Backed by the crypto fever that started in Hong Kong, First Digital Group has launched its USD-indexed stablecoin, FDUSD.
The shift of the crypto industry towards Asia comes to the fore, especially due to the developments on the Hong Kong side. Hong Kong takes a positive approach to cryptocurrency trading and crypto projects. As of June 1, Hong Kong also allows retail investors to trade cryptocurrencies.
Backing this uproar, First Digital Group has launched a new stablecoin under Hong Kong’s Trust Regulations. FDUSD entered the industry on BNB Chain and Ethereum network as a Hong Kong licensed stablecoin.
Hong Kong Licensed Stablecoin Released!
First Digital Group has launched its stablecoin, FDUSD, which is regulated under a Hong Kong license. The stablecoin issuer chose BNB Chain and Ethereum network for FDUSD.
In addition, First Digital Group stated that it is in talks with all major exchanges for the listing of FDUSD. Apart from this statement, a support tweet also came from Binance CEO CZ. CZ announced that the Hong Kong-licensed stablecoin issuer has launched the US dollar-pegged FDUSD on BNB Chain.
https://twitter.com/cz_binance/status/1664135832863752199
First Digital Group stated that FDUSD will be backed by cash and equivalent assets held at financial institutions regulated in Asia. First Digital Trust, which has passed through Hong Kong’s regulators, will take on a role in managing the reserves.
One of Hong Kong’s regulations requires assets to be held in segregated reserve accounts without mixing. The company behind FDUSD will continue its services by complying with these regulatory clarifications.
Hong Kong’s prominence in cryptocurrencies is cited as the driving force behind FDUSD. It is thought that this stablecoin could be among the top 5 stablecoins in the near future.
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