Hong Kong’s crypto hub is taking off with a locally based U.S. dollar-pegged stablecoin
First Digital Group, a Hong Kong-based qualified custodian and trust company, announced the launch of its First Digital USD United States dollar-pegged stablecoin on June 1. The new stablecoin is programmable and described as being capable of executing contracts, escrow services and insurance without intermediaries. It will operate on the BNB Smart Chain.
FDUSD is being issued by First Digital Labs, a subsidiary of digital asset custodian First Digital Trust, which is regulated under the Hong Kong Trustee Ordinance. Under the law, FDUSD will be backed one-for-one with U.S. dollar reserves or highly liquid, high-quality assets held in regulated Asian financial institutions that cannot be commingled with other First Digital assets.
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