HONG KONG, December 6, 2023 /PRNewswire/ — First Digital, a leader in digital asset custody and trust services in Asiais proud to announce that its stablecoin First Digital USD (“FDUSD”) has reached a market capitalization of 1 billion US dollars. First Digital sees this as a testimony to its position of that of Hong Kong first truly native stablecoin, which has contributed to rapid and widespread adoption in less than six months since its listing.
FDUSD, issued by FD121 Limited (a First Digital group company), is a reserve-backed stablecoin that was initially launched on the Ethereum and BNB Chain networks. With plans to expand to other blockchain networks, FDUSD sets the tone for interoperable digital currencies.
This achievement highlights the growing demand for stablecoins and First Digital’s commitment to offering a trusted and trusted digital asset.
Vincent ChocCEO of First Digital, said: “We are pleased to see the growth of FDUSD since its listing in June. 1 billion US dollars market cap is a monumental milestone and a direct reflection of the market’s interest in FDUSD and the diversification benefits it brings. The rapid adoption of FDUSD, now listed on leading exchanges like Binance, BTSE and Gate.io, demonstrates the confidence users and investors have in First Digital and FDUSD.
“Our vision goes beyond achieving financial milestones. We are committed to spearheading the evolution of digital currency applications. We look forward to the new regulatory framework for stablecoins next year , which we believe will drive greater choice, innovation and use cases in the market.” FDUSD’s capabilities and exploration of new sectors such as cross-border payments and smart contracts are an integral part of our strategy to dominate the stablecoin market.
One of the key factors contributing to the success of FDUSD is First Digital’s commitment to transparency. First Digital’s reserves for FDUSD are attested by a reputable third-party auditor, ensuring that the stablecoin maintains appropriate reserves to secure its value. The attestation process gives users confidence in the integrity and reliability of the FDUSD stablecoin.
First Digital’s reserves for FDUSD are held in a diversified portfolio consisting of U.S. Treasury Bills (T-Bills), overnight reverse repurchase agreements (repos), and cash. This allocation strategy ensures that the stablecoin remains fully collateralized, thereby mitigating counterparty risk and maintaining the stability of its value.
About Premier Digital
First Digital was established in 2017 under the Legacy Trust Company, a custodian and trust established in 1992 under the Trustees Ordinance. Hong Kong. Its mission is to help clients benefit from a digital-first future by combining digital asset innovation with its strong foundations in trust, custody and asset management. In 2019, First Digital Trust Limited, the custody and trust arm of First Digital, became a fully independent public trust company headquartered in Hong Kong with a presence throughout Asia.
First Digital Trust Limited has been recognized as one of HSBC’s “Emerging Industry Giants”. Asia PacificReport 2022. First Digital’s innovation arm, First Digital Labs (FD121 Limited), is the issuer of the FDUSD stablecoin.
About the first digital laboratories
First Digital Labs is the brand of FD121 Limited, a Hong Kong-company incorporated under the First Digital group. First Digital Labs focuses on cutting-edge research and development, specializing in the innovation and advancement of digital assets. First Digital Labs is the issuer of the FDUSD stablecoin.
To learn more about First Digital Labs, visit https://firstdigitallabs.com/
About FDUSD
The first digital USD (FDUSD) is a 1:1 USD-stablecoin backed by First Digital Labs, the brand of FD121 Limited. The FDUSD stablecoin is backed on a 1:1 basis by one American dollar or an equivalent amount of assets denominated in USD, held in accounts of regulated financial institutions. Independent reserve attestation reports are published monthly. FDUSD is currently available on Ethereum and BNB Chain.
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SOURCE First Digital
