Home Market First Digital launches new USD-backed stablecoin

First Digital launches new USD-backed stablecoin

0 comment
  • First Digital’s stablecoin FDUSD will be pegged to the U.S. dollar and regulated in Asia, the Hong Kong-based company said.
  • All reserves are held in special accounts at regulated financial institutions.
  • The FDUSD stablecoin will launch on the BNB smart chain.

First Digital, a Hong Kong-based eligible custodian and registered trust company, has launched a new stablecoin, First Digital USD (FDUSD).

The USD-pegged stablecoin is backed 1:1 with the USD reserve and issued by First Digital’s subsidiary FD121 Limited. Cash or highly liquid reserves are held in segregated accounts with regulated financial institutions across Asia.

User funds will not be mixed with First Digital Trust’s other assets, the company said.

FDUSD Launches on BNB Smart Chain

FDUSD is said to be a programmable stablecoin and will be launched on the BNB smart chain. The company said financial contracts, escrow services and insurance can all be carried out without intermediaries. press release May 31st.

First Digital CEO Vincent Chok said:

“The launch of this stablecoin represents a major step forward in our mission to provide a secure and efficient digital currency that can be seamlessly integrated into everyday transactions.”

He added that First Digital is committed to regulatory compliance with transparency and strong oversight, which are key to building trust within the stablecoin industry.

FDUSD’s market entry comes as the crypto industry welcomes Hong Kong’s regulatory framework for offering crypto trading to retail investors.

As CoinJournal recently reported, the district crypto guidelines will go into effect on June 1st. Huobi and CoinEx announced a new cryptocurrency trading platform for Hong Kong.

index (2)

About Us

Coingeography is a principal independent digital media resource with a coverage of comprehensive news on Crypto assets, NFT, Metaverse and the surging Web 3 space. We here deliver the most authentic and precise news from the arena of the Web 3 space and crypto assets. 

Feature Posts

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Copyright ©️ All rights reserved. | CoinGeography – Powered by Corum8