Breaking! First Digital Launches Stablecoin on ETH and BNB Smart Chain

June 1, 2023

MCP News Free

Breaking! First Digital Launches Stablecoin on ETH and BNB Smart Chain

Key Point

First Digital is currently in talks with crypto exchanges for listing

Ladies and Gentlemen of ParadiseClub, a Hong Kong-based Trust company First Digital has launched a new stablecoin called FDUSD, per Thursday’s announcement by the company.

Cash and equivalents of cash will back the stablecoin in financial institutions in Asia, and the company First Digital is currently in talks with several cryptocurrency exchanges for listing on their various platforms.

“The launch of this stablecoin represents a major stride forward in our mission to provide a secure and efficient digital currency that can be seamlessly integrated into everyday transactions,” Vincent Chok, CEO of First Digital, noted.

First Digital is a Hong Kong-based Trust company, so according to the Hong Kong financial regulator, retail investors are not allowed to use stablecoin until the proposed regulations for stablecoin are implemented in the country; therefore, the stablecoin will not be available for Hong Kong retail investors.

Meanwhile, the Hong Kong regulatory body known as Hong Kong Monetary Authority is looking to introduce new rules for stablecoins, although there is no specified date yet regarding when the new rules will be formally implemented, and the rules may require “real-world asset backing (disallowing algorithmic stablecoins) and mandating separate operations for issuers and virtual asset exchanges,” Coindesk reported in February.

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