Hong Kong-based First Digital Group launches redeemable USD-backed stablecoin

First Digital Group, a Hong Kong-based certified custodian and belief firm, introduced the launch of its First Digital USD (FDUSD) United States dollar-pegged stablecoin on June 1. The brand new stablecoin is programmable and described as being able to executing contracts, escrow companies and insurance coverage with out intermediaries. It should function on the BNB Good Chain.

FDUSD is being issued by First Digital Labs, a subsidiary of digital asset custodian First Digital Belief, which is regulated below the Hong Kong Trustee Ordinance. Below the legislation, FDUSD might be backed one-for-one with U.S. greenback reserves or extremely liquid, high-quality property held in regulated Asian monetary establishments that can’t be commingled with different First Digital property.

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