Hong Kong-based First Digital, a prominent player in digital asset custody and trust services in Asia, proudly announces that its stablecoin, First Digital USD (FDUSD), has achieved a significant market capitalization of US$1 billion. This milestone underscores FDUSD’s rapid and widespread adoption within six months of its listing, establishing itself as Hong Kong’s inaugural truly native stablecoin.
Vincent Chok, CEO of First Digital, expressed enthusiasm for FDUSD’s remarkable growth since its June listing, marking the $1 billion market cap as a monumental achievement. The stablecoin has gained traction on leading exchanges such as Binance, BTSE, and Gate.io, reflecting user and investor confidence in First Digital and FDUSD.
Chok stated, “Our vision extends beyond achieving financial milestones. We are committed to spearheading the evolution of digital currency applications. We look forward to the new stablecoin regulatory framework next year, which we believe will foster greater choice, innovation, and use cases in the market.”
One of the key drivers of FDUSD’s success is First Digital’s commitment to transparency. The reserves for FDUSD undergo attestation by a reputable third-party auditor, ensuring the stablecoin maintains proper reserves to back its value. This attestation process instills confidence in users regarding the integrity and reliability of FDUSD.
First Digital’s reserves for FDUSD consist of a diversified portfolio, including US Treasury Bills (T-Bills), overnight reverse repurchase agreements (repos), and cash. This strategic allocation ensures FDUSD remains fully collateralized, mitigating counterparty risk and preserving the stability of its value.
First Digital, established in 2017 under the Legacy Trust Company umbrella, combines digital asset innovation with a robust foundation in trust, custody, and asset servicing. First Digital Trust Limited, its custody and trust arm, became an independent public trust corporation headquartered in Hong Kong in 2019. Recognized as one of HSBC’s ‘Emerging Giants in Asia Pacific’ in 2022, First Digital Labs (FD121 Limited), the innovation arm, issues the FDUSD stablecoin.
First Digital Labs (FD121 Limited), a Hong Kong-based company under the First Digital group, focuses on cutting-edge research and development, specializing in the innovation and advancement of digital assets. It is the issuer of the FDUSD stablecoin.
First Digital USD (FDUSD) is a 1:1 USD-backed stablecoin issued by First Digital Labs (FD121 Limited). It is backed on a 1:1 basis by one U.S. Dollar or an equivalent amount of USD-denominated assets held in accounts of regulated financial institutions. Independent reserve attestation reports are published monthly, and FDUSD is currently available on Ethereum and BNB Chain.