FDUSD will be introduced on the Etherium and Binance Smart Chain networks. Now First Digital is negotiating with major cryptocurrency exchanges to list steiblockin. FDUSD reserves include fiat money and their equivalents, and the reserves themselves are placed in various financial institutions in Asia.. Note that the Hong Kong regulator requires that asset collateral be kept in separate accounts to prevent confusion.
“The launch of 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 First Digital CEO Vincent Chok.
In a statement, the company stressed that it is working with both local and foreign regulators to ensure that the FDUSD stabelcoin meets all necessary requirements. Meanwhile, Hong Kong’s regulator has banned retail traders from trading in stabelcoins until separate rules for stable cryptocurrencies are issued. Therefore, Hong Kong residents will not have access to stabelcoin yet.
Recall that Fireblock bought the First Digital platform in 2022.