Market makers’ blockchain activities have revealed a possible $3 million arbitrage opportunity connected to the recent depegging of the FDUSD stablecoin.
On April 2, the FDUSD, a stablecoin pegged to the US dollar, lost its peg after claims emerged from Tron founder Justin Sun alleging that the issuer of the stablecoin was insolvent.
In response to this situation, market maker Wintermute returned more than 75 million FDUSD tokens to the issuer within a day of the stablecoin’s value dropping to $0.87.
“Following the depeg of $FDUSD, Wintermute has transferred 75M $FDUSD to First Digital Labs,” noted a blockchain intelligence platform in an April 3 post, adding:
“They likely purchased $FDUSD at a reduced price during the depegging and redeemed it 1:1 through First Digital, resulting in a substantial profit.”
Moreover, Wintermute acquired over 31 million FDUSD tokens from Binance immediately after the depeg. “If they purchased $FDUSD near its lowest point at $0.90, they could realize a profit exceeding $3 million when $FDUSD regains its peg,” the platform added.
The actions of market makers have been under close scrutiny since the $2.24 billion crypto liquidation event in February, which featured significant selling from various market participants, including market makers.
However, the crashes experienced by the crypto market in 2025 have been attributed to traditional finance events, such as market dynamics and geopolitical tensions, according to an industry founder.
In light of the insolvency accusations, First Digital has reassured users of its complete solvency, confirming that FDUSD remains fully backed and redeemable at a 1:1 ratio with the US dollar.
“First Digital is resolute: Justin Sun’s unfounded allegations will not shift the focus from Techteryx’s failures—our stablecoin FDUSD remains fully backed and solvent,” the company stated in an April 3 post.
Despite this, certain analytical tools have previously flagged potential vulnerabilities in FDUSD’s stability, with a rating categorized as 4, indicating “constrained” stability, as highlighted in a recent assessment.
A spokesperson indicated that their stability assessments range from 2 (strong) to 5 (weak) regarding a stablecoin’s ability to maintain its peg to a fiat currency. They emphasized that the quality of the assets supporting the stablecoin is a significant factor in the overall rating.
Weaknesses in areas such as regulation, governance, transparency, liquidity, and a stablecoin’s historical performance have all contributed to lower stability ratings. First Digital has announced plans to pursue legal action against claims of bankruptcy made by Sun, which triggered the depeg of the stablecoin.