Major milestone for First Digital Group as FDUSD stablecoin debuts with Binance listing
HONG KONG, July 26, 2023 /PRNewswire/ -- First Digital Group, which includes First Digital Trust, one of Asia's leading qualified custodians and a registered trust company headquartered in Hong Kong, announces that its stablecoin, First Digital USD (FDUSD), issued under the entity FD121, will debut and list on Binance, the world's largest cryptocurrency exchange by volume.
The FDUSD is 1:1 backed with high-quality cash and cash equivalent reserves, which are held in segregated accounts in regulated financial institutions and are monitored and audited by independent third parties. FDUSD is intended to be redeemable 1:1 for equal value in U.S. dollars. At a time of heightened uncertainty and volatility, the U.S. dollar-pegged stablecoin offers diversification and greater stability against the impact of central bank policies.
FDUSD is also designed to be a programmable digital asset that can interact with financial smart contracts, escrow services and insurance without intermediaries. This significantly enhances the efficiency, security as well as lowering the cost of financial transactions. Compatible with next generation Web3 technologies, new solutions can be built upon FDUSD in the future to unlock new value and further integrate with everyday transactions.
Vincent Chok, CEO of First Digital Trust, commented: "Recent events have shown that conventional assets are not immune to the risk and volatility posed by external events. FDUSD offers a transparent, reliable and trusted alternative that provides the predictability corporates and investors are demanding. We're delighted to partner with Binance to meet this need and bring FDUSD to market. We look forward to continuing our innovation in the next generation asset space, as well as working with the Web3 ecosystem to build solutions to unlock even greater value from FDUSD."
The FDUSD listing will go live at 16:00 HKT on 26 July 2023. As part of the launch, Binance will introduce a zero-maker free limited-time promotion for FDUSD trading pairs on FDUSD/BNB, FDUSD/USDT and FDUSD/BUSD spot trading pairs, as well as any new FDUSD spot and margin trading pairs.
FDUSD is available on Ethereum and BNB Chain with planned support for an increasing number of blockchains. For more information, visit our website or read the whitepaper.
About First Digital Labs
First Digital Labs is the brand name of FD121 Limited, a Hong Kong-registered subsidiary under the First Digital Group. First Digital Labs focuses on cutting-edge research and development, specializing in the innovation and advancement of digital currencies. It is the issuer of the FDUSD stablecoin.
About First Digital Trust
First Digital Trust Limited is a qualified custodian and registered trust company headquartered in Hong Kong, servicing an international client base. Established in 2019, First Digital Trust is Asia's forward thinking, multi-faceted trust partner, bridging the gap between the traditional and digital financial worlds and using technology to tokenize, custody, trade and settle assets.
With over three decades of collective experience, First Digital Trust Limited provides expertise and innovative solutions through a comprehensive and personalized suite of trustee services to help future-proof their partners. This includes structuring, custody, payroll, escrow, and administration services. First Digital Trust was named one of the leading Emerging Giants of Hong Kong in KPMG and HSBC's 'Emerging Giants in Asia Pacific' Report 2022.
To learn more about First Digital Trust and its regulated infrastructure and products, visit www.1stdigital.com
First Digital USD (FDUSD) is a 1:1 USD-backed stablecoin issued by FD121 Limited. To learn more about First Digital's newly launched stablecoin offering, visit www.firstdigitallabs.com
About 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. For more information, visit: https://www.binance.com
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