First Digital USD

First Digital Group has announced the issuance of its stablecoin, First Digital USD (FDUSD), under the entity FD121. The FDUSD has gone live on Binance, with probably more crypto exchanges to follow. As part of the launch, Binance will introduce a zero-maker free limited-time promotion for FDUSD trading pairs on FDUSD/BNB, FDUSD/USDT and FDUSD/BUSD spot trading pairs, as well as any new FDUSD spot and margin trading pairs. 
<h2 id="fdusd-is-intended-to-be-redeemable-1-1-for-equal-value-in-u-s-dollars">FDUSD is intended to be redeemable 1:1 for equal value in U.S. dollars</h2> According to the digital asset company - which includes First Digital Trust, one of Asia’s leading qualified custodians and a registered trust company headquartered in Hong Kong - the FDUSD is 1:1 backed with high-quality cash and cash equivalent reserves held in segregated accounts in regulated financial institutions and monitored and audited by independent third parties. FDUSD is intended to be redeemable 1:1 for equal value in U.S. dollars. At a time of heightened uncertainty and volatility, the U.S. dollar-pegged stablecoin offers diversification and greater stability against the impact of central bank policies. FDUSD is also designed to be a programmable digital asset that can interact with financial smart contracts, escrow services, and insurance without intermediaries. New solutions can be built upon FDUSD in the future to unlock new value and further integrate with everyday transactions. 
<h2 id="conventional-assets-are-not-immune-to-risk-and-volatility">"Conventional assets are not immune to risk and volatility"</h2> Vincent Chok, CEO of First Digital Trust, commented: “Recent events have shown that conventional assets are not immune to the risk and volatility posed by external events. FDUSD offers a transparent, reliable and trusted alternative that provides the predictability corporates and investors are demanding. "We’re delighted to partner with Binance to meet this need and bring FDUSD to market. We look forward to continuing our innovation in the next generation asset space, as well as working with the Web3 ecosystem to build solutions to unlock even greater value from FDUSD.”

First Digital lists newly issued FDUSD stablecoin on Binance

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