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 post, including:

“They probably purchased $FDUSD at a reduction throughout the depeg and redeemed it 1:1 via First Digital—making a stable 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 contributors, together with market makers.

Nonetheless, the crypto market crashes of 2025 have been “immediately linked to TradFi occasions,” akin to DeepSeek and Trump’s tariffs, in line with Evgeny Gaevoy, the founding father of Wintermute.

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

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

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

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

“Our stablecoin stability assessments vary from 2 (sturdy) to five (weak) when it comes to a stablecoin’s capability to keep up its peg to a fiat foreign money,” and “the standard of the property backing the stablecoin is a important driver of the ultimate evaluation,” an S&P World Rankings 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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