Binance sits to benefit from First Digital listing

Dextape brief

By Dextape Desk · November 3, 2026

First Digital Trust, the company that issues the FDUSD stablecoin, has agreed to a business combination that would make it publicly listed, with completion projected for next year. The move follows a drop of more than $4 billion in FDUSD's market value since its April 2024 peak. Binance-related Alphanest Holdings is a major warrant holder that, if exercised, would give Binance about a quarter of the merged firm's equity. Protos reports that revenue fell from $87 million in fiscal 2025 to $27 million in unaudited 2026, with a $4 million net loss in the latter year. Protos also estimates about 80% of FDUSD sits in Binance-labeled wallets. First Digital is also suing Justin Sun for defamation over his claim that the firm was insolvent, which it denies.

Why it matters: The report links a stablecoin issuer's reserve-based revenue and token concentration to a major exchange, a relationship that matters to readers tracking stablecoin reserves and counterparty exposure.

Mentioned: Binance

Summary by Dextape, based on reporting by Protos. Written with AI from the publisher’s text and checked automatically for copied wording and unsupported figures. Not investment advice.