First Digital Group to debut USD-pegged stablecoin on Binance
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.
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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.