First Digital USD: A Secure and Stablecoin Listed on Binance - COINTURK NEWS
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First Digital USD: A Secure and Stablecoin Listed on Binance

11:38 pm (22 days ago)
November 7, 2023

First Digital USD (FDUSD) is a stablecoin issued by First Digital, a Hong Kong-based company. This stablecoin is pegged 1:1 to the US dollar and is designed to comply with regulations in the Asian region, with a strong focus on security standards. In this article, we will explore what FDUSD is, where to buy it, and answer many other related questions.

What is First Digital USD?

FDUSD coin, launched by First Digital, is a stablecoin that was introduced shortly after the implementation of the “Guidelines on Supervision of Virtual Asset Trading Platforms” in Hong Kong. These guidelines establish security standards such as asset custody, separate storage of customer assets, prevention of conflicts of interest, and protection against hack attacks.

The value of FDUSD coin is backed 1:1 by either a US dollar or the equivalent value of a real US dollar. The company states that the reserves supporting FDUSD coin are held in separate accounts in financial institutions in Asia. First Digital defines FDUSD coin as a programmable stablecoin that facilitates decentralized execution of financial contracts, custodial services, and insurance.

First Digital aims to make FDUSD coin available in different regions while ensuring full compliance with current and future laws and regulations. Additionally, the company seeks to actively shape the regulatory approach to FDUSD coin and First Digital by collaborating closely with regulatory authorities.

Stablecoins like FDUSD bring more price stability to the cryptocurrency market and can be used for money transfers. Furthermore, First Digital argues that FDUSD provides protection against local currencies affected by central bank monetary policies.

FDUSD Coin is indexed 1:1 to the US dollar and aims to always maintain a 1 FDUSD to 1 US dollar ratio. Currently, there are 10,110,415 FDUSD coins in circulation, and there is no specified supply limit, meaning that the supply of FDUSD may increase over time.

FDUSD is currently available on blockchain networks such as Ethereum and BNB Chain. However, FDUSD coin can only be traded on the Binance exchange at the moment. It is expected that FDUSD coin will be traded on different cryptocurrency exchanges in the future.

Where to Buy FDUSD Coin?

FDUSD coin can be securely bought and sold on Binance, the world’s largest cryptocurrency exchange. At the time of writing, FDUSD coin is traded on Binance in the BNB/FDUSD, FDUSD/BUSD, and FDUSD/USDT pairs.

To buy FDUSD coin, it is necessary to first become a member of the Binance exchange. After completing the registration process, cryptocurrency or fiat currency such as Turkish Lira needs to be transferred to the Binance account wallet. Once the transfer is completed, FDUSD coin can be purchased in the aforementioned pairs.

To make a purchase in the FDUSD/USDT pair, navigate to the interface of this pair. Enter the desired amount to be purchased in the designated field under the limit tab. After entering the amount, the purchase is completed with an FDUSD Buy order.

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