In a significant development for the cryptocurrency market, First Digital Group, in collaboration with First Digital Trust, renowned as a leading qualified custodian and registered trust company in Asia’s financial hub, Hong Kong, announces the introduction of its stablecoin, First Digital USD (FDUSD), on Binance, the world’s largest cryptocurrency exchange in terms of trading volume.
FDUSD sets itself apart by being fully backed at a 1:1 ratio with high-quality cash and cash equivalent reserves. These reserves are held in segregated accounts within regulated financial institutions and undergo rigorous monitoring and auditing by independent third parties. As a result, FDUSD offers users the assurance that it can be redeemed for an equivalent value in U.S. dollars, providing a safe harbor amidst the heightened uncertainty and volatility of today’s financial landscape, and serving as a valuable diversification option in response to central bank policies.
The debut of FDUSD on Binance marks a significant milestone in the evolving world of cryptocurrencies, as it brings together the stability of a USD-pegged stablecoin with the limitless potential of programmable digital assets. With this launch, First Digital Group and First Digital Trust continue to lead the way in revolutionizing financial services, providing users with a seamless and secure platform to navigate the ever-changing landscape of the digital economy.
Vincent Chok, CEO of First Digital Trust, commented: “Recent events have shown that conventional assets are not immune to the risk and volatility posed by external events. FDUSD offers a transparent, reliable and trusted alternative that provides the predictability corporates and investors are demanding. We’re delighted to partner with Binance to meet this need and bring FDUSD to market. We look forward to continuing our innovation in the next generation asset space, as well as working with the Web3 ecosystem to build solutions to unlock even greater value from FDUSD.”
The FDUSD listing will go live at 16:00 HKT on 26 July 2023. As part of the launch, Binance will introduce a zero-maker free limited-time promotion for FDUSD trading pairs on FDUSD/BNB, FDUSD/USDT and FDUSD/BUSD spot trading pairs, as well as any new FDUSD spot and margin trading pairs.
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