Hong Kong Trust Company First Digital Launches FDUSD, a USD Stablecoin

First Digital, a Hong Kong-based digital asset custodian and licensed trust company, announced the launch of a new USD stablecoin called First Digital USD (FDUSD). The stablecoin will be issued by First Digital's subsidiary FD121 Limited, and be backed by cash and cash equivalents held in accounts of regulated financial institutions in Asia on a 1:1 basis.

Issued on Ethereum and BNB Chain, FDUSD is a programmable stablecoin, capable of enabling the execution of financial contracts, escrow services, and insurance without intermediaries. The reserves will be kept in segregated accounts to avoid co-mingling of assets.

Vincent Chok, CEO of First Digital, said: "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. Transparency and robust oversight are paramount in building trust in stablecoins and in turn the adoption of this innovative blockchain technology, especially at a time when stability in the traditional financial system is uncertain."

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