HONG KONG, Dec. 6, 2023 /PRNewswire/ — First Digital, a leader in digital asset custody and trust services in Asia, is proud to announce that its stablecoin First Digital USD (“FDUSD”) has reached a market capitalisation of US$1 billion. First Digital see this as a testament to its position as Hong Kong’s first truly native stablecoin, which has helped aid rapid and widespread adoption in less than six months since listing.
FDUSD, issued by FD121 Limited (a company under the First Digital group), is a reserve-backed stablecoin that has initially been launched on the Ethereum and BNB Chain networks. With plans to expand onto other blockchain networks, FDUSD is setting the pace for interoperable digital currencies.
This achievement highlights the growing demand for stablecoins and First Digital’s commitment to offering a trusted and reliable digital asset.
Vincent Chok, CEO of First Digital, said: “We are delighted to see FDUSD’s growth since listing in June. Hitting the US$1 billion market cap is a monumental milestone and a direct reflection of the market’s interest in FDUSD and the diversification benefits it brings. The rapid adoption of FDUSD, now listed on leading exchanges like Binance, BTSE and Gate.io, demonstrates the confidence that users and investors have in First Digital and FDUSD.”
“Our vision extends beyond achieving financial milestones. We are committed to spearheading the evolution of digital currency applications. We look forward to the new stablecoin regulatory framework next year, which we believe will foster greater choice, innovation and use cases in the market. Expanding FDUSD’s capabilities and delving into new sectors like cross-border payments and smart contracts are integral to our strategy of leading the stablecoin market.”
One of the key factors contributing to FDUSD’s success is First Digital’s commitment to transparency. First Digital’s reserves for FDUSD are attested by a reputable third-party auditor, ensuring that the stablecoin maintains proper reserves to back its value. The attestation process provides users with confidence in the integrity and reliability of the FDUSD stablecoin.
First Digital’s reserves for FDUSD are held in a diversified portfolio consisting of US Treasury Bills (T-Bills), overnight reverse repurchase agreements (repos), and cash. This allocation strategy ensures that the stablecoin remains fully collateralised, mitigating counterparty risk and maintaining the stability of its value.
About First Digital
First Digital was established in 2017 under the umbrella of the Legacy Trust Company, an established custodian and trust established in 1992 under the Trustee Ordinance in Hong Kong. Its mission is to help clients benefit from a digital-first future by combining digital asset innovation with its strong foundation in trust, custody and asset servicing. In 2019, First Digital Trust Limited, the custody and trust arm of First Digital, became a fully independent public trust corporation headquartered in Hong Kong with a presence across Asia.
First Digital Trust Limited has been recognised as one of HSBC’s ‘Emerging Giants in Asia Pacific‘ Report 2022. First Digital’s innovation arm, First Digital Labs (FD121 Limited), is the issuer of the FDUSD stablecoin.
About First Digital Labs
First Digital Labs is the brand name of FD121 Limited, a Hong Kong-incorporated company under the First Digital group. First Digital Labs focuses on cutting-edge research and development, specialising in the innovation and advancement of digital assets. First Digital Labs is the issuer of the FDUSD stablecoin.
To learn more about First Digital Labs, visit https://firstdigitallabs.com/
About FDUSD
First Digital USD (FDUSD) is a 1:1 USD-backed stablecoin issued by First Digital Labs, the brand name of FD121 Limited. The FDUSD stablecoin is backed on a 1:1 basis by one U.S. Dollar or equivalent amount of USD-denominated assets, held in accounts of regulated financial institutions. Independent reserve attestation reports are published monthly. FDUSD is currently available on Ethereum and BNB Chain.
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SOURCE First Digital
