Market makers have identified a potential $3 million arbitrage opportunity following the depegging of the FDUSD stablecoin, which fell to $0.87 after claims of insolvency from Tron founder Justin Sun. Within a day of this depegging, Wintermute transferred over 75 million FDUSD tokens back to First Digital. Analysts suggest that Wintermute likely acquired FDUSD at a discounted rate during the crisis, capitalizing on the situation by redeeming tokens for their full value. Despite the depeg, First Digital has reassured users of its solvency and backing, stating that FDUSD remains fully redeemable at a 1:1 rate with the US dollar. First Digital intends to take legal action against Sun for what it terms baseless bankruptcy accusations. The incident highlights broader concerns regarding the stability of stablecoins, with prior assessments indicating weaknesses in FDUSD's backing and regulatory framework. Legal and market dynamics continue to unfold in this context, drawing attention to the operations of major market participants like Wintermute.

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