FUSD Token: Multiple Identities to Distinguish
In the cryptocurrency space, the token symbol "FUSD" does not refer to a single project but is used by several different cryptocurrency entities. This has led to market confusion, so when discussing "what about FUSD coin" or its "future development prospects," it is crucial to first clarify the specific project being referred to. This article will provide a detailed analysis of the main FUSD tokens currently on the market, including Floating US Dollar launched by Fusion Foundation, Fantom USD in the Fantom ecosystem, and The Fedz FUSD on Arbitrum.
I. Floating US Dollar (FUSD) / Freedom Dollar (FUSD)
FUSD, launched by Fusion Foundation in 2020 and further promoted by CMC Group (parent company of FUSD Crypto) in July 2025, aims to be a stablecoin pegged 1:1 to the US dollar. Its core objective is to provide a stable store of value and settlement tool for the crypto asset market, mitigating the inherent high volatility of cryptocurrencies.
Project Overview and Mechanism
- Pegging and Support: Floating US Dollar aims to maintain a 1:1 value peg with the US dollar. According to the project team, it is backed 1:1 by US dollars held by licensed trust company Prime Trust, aiming to provide transparent and auditable reserves.
- Technical Foundation: FUSD is built on the Fusion network and leverages its Decentralized Control Rights Management (DCRM) technology to enable cross-chain, cross-asset transactions, bridgeable to mainstream blockchains like Ethereum and Binance Smart Chain.
- Ecosystem: CMC Group launched FUSD in July 2025 as part of its dual-token protocol, building an ecosystem with FUST (Fusion Token). FUST is positioned as the entry point for FUSD mining, where users can earn FUSD by depositing FUST.
- Unique Mechanism: The project team has mentioned that FUSD achieves liquidity growth and "price appreciation" through a transaction tax (2.5%), Dripper protocol, and arbitrage bots. It is important to note that for a stablecoin aiming for a 1:1 peg with the US dollar, the statement of "price appreciation" contradicts the essence of a stablecoin. Investors should fully understand its mechanism and be wary of any claims about stablecoins "continuously appreciating," which may not align with the traditional definition of a stablecoin.
Market Performance (as of September 3, 2026)
- Price: Approximately $0.9997, close to the USD peg.
- Market Cap: Approximately $11.99 million.
- 24-hour Trading Volume: Approximately $184,700.
- Circulating Supply: Approximately 12 million FUSD.
Future Development Prospects
CMC Group's goal is to build a DeFi infrastructure that combines capital preservation with generational growth. FUSD's next steps include finalizing CEX listings, building DeFi integrations (such as flash loan tools, arbitrage bots, and Web3 partnerships), and launching fusion pools and ecosystem expansion. Its development will depend on the implementation of these plans, market acceptance of its unique mechanisms, and changes in the regulatory environment.
II. Fantom USD (FUSD)
Fantom USD (FUSD) is a collateralized stablecoin within the Fantom ecosystem, operating on the Fantom Opera platform and utilizing the Lachesis consensus mechanism. It aims to maintain a stable value equivalent to $1, but has historically experienced severe de-pegging.
Project Overview and Mechanism
- Collateral Mechanism: FUSD is backed by collateral on the Fantom blockchain, primarily including FTM (the native token of the Fantom ecosystem) and other assets. Users can mint FUSD by collateralizing these assets and burn FUSD to redeem collateral.
- Decentralization: FUSD is designed as a decentralized stablecoin, not controlled by any central entity, aiming to serve DeFi protocols within the Fantom ecosystem.
- Historical Issues and Upgrades: FUSD has long faced severe de-pegging issues from the US dollar. To address this, Fantom co-founder Andre Cronje announced in January 2023 the migration of FUSD from v1 to v2 and implemented a liquidation mechanism, aiming to eliminate undercollateralized bad debt and restore its stability. The Fantom Foundation has emphasized that FUSD is an overcollateralized stablecoin, not an algorithmic stablecoin, to avoid death spiral risks similar to UST.
Market Performance (as of September 3, 2026)
Fantom USD currently faces severe liquidity depletion and de-pegging issues.
- Price: Approximately between $0.07 and $0.1061, far below the $1 peg target.
- Market Cap: Multiple data platforms show $0 or not provided, indicating extremely low market activity.
- 24-hour Trading Volume: Multiple data platforms show $0, indicating no active trading market for this token.
- Circulating Supply: CoinMarketCap shows a total supply of approximately 60.99 million FUSD, but circulating supply is unverified, and the project team self-reports 0 FUSD.
Future Development Prospects
Given that Fantom USD currently has no active trading market, its future development faces immense challenges. Although the Fantom Foundation has made efforts to resolve de-pegging issues through upgrades and liquidation mechanisms, as of now, the token's market performance still indicates it is in a stagnant state. Its success will highly depend on the future development of the Fantom ecosystem, the effectiveness of its governance mechanisms, the robustness of collateral management, and its ability to regain market trust and liquidity. Currently, there are no reliable active trading channels for this token.
III. The Fedz FUSD
The Fedz FUSD is a stablecoin existing in the Arbitrum ecosystem, also described as a synthetic dollar.
Market Performance (as of September 3, 2026)
- Price: Approximately $0.963105, close to the USD peg, but with slight de-pegging.
- 24-hour Price Range: Approximately $0.9548 to $0.9645.
- All-time High: Reached $1.029 on October 19, 2025.
- All-time Low: Dropped to $0.910505 on February 4, 2026.
Future Development Prospects
The short-term trend of The Fedz FUSD may benefit from the liquidity restoration of the Arbitrum ecosystem, but its medium-to-long-term development still requires cautious observation. Its price performance and liquidity will be influenced by the overall development of the Arbitrum ecosystem, market risk appetite, and the stability of its own mechanism. Currently, the trading market for this token is almost depleted, lacking effective transactions.
Summary
The "FUSD coin" designation encompasses several distinct cryptocurrency projects, each with its unique positioning, technical characteristics, and market performance. Floating US Dollar aims to be a stablecoin backed by USD reserves and has clear ecosystem development plans, but its "appreciation" claims require investor caution. Fantom USD was once a key component of the Fantom ecosystem but currently faces severe liquidity depletion and de-pegging issues. The Fedz FUSD, as a synthetic dollar on Arbitrum, has relatively stable market performance but limited liquidity. Investors considering any FUSD token must conduct in-depth research, clearly identify the specific project, and fully assess its risks and potential.
