Tether vs 
First Digital USD
Two dollars competing for the same trading pairs. Tether is the incumbent with unmatched liquidity across every venue. FDUSD is issued by First Digital in Hong Kong and grew quickly because Binance promoted it with zero-fee trading pairs — a reminder that stablecoin market share is often bought with fee incentives rather than won on reserve quality. When the incentive changes, the volume tends to follow it.
12 months, both starting at 100 (AUD)
USDT → 94 · FDUSD → 94| Measure | USDT | FDUSD |
|---|---|---|
| Market cap | A$260.5B | A$0.5B |
| Rank | #3 | #138 |
| Price | A$1.42 | A$1.42 |
| 90-day change (AUD) | −1.9% | −1.6% |
| 12-month change (AUD) | −6.4% | −6.1% |
| From all-time high | −26.8% | −24.9% |
| Supply model | No fixed maximum | No fixed maximum |
| AU exchanges we verify it on | 3 | check on-platform |
About Tether
Tether (USDT) is the largest stablecoin: a token designed to hold a value of one US dollar, backed by the issuer's reserves. It functions as the working cash of crypto markets — the most-traded quote currency across global exchanges.
About First Digital USD
First Digital USD is a Hong Kong-issued, reserve-backed US-dollar stablecoin that rose to prominence as a fee-free trading pair on major exchanges.
FAQ
Which is bigger, Tether or First Digital USD?
By market value today: Tether (A$260.5B vs A$0.5B). Size measures money invested, not quality — but it does measure liquidity, which affects how easily you can buy and sell.
Which performed better this year?
Over the past 12 months in AUD terms: USDT −6.4%, FDUSD −6.1% — the chart above shows the whole path, which matters more than the endpoints. Past performance is no indicator of future results, in either direction.
Can I buy both in Australia?
Availability differs — check the where-to-buy section on each coin's page. Compare costs first on the fee calculator, and remember every crypto-to-crypto swap between them is a CGT event.
Should I hold USDT or FDUSD?
That's a personal decision we don't make for you — this page exists to make the structural differences clear so the choice is yours. What we'd say to anyone: understand what job each coin is designed for, size positions like the risk is real, and check the honest failure statistics before going further down the market-cap list.
Data from our market records (powered by CoinGecko), refreshed with the daily rebuild. General information only, not financial advice — we compare structure and history, we don't pick winners.