$FDUSD, a Stablecoin Backed by Binance? | Crypto Daily Digest July. 26

FDUSD is a stablecoin issued by FD121 Limited, a subsidiary of First Digital Limited, a custodian company headquartered in Hong Kong, operating under the brand name First Digital Labs. It is pegged to the US Dollar at a 1:1 ratio.

The launch of FDUSD coincided with the introduction of Hong Kong's new virtual asset service provider licensing regime on June 1st. On the same date, CZ announced that First Digital would issue stablecoins on the Binance Smart Chain, suggesting possible support from Binance.

First Digital Labs claims that each FDUSD is backed by $1 or an equivalent asset, held by qualified custodians in regulated depositary institutions. They provide regular reserve account reports, with information from reserve reports issued by Prescient Assurance on June 23rd and June 30th available on their official website.

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