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FDUSD on Ethereum and BNB Chain
Hong Kong-based qualified custodian and registered trust company, First Digital, has announced the launch of a new stablecoin called First Digital USD (FDUSD). The stablecoin, issued by FD121 Limited under the brand name "First Digital Labs," will be backed on a 1:1 basis by either one U.S. dollar or an asset of equivalent fair value, held in regulated financial institutions in Asia.
The introduction of FDUSD offers diversification from existing stablecoins dominating the market. FDUSD is initially available on Ethereum and BNB Chain, with plans to expand its support to other blockchains in the future.
FDUSD, issued by First Digital's subsidiary FD121 Limited, aims to enhance transparency and trust. It offers users a reliable digital currency that reduces volatility in the cryptocurrency market, facilitates efficient financial transactions with lower costs, and enables faster and more secure transactions.
As a registered trust company, First Digital Trust Limited will hold all FDUSD reserves in segregated accounts, separate from other assets. This structure ensures the 1:1 backing of tokens and the ability to redeem stablecoins, providing confidence to FDUSD holders.
"I am delighted to emphasize the significance of this milestone as we introduce FDUSD to the world. The launch of this stablecoin represents a major stride forward in our mission to provide a secure and efficient digital currency that can be seamlessly integrated into everyday transactions”, said Vincent Chok, CEO of First Digital.
Available on Binance Smart Chain, Binance CEO Changpeng Zhao (CZ) echoed the launch of First Digital’s FDUSD in a recent tweet.
In response to user comments regarding a potential Binance listing of FDUSD, CZ said: “We don't talk about "will/will not". Just follow our official announcements.”
First Digital Labs will collaborate with regulatory authorities to ensure compliance with current and future laws and actively participate in shaping regulatory regimes for FDUSD and future stablecoins. Through partnerships with governmental bodies and financial institutions, First Digital aims to set a new standard for stability and trust in the digital currency realm.
What is First Digital:
First Digital Trust Limited is a trusted custodian and licensed trust company based in Hong Kong. Since its establishment in 2019, it has become a leading provider of innovative solutions in the digital financial space. With over three decades of experience, First Digital offers a wide range of services, including asset tokenization, custody, trading, and settlement. Their expertise and personalized approach make them a reliable partner for clients worldwide. First Digital was recognized as one of the emerging giants in Hong Kong in KPMG and HSBC's 'Emerging Giants in Asia Pacific' Report 2022.
Where to find First Digital:
Website | Twitter |
What is Binance:
Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.
Where to find Binance:
Website | Twitter | Discord | Telegram |