First Digital Group Launches USD-Backed Stablecoin, FDUSD

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• First Digital Group, a Hong Kong-based qualified custodian and trust company, launched its First Digital USD (FDUSD) United States dollar-pegged stablecoin on June 1.
• The new stablecoin is programmable and described as being capable of executing contracts, escrow services and insurance without intermediaries. It will operate on the BNB Smart Chain.
• FDUSD is backed one-for-one with U.S. dollar reserves or highly liquid, high-quality assets held in regulated Asian financial institutions that cannot be commingled with other First Digital assets.

Introduction

Hong Kong trust company First Digital Group has launched a redeemable USD-backed stablecoin called FDUSD, combining the stability of the U.S. dollar with the reliability of Asian regulation. The new stablecoin is programmable and designed to execute contracts, escrow services and insurance without intermediaries on the BNB Smart Chain platform.

Backing of FDUSD

FDUSD is regulated under the Hong Kong Trustee Ordinance and is backed one-for-one with U.S. dollar reserves or highly liquid, high-quality assets held in secured Asian financial institutions that are not able to be commingled with other First Digital assets.

Compliance Measures

First Digital CEO Vincent Chok stated that his company was fully committed to regulatory compliance in order to set a higher standard for legitimacy within this space; they also promised to ensure full compliance with current laws and regulations as well as participating in the shaping of any future regulatory regimes which may affect FDUSD or First Digital itself.

Retail Cryptocurrency Trading in Hong Kong

The launch of FDUSD coincides with the first day of retail cryptocurrency trading in Hong Kong under updated regulatory guidelines; this resulted in various companies applying for permission to open their own trading platforms within this administrative region which has seen an increase in crypto related activity since then. In addition to this, the government’s Monetary Authority also launched its e-HKD pilot project involving 16 participants from both finance payment and technology sectors during May 2021 too.

Conclusion

The launch of FDUSD provides users with a secure way to store value while taking advantage of both US Dollar stability as well as reliable Asian regulation; it should help keep up momentum within this market sector as more businesses continue entering into it over time too due to these benefits associated with using such products like this one developed by First Digital Group here today .

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