FDUSD, the stablecoin issued by Hong Kong-based First Digital, has wobbled from its $1 price peg as investor concerns mounted over its reserves, though the company said Wednesday that it was «completely solvent.»

FDUSD has dropped to 0.87 against Tether’s USDT stablecoin and 0.76 against Circle’s USDC on Binance, the main exchange where FDUSD is listed. Notably, bitcoin (BTC) also nearly hit 100,000 against FDUSD. The token has stabilized around $0.98-$0.96 later, still trading below its supposed price anchor.

The sudden price action happened as CoinDesk earlier Wednesday reported that some of the TrueUSD stablecoin’s reserve assets were stuck in illiquid investments, according to filings. Tron founder Justin Sun bailed out the issuer company. First Digital Trust, a trust company affiliated to First Digital, was appointed to manage TUSD reserves.

«First Digital Trust (FDT) is effectively insolvent and unable to fulfill client fund redemptions. I strongly recommend that users take immediate action to secure their assets,» Tron founder Justin Sun claimed in a Wednesday X post.

First Digital refuted the allegations in an X post, saying that «First Digital is completely solvent» and «every dollar backing FDUSD is completely, secure, safe and accounted for with US backed T-Bills.»

«This is a typical Justin Sun smear campaign to try to attack a competitor to his business. As we told the reporter at CoinDesk, we have not yet had the opportunity to defend ourselves and instead of letting the TUSD matter be dealt with in court, Justin has instead resorted to a coordinated social media effort to try to damage FDUSD as a business competitor,» the company said. «FDT will pursue legal action to protect its rights and reputation.»

FDUSD’s latest monthly reserve report showed that the $2 billion of reserve assets were held mostly in U.S. Treasury bills and a lesser part in repo facilities and fixed deposits.

UPDATE (Apr. 2, 17:15): Updated FDUSD price action.

Avalanche’s AVAX token is poised for major gains in coming years that should outpace already bullish outlooks for both bitcoin and ether, according to Standard Chartered’s Geoff Kendrick.

“The unique thing about Avalanche is how it is attempting to achieve scale. Unlike Ethereum or Solana, Avalanche (AVAX) uses a set of subnets, or sidechains,” Kendrick said in a note on Wednesday, initiating coverage on AVAX with a $55 price target for the end of 2025, $100 for 2026, $150 for 2027, $200 for 2028 and $250 by the completion of 2029.

“While it is still too early to tell whether the new subnet approach will work, we think the fact that one-quarter of active subnets are already Etna-compatible is encouraging.”

He also pointed out the network’s growing developer number since its upgrade in December, which cut the cost of establishing a subnet close to zero.

Avalanche, which stands at a $9 billion market cap, is currently the 15th-largest cryptocurrency by that metric, making it a great candidate to profit from a big impact even through incremental improvements, according to Kendrick. Among blockchains, it is the tenth-largest by total value locked (TVL).

“As a result, we see AVAX outperforming both Bitcoin and Ethereum in terms of relative price gains in the coming years, reaching a level around USD 250 by end-2029, more than 10x today’s price.”

Ahead of the December upgrade, the Avalanche Foundation, the issuer of AVAX, raised $250 million in a token sale, led by Galaxy Digital, Dragonfly and ParaFi Capital.

Non-fungible tokens (NFTs) may be well off their frothy heights, but don’t tell that to Jupiter. Solana’s top DeFi exchange just brought digital collectibles platform DRiP Haus into its orbit.

The acquisition is part of Jupiter’s push to become what Jupiter’s Kash Dhanda calls the «Solana super app:» a home not only for traders of financial instruments like swaps and perps, but for digital culture connoisseurs too.

«We don’t believe it,» Dhanda said of the NFT doomsayers. «We think NFTs are here for the long term.»

Built from the bricks of the short-lived Solana store, DRiP Haus survived the NFT market’s brutal downturn as a digital collectibles distribution hub. Instead of trading it focuses on disseminating: Startups across Solanaland spin up and send out their visual campaigns on DRiP, according to Dhanda, who estimates it now creates the vast majority of Solana NFTs that «aren’t spam.»

Dhanda and DRiP Labs founder Vibhu Norby both declined to state how much Jupiter paid in the all-cash deal. A person familiar with the deal estimated it at two times the funds raised. The startup previously raised $11.5 million from venture investors.

Jupiter co-founder Meow hinted at the acquisition in late February during his campaign to defer a multi-million dollar token payday, which yields more JUP for him later while funding token incentive programs for acqui-hired teams now. Norby confirmed his team will be getting tokens from the incentives program.

Half of DRiP’s eight-person team will continue working on the distribution platform, while the other half will focus on bolstering Jupiter’s currently nonexistent NFT capabilities, most critically by adding a swaps router to the DeFi exchange’s homepage.

Norby will oversee DRiP from an «executive, strategic point of view» from within Jupiter. While the DRiP brand will remain separate, Norby said its visual identity will be reworked to align more closely with the new mothership. He’s also working on building a «really, really excellent NFT experience» within Jupiter’s mobile app.