FDUSD will be featured on Ethereum and Binance Smart Chain. First Digital is currently negotiating with the largest cryptocurrency exchanges for the listing of the stablecoin. The composition of the FDUSD reserves includes fiat money and their equivalents, and the reserves themselves are placed in various financial institutions in Asia. We note that, according to the requirements of the Hong Kong regulator, the collateral of assets must be kept in separate accounts in order to avoid confusion.
“The launch of the stablecoin is a big step forward in our mission to create a secure and efficient digital currency that can be easily and quickly integrated into everyday transactions,” said Vincent Chok, CEO of First Digital.
In a statement, the company emphasized that it is working with both local and foreign regulators to ensure that the FDUSD stablecoin meets all necessary requirements. At the same time, the Hong Kong regulator banned retail traders from trading stablecoins until the release of separate rules for stablecoins. Therefore, Hong Kong residents will not yet have access to the stablecoin.
Recall that in 2022, Fireblock bought the First Digital platform.
Source: Bits
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