HONG KONG, July 26, 2023 /PRNewswire/ – The landscape of cryptocurrency is set to be transformed with the debut of First Digital USD (FDUSD) on Binance, the world’s largest cryptocurrency exchange by volume. This marks a significant achievement for First Digital Group, which includes First Digital Trust.
The Launch of FDUSD
FDUSD is a stablecoin issued under the entity FD121 and is designed to be a programmable digital asset that can interact with financial smart contracts, escrow services, and insurance without intermediaries. The FDUSD stablecoin is backed 1:1 with high-quality cash and cash equivalent reserves. These reserves are held in segregated accounts in regulated financial institutions and are monitored and audited by independent third parties.
A New Era of Stability
At a time when markets are increasingly volatile due to external events and central bank policies, FDUSD offers diversification and greater stability. It’s intended to be redeemable 1:1 for equal value in U.S. dollars, offering a transparent, reliable alternative that provides the predictability corporates and investors demand.
Vincent Chok, CEO of First Digital Trust commented:
“Recent events have shown that conventional assets are not immune to risk and volatility posed by external events. We’re delighted to partner with Binance to meet this need and bring FDUSD to market.”
Expanding Blockchain Support
A Closer Look at First Digital Group
First Digital Labs operates under the brand name of FD121 Limited, a Hong Kong-registered subsidiary under the First Digital Group. The company focuses on cutting-edge research and development specializing in the innovation and advancement of digital currencies.
First Digital Trust Limited is a qualified custodian headquartered in Hong Kong that services an international client base. Established in 2019 as part of Asia’s forward-thinking trust partner initiative, it bridges the gap between traditional finance and digital finance worlds using technology to tokenize assets.
The company was named one of the leading Emerging Giants of Hong Kong in KPMG and HSBC’s ‘Emerging Giants in Asia Pacific‘ Report 2022.
For more about First Digital Trust’s regulated infrastructure products visit www.1stdigital.com
Binance stands as the world’s leading blockchain ecosystem provider with a suite that includes the largest digital asset exchange by volume.
The information provided herein should not constitute any financial or investment advice. Always perform your own research or consult professionals before making financial decisions.