Hong Kong’s First Digital Launches Stablecoin with Assistance from BNB Chain

First Digital Group has introduced its own stablecoin, which is available on both the Ethereum and BNB blockchains.

First Digital, a trusted custodian and registered trust company Headquartered in Hong Kong, has announced the launch of its new stablecoin called First Digital USD (FDUSD).

First Digital, a Hong Kong licensed trust company, launches a new USD pegged stablecoin (FDUSD), on #BNB Smart Chain.

— CZ 🔶 BNB (@cz_binance) June 1, 2023

Vincent Chok, CEO of First Digital, said that the release of this stablecoin is a significant step towards their goal of offering a secure and efficient digital currency that can easily be used in everyday transactions.

According to reports, the stablecoin has been introduced on two popular platforms, Ethereum and Binance Smart Chain (BNB), offering users flexibility in utilizing the digital asset.

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First Digital assures that FDUSD is supported by a strong reserve of cash and similar assets held in regulated financial institutions throughout Asia. The issuance of the stablecoin will be facilitated by First Digital Trust, a registered trust company operating under Hong Kong’s Trust Ordinance.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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