First Digital USD (FDUSD)
First Digital USD (FDUSD) is a reserve-backed stablecoin introduced by FD121 Limited, a subsidiary of the Hong Kong-based financial firm First Digital Limited. The stablecoin was launched on June 1, 2023, soon after the Hong Kong authorities implemented the "Guiding Principles for Virtual Asset Trading Platform Operators." Following the end of support for Binance's native stablecoin, BUSD, on September 1, 2023, Binance advised users to transition to FDUSD. This transition is part of Binance's strategy to phase out BUSD by February 2024. Initially, FDUSD was available on the Ethereum and BNB Chain networks, adhering to ERC20 and BEP20 standards. These networks ensure transaction confirmation through proof of stake (PoS) or proof of staked authority (PoSA), providing secure and transparent transaction records. First Digital Limited promotes FDUSD as a programmable stablecoin capable of executing financial contracts, custody services, and insurance without intermediaries.
FDUSD reserve
| Ticker | FDUSD |
| Category | Stablecoins |
| Website | https://firstdigitallabs.com/ |
| @FDLabsHQ | |
| Contract Addresses | |
|---|---|
| ethereum | 0xc5...09 Copied! |
| binance-smart-chain | 0xc5...09Copied! |
| sui | 0xf1...SDCopied! |
| solana | 9z...4uCopied! |
The value of FDUSD is pegged to the US dollar or an equivalent asset at a 1:1 ratio. The reserves are composed of low-risk assets, including short-term U.S. treasury bills, cash, and cash equivalents in U.S. dollars. These reserves are managed by First Digital Trust Ltd., a public trust company in Hong Kong, and are also held in financial institutions across Switzerland, Australia, and Hong Kong. First Digital Labs releases a monthly reserve report detailing the composition of these reserves. Additionally, an independent auditor conducts monthly reviews and attestations to ensure transparency for FDUSD holders regarding the stablecoin's reserve status.