Market makers’ blockchain transactions point to a potential $3 million arbitrage opportunity related to the depegging of the FDUSD ($1.00) stablecoin.
The First Digital US dollar-pegged stablecoin (FDUSD) depegged on April 2, after Tron founder Justin Sun claimed that the stablecoin issuer was insolvent.
Market marker Wintermute transferred over 75 million FDUSD tokens back to First Digital within a day since the stablecoin depegged to $0.87.
Source: Lookonchain
“Since $FDUSD depegged, #Wintermute has transferred 75M $FDUSD to First Digital Labs,” wrote blockchain intelligence platform Lookonchain, in an April 3 X post, adding:
“They likely bought $FDUSD at a discount during the depeg and redeemed it 1:1 through First Digital—making a solid profit.”
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