FD121 (BVI) Limited's insolvency. No document says it does, the Terms say the opposite, the issuer's own footer says it is not a trust company, and FD121 (BVI) Limited holds no stablecoin authorisation on any register — the HKMA Register of Licensees under the Stablecoins Ordinance, re-loaded 2026-08-19, names only Anchorpoint Financial Limited (FRS01) and The Hongkong and Shanghai Banking Corporation Limited (FRS02).
TUTUSD (TrueUSD)
TUSD (TrueUSD) leads FDUSD (First Digital USD) on no published criterion
Choose it only if something outside the published criteria decides for you — your country, a funding rail, or custody.
TUSD (TrueUSD)Score 53A live stablecoin whose binding Terms of Use name no legal entity and expressly do not guarantee redemption, and whose own same-day assurance report — reasonable assurance under ISAE 3000 (Revised), signed by Moore CPA Limited — shows US Treasury Bills of $0 and 99.98% of the reserve sitting as a single at-cost balance at First Digital Trust Limited that the report says 'cannot be readily convertible to cash' and is subject to ongoing legal proceedings.Strength: Redemption right exercised — 3/10Watch-out: That the reserve backing it holds zero US Treasury Bills. TUSD's own assurance report, dated 19 August 2026 and signed by Moore CPA Limited, lists 'US Treasury Bills $0', '$78,900.88' of cash, and $501,850,000 — 99.98% — as a single balance at First Digital Trust Limited, which the same report says 'has invested all or substantially all of the collateral in other instruments to generate yield, which cannot be readily convertible to cash, and are subject to ongoing legal proceedings.' Techteryx has a worldwide freezing order from the DIFC Courts over up to US$456 million and says it has arranged separate 'alternative liquidity' so that tokens 'in public circulation' can still be redeemed — while the same report discloses that 412,585,497.92 of the 494,515,082.75 tokens issued are held by Techteryx itself. A close second: the Terms of Use you agree to name no company at all — 'Company' is defined as 'us', and a search of the full Terms for 'Ltd', 'Limited', 'LLC', 'Inc.' and 'Techteryx' returns zero hits — and those same Terms state that 'the Company does not guarantee any right of redemption or exchange of TrueUSD tokens for US Dollars.'
Criterion by criterion
Scorecard
Published criteria · weight in points of 868 of 8 cells scored. Strength is read from the evidence file; the weight is the published one. Methodology
Counterparty and insolvency rank
by 1 of 10weight 7.2 of 86FDUSD (First Digital USD) leads
FDUSD (First Digital USD)2/10 out of 10
TUSD (TrueUSD)1/10 out of 10
Redemption right exercised
weight 6.7 of 86Tie
FDUSD (First Digital USD)3/10 out of 10
TUSD (TrueUSD)3/10 out of 10
Reserve and assurance scope
by 4 of 10weight 5.8 of 86FDUSD (First Digital USD) leads
FDUSD (First Digital USD)6/10 out of 10
TUSD (TrueUSD)2/10 out of 10
Seizure and upgrade authority
by 1 of 10weight 4.3 of 86FDUSD (First Digital USD) leads
FDUSD (First Digital USD)4/10 out of 10
TUSD (TrueUSD)3/10 out of 10
Score dimensions
weights sum to 86
The published score is five dimensions, each weighted for the category. "Published criteria" is the criteria block above; the other four are the engine's own terms — availability, friction, trust record, measured data. Each bar is one side's points out of that dimension's maximum; the weight beside the name is its points of the 86-point weighted total. The published criteria above can fill 24 of the block’s 30. A weight marked “constant here” belongs to a dimension every ranked product in the category holds at the same value: it still counts in the total, and it orders nothing here.
Availabilityweight 20 of 86 · constant here
FDUSD (First Digital USD)14/20TUSD (TrueUSD)14/20
Tie
Published criteriaweight 30 of 86
FDUSD (First Digital USD)8.6/30TUSD (TrueUSD)5.2/30
FDUSD (First Digital USD) leads
Frictionweight 10 of 86 · constant here
FDUSD (First Digital USD)2.7/10TUSD (TrueUSD)2.7/10
Tie
Trust recordweight 8 of 86 · constant here
FDUSD (First Digital USD)3.2/8TUSD (TrueUSD)3.2/8
Tie
Measured dataweight 18 of 86 · constant here
FDUSD (First Digital USD)8.3/18TUSD (TrueUSD)8.3/18
Tie
Decision rulePublished order
Choose FDUSD (First Digital USD) unless the term TUSD (TrueUSD) leads on is the one you are buying.
TUSD (TrueUSD) leads FDUSD (First Digital USD) on no published criterion and no score dimension — pick it only if a fact outside the score (country, funding rail, custody) decides for you.
The published order weighs every criterion the same way for everyone. To weigh them your way, run .
From the published order
Next best action
If this isn't your case
Other matchups worth comparing
How you can lose money here, and what the ranking scores
Control failure: a key or vote changes the rules, freezes or mints.
Scored by Who can freeze, burn or replace your balance — and have they? · 18% (FDUSD (First Digital USD) 4/10, TUSD (TrueUSD) 3/10)
Insolvency failure: the firm or issuer that owes you cannot pay.
Scored by Who exactly owes you the dollar, and where do you rank when they fail? · 30% (FDUSD (First Digital USD) 2/10, TUSD (TrueUSD) 1/10)
Scored by What is really behind it, and what did the third party actually opine on? · 24% (FDUSD (First Digital USD) 6/10, TUSD (TrueUSD) 2/10)
Exit failure: you cannot get out at par, on time, or with what is yours.
Scored by Can the person actually holding it get a dollar back at par — and has anyone, at size? · 28% (FDUSD (First Digital USD) 3/10, TUSD (TrueUSD) 3/10)
Not assessed by this ranking: Contract failure, Custody failure, Regulatory failure, Information failure. A high place says nothing about these; the Methodology tab says what each means.
Questions
Frequently asked questions
FDUSD (First Digital USD) scores 9 points above TUSD (TrueUSD), led by counterparty and insolvency rank, reserve and assurance scope, and seizure and upgrade authority. Published scores, out of 100: FDUSD (First Digital USD) 62 (rank 4 of 11 stablecoins), TUSD (TrueUSD) 53 (rank 11 of 11).
Reviewed means both products compared here was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
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