Wintermute transfers $75M FDUSD since depegs, in $3M arbitrage opportunity

Market makers’ blockchain transactions level to a possible $3 million arbitrage alternative associated to the depegging of the FDUSD stablecoin.

The First Digital US dollar-pegged stablecoin (FDUSD) depegged on April 2, after Tron founder Justin Solar claimed that the stablecoin issuer was bancrupt.

Market marker Wintermute transferred over 75 million FDUSD tokens again to First Digital inside a day because the stablecoin depegged to $0.87.

“Since $FDUSD depegged, #Wintermute has transferred 75M $FDUSD to First Digital Labs,” wrote blockchain intelligence platform Lookonchain, in an April 3 X submit, including:

“They seemingly purchased $FDUSD at a reduction throughout the depeg and redeemed it 1:1 by means of First Digital—making a strong revenue.”

Wintermute with over 31 million FDUSD tokens from Binance proper after the depegging occurred. “Assuming they purchased $FDUSD close to the underside at $0.90, they’d make over $3M when $FDUSD returned to the peg,” added Lookonchain.

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The promoting patterns of market makers have been carefully watched since February’s $2.24 billion crypto liquidation occasion, which noticed large-scale promoting from a number of market members, together with market makers.

Nevertheless, the crypto market crashes of 2025 have been “instantly linked to TradFi occasions,” resembling DeepSeek and Trump’s tariffs, in response to Evgeny Gaevoy, the founding father of Wintermute.

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First Digital: “Our stablecoin stays totally backed and solvent”

Regardless of the insolvency claims, First Digital assured customers they’re fully solvent and stated that FDUSD continues to be totally backed and redeemable with the US greenback on a 1:1 foundation.

“First Digital stands agency: Justin Solar’s baseless accusations received’t distract from Techteryx’s personal failures— our stablecoin FDUSD stays totally backed and solvent,” wrote First Digital in an April 3 X submit.

Nonetheless, some analytics instruments have beforehand highlighted potential weaknesses in FDUSD’s stability, which was rated as 4 or “constrained” in response to the S&P International Scores’ stablecoin stability evaluation, shared with Cointelegraph on March 19.

“Our stablecoin stability assessments vary from 2 (robust) to five (weak) when it comes to a stablecoin’s means to take care of its peg to a fiat forex,” and “the standard of the belongings backing the stablecoin is a crucial driver of the ultimate evaluation,” an S&P International Scores spokesperson advised Cointelegraph, including:

“Weaknesses in different areas, together with regulation and supervision, governance, transparency, liquidity and redeemability, and observe file, contributed to these stablecoins with decrease assessments.”

First Digital stated it could take authorized motion in opposition to Solar’s false chapter allegations, which led to the stablecoin’s depegging.

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