First Digital introduces USD stablecoin

First Digital introduces USD stablecoin

First Digital Grouptoday a USD stablecoin the one which… FDUSDannounced that it will launch the . A spokesperson said in a statement that First Digital is in talks with all major exchanges for listing, adding that the stablecoin Ethereum And BNBHe said it was removed.

First Digital, FDUSD AsiaIt says it is backed by high-quality reserves of cash and cash equivalents at regulated financial institutions in Hong Kong and will be issued by First Digital Trust, a company registered under Hong Kong’s Trust Regulations.

Statement from First Digital CEO

One of the requirements of Hong Kong’s Trust Regulations is to keep all reserves in separate accounts, which prevents assets from mixing with each other. First Digital CEO Vincent Chok In his statement, he said:

The launch of this stablecoin represents a major step forward in our mission to provide a secure and efficient digital currency that can be seamlessly integrated into everyday transactions.

But once the stablecoin is released, Hong KongIt will not be available to retail users in . Regulators in Hong Kong have said that public trading of stablecoins by retail investors should not be allowed until the proposed rules for this asset class are officially implemented in the region.

Hong Kong Monetary Authority (HKMA) and one of its financial regulators is considering new regulations for stablecoins that require real-world asset support, do not allow algorithmic stablecoins, and require separate transactions for issuers and virtual asset exchanges. It is not yet clear when these regulations will come into effect.

Binance CEO CZ shared the news that First Digital is launching the USD-pegged stablecoin FDUSD on BNB Smart Chain and Ethereum.

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