Introduction of FDUSD Cryptocurrency
FDUSD (First Digital USD) is a stablecoin backed 1:1 by the US dollar, launched in June 2023, issued by the subsidiary FD121 Limited of Hong Kong financial company First Digital Limited.
Main Features:
- Stability: FDUSD aims to provide stability and trust to the volatile cryptocurrency market, with each FDUSD being backed by 1 USD or equivalent reserves, ensuring stable value.
- Programmability: FDUSD is a programmable stablecoin that can execute financial contracts, custody services, and insurance without third-party involvement.
- Reserve System: The reserves of FDUSD are held by the designated custodian company First Digital Trust Limited, with the reserve account and custodian company's operational account being separate, ensuring protection of FDUSD reserves independent of the custodian company's other assets even in case of custodian company bankruptcy.
- Audit: The reserves of FDUSD undergo audit by an independent auditing firm to ensure stability and credibility.
- Use Cases: FDUSD can be used for cross-border transactions, remittances, payment solutions, etc., providing fast, low-cost, and secure transfer services.
Summary: FDUSD is a stable, programmable stablecoin designed to provide stability and trust to the cryptocurrency market.
,
