First Digital USD (FDUSD) is a stablecoin issued by First Digital, based in Hong Kong, and is indexed to the value of the US dollar at a 1:1 ratio. The FDUSD coin is structured to operate in accordance with regulations in the Asian region.
What is First Digital USD?
First Digital USD, or FDUSD coin, issued by First Digital, is a stablecoin that was launched shortly after the implementation of the “Guiding Principles for Virtual Asset Trading Platform Operators” in Hong Kong on June 1st. It is designed to ensure asset custody, separate customer assets, avoid conflicts of interest, and protect against hack attacks.
The value of the FDUSD coin is backed by one US dollar or an equivalent asset representing the fair value of the US dollar at a 1:1 ratio. According to the company, the reserves supporting the FDUSD coin are held in separate accounts at financial institutions in Asia. First Digital claims that the FDUSD coin acts as a programmable stablecoin that enables the execution of financial contracts, custody services, and insurance without intermediaries.
FDUSD Review
First Digital emphasizes its commitment to full compliance with current and future applicable laws and regulations for FDUSD coin, aiming to expand the usability of the stablecoin in different regions by working closely with regional and overseas regulatory agencies. Additionally, the issuer requests active participation from regulatory agencies in shaping the regulatory approach towards FDUSD coin and First Digital in the foreseeable future, promising full compliance with regulations compared to most stablecoin issuers.
According to First Digital, stablecoins like FDUSD coin bring more price stability to the cryptocurrency market and serve as a means of transferring value. The issuer also argues that FDUSD provides protection against central bank monetary policies that affect local currencies.
FDUSD coin, abbreviated as First Digital USD, is indexed to the US dollar at a 1:1 ratio. The goal is to ensure that 1 FDUSD is always equivalent to 1 US dollar. According to data provided by the crypto data platform CoinMarketCap, there are currently 10,110,415 FDUSD coins in circulation, with no specific supply limit. This implies that the supply of FDUSD will increase over time.
FDUSD is expected to be deployed on more blockchain networks over time. Currently, it is being issued on Ethereum and BNB Chain. However, FDUSD coin can only be bought and sold on the Binance exchange for now, but it is expected to become available on more cryptocurrency exchanges in the future.
How to Buy FDUSD Coin?
FDUSD coin can be quickly and securely bought and sold through Binance, the world’s largest cryptocurrency exchange, with its trading volume. To purchase FDUSD coin, you need to first create an account on Binance (if you don’t have one) and then deposit fiat currency into the user account opened on the cryptocurrency exchange. After depositing currencies like Turkish Lira, US dollars, or Euros into the account, the purchase transaction can be carried out through the trading pairs in which FDUSD coin is traded.
Trading of FDUSD coin on Binance started on July 26, 2023, at 11:00 AM, with trading pairs such as BNB/FDUSD, FDUSD/BUSD, and FDUSD/USDT.
