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First Digital introduces USD stablecoin

Gezim osmani by Gezim osmani
June 3, 2023
in Crypto
Reading Time: 2 mins read
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First Digital introduced the USD stablecoin as Hong Kong crypto regulations kick-off. 

 

Today, First Digital Group announced the launch FDUSD, a USD stablecoin. The stablecoin is mined on Ethereum and BNB, with First Digital in talks with all major exchanges for listing, a spokesperson said in a statement.

According to First Digital, FDUSD is backed by high-quality reserves of cash and cash equivalents in regulated financial institutions in Asia and will be issued by First Digital Trust, a company registered under Hong Kong’s Trust Ordinance.

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Statement from First Digital CEO

One of the requirements of Hong Kong’s Trust Ordinance is to keep all reserves in separate accounts, which prevents assets from commingling. According to Vincent Chok, CEO of First Digital, the launch of this stablecoin represents a major step forward in the company’s mission to provide a secure and efficient digital currency that helps with transactions of everyday people.

 

However, the stablecoin will not be available to retail users in Hong Kong after the launch. Regulators in Hong Kong stated that stablecoins should not be allowed for public trading by retail investors until the proposed regulations for this asset class are officially implemented in the region.

 

The Hong Kong Monetary Authority (HKMA) and one of its financial regulators are considering new regulations for stablecoins that require real-world asset backing, disallow algorithmic stablecoins and mandate separate transactions for issuers and virtual asset exchanges. It is not yet clear when these regulations will come into effect.

 

Binance CEO CZ shared the news that First Digital launched the USD-pegged stablecoin FDUSD on BNB Smart Chain and Ethereum.

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Gezim osmani

Gezim osmani

Hi there! My name is Gezim, and I'm a Senior Journalist covering crypto and fintech. I have a passion for technology and finance, and I've spent years following the latest trends in the industry.My goal is to make complex financial concepts accessible to my readers. I strive to provide insightful analysis and explain the latest developments in the world of crypto and fintech in a way that is easy to understand. I believe that knowledge is power, and I want to empower my readers to make informed decisions about their finances.In addition to my professional pursuits, I also love to take photos. I find that photography allows me to capture moments and emotions in a way that words cannot. Whether I'm traveling to a new city or exploring the great outdoors, I always have my camera with me. Photography is a way for me to express my creativity and connect with the world around me.

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