First Digital USD Stablecoin Reaches US$1 Billion Market Capby Fintech News Hong Kong December 6, 2023
First Digital, an Asia-based digital asset custody and trust service provider, reported that its stablecoin, First Digital USD (FDUSD), has achieved a market capitalisation of US$1 billion (HK$7.81 billion). This development marks a growth in adopting FDUSD, which was launched less than six months ago.
FDUSD is a reserve-backed stablecoin issued by FD121 Limited, a member of the First Digital group and currently available on the Ethereum and BNB Chain networks.
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 company maintains the integrity of FDUSD through regular audits by a reputable third party, ensuring that the stablecoin maintains proper reserves to back its value. FDUSD’s reserves are held in a mix of US Treasury Bills, overnight reverse repurchase agreements, and cash.
Founded in 2017, the company is part of the Legacy Trust Company, established in 1992 in Hong Kong. The company aims to explore new applications in digital currency, including cross-border payments and smart contracts, in line with upcoming regulatory changes in the stablecoin sector.