First Digital Trust, a registered trust company and qualified custodian based in Hong Kong, has launched a new stablecoin – First Digital USD (FDUSD). The USD-pegged Stablecoin is backed at a 1:1 rate by US Dollar Reserves. FDUSD is issued by First Digital’s subsidiary, FD121 Limited, and its reserves are kept in segregated accounts at regulated financial institutions across the globe.
The company ensures that there is no co-mingling of users’ funds with any other assets of First Digital Trust.
To further its mission of providing a secure and efficient digital currency that can be integrated into everyday transactions, FDUSD is launching on BNB Smart Chain. This programmable blockchain will enable the company to execute financial contracts and provide escrow services, insurance, and more without needing intermediaries.
Vincent Chok, CEO of First Digital, said of the launch: “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.” He adds that transparency and robust oversight are key in building trust in the stablecoin sector.
The introduction of FDUSD to the market is timely, as the crypto industry is embracing Hong Kong’s regulatory framework for crypto trading to retail investors, which comes into effect on June 1. Investors have a variety of platforms to choose from, such as CoinEx, Huobi, and more.
CoinJournal recently reported on the launch of new crypto trading platforms in Hong Kong.
