{"id":"first-digital-usd-fdusd","title":"First Digital USD (FDUSD)","content":"**First Digital USD (FDUSD)** is a reserve-backed [stablecoin](https://iq.wiki/wiki/stablecoin) issued by a subsidiary of Hong Kong-headquartered financial firm, [First Digital Limited](https://iq.wiki/wiki/first-digital). [\\[1\\]](#cite-id-pri4xcoaph)[\\[3\\]](#cite-id-i17ny8bx2z)\n\n$$widget0 [YOUTUBE@VID](YNGpTDquNKE)$$\n\n## Overview\n\nFirst Digital USD (FDUSD) was launched on June 1, 2023, by FD121 Limited, a subsidiary of Hong Kong-headquartered financial firm, [First Digital Limited](https://iq.wiki/wiki/first-digital). It was launched shortly after the implementation of the “Guiding Principles for Virtual Asset Trading Platform Operators” in Hong Kong. [\\[2\\]](#cite-id-wubt38qfet8)\n\nFollowing the discontinuation of support for [Binance's](https://iq.wiki/wiki/binance) native stablecoin, [BUSD](https://iq.wiki/wiki/busd), Binance encouraged users who hold Binance USD (BUSD) stablecoin assets to transition to FDUSD in an official statement issued on September 1, 2023. The move comes as part of Binance’s strategy to gradually phase out its support for BUSD, with plans to conclude the process by February 2024. [\\[7\\]](#cite-id-j1dgi7zp85t)[\\[8\\]](#cite-id-69kannepfm)\n\nAt launch, FDUSD was issued on the [Ethereum](https://iq.wiki/wiki/ethereum) and [BNB Chain](https://iq.wiki/wiki/binance-smart-chain) networks which follow the [ERC20](https://iq.wiki/wiki/erc-20) & [BEP20](https://iq.wiki/wiki/bep-20) standards respectively. These decentralized blockchains provide consensus confirmation of transactions using [proof of stake (PoS)](https://iq.wiki/wiki/proof-of-stake) or proof of staked authority (PoSA) consensus providing immutability of records and public transparency to market participants. It is also now supported on the [Solana](https://iq.wiki/wiki/solana) [blockchain](https://iq.wiki/wiki/blockchain) and [Ethereum's](https://iq.wiki/wiki/ethereum) [Arbitrum](https://iq.wiki/wiki/arbitrum). This expansion builds on FDUSD’s existing presence on networks such as [Ethereum](https://iq.wiki/wiki/ethereum), [BNB Chain](https://iq.wiki/wiki/binance-smart-chain), and [Sui](https://iq.wiki/wiki/sui). [\\[5\\]](#cite-id-gr6l9ewh1kd) [\\[10\\]](#cite-id-QEYfm29YXm)\n\nFirst Digital Limited claims that the FDUSD coin acts as a programmable [stablecoin](https://iq.wiki/wiki/stablecoin) that enables the execution of financial contracts, custody services, and insurance without intermediaries. [\\[5\\]](#cite-id-gr6l9ewh1kd)[\\[6\\]](#cite-id-z2kmyralgjk) [\\[11\\]](#cite-id-U9W5sehJVA)\n\n### FDUSD Reserve\n\nThe value of the FDUSD coin is backed by the US dollar or an equivalent asset representing the fair value of the US dollar at a 1:1 ratio. The reserves for FDUSD comprise low-risk assets, such as short-term U.S. treasury bills, as well as cash and cash equivalents in U.S. dollars. The reserves are held by a custodian, First Digital Trust Ltd., a public trust company registered in Hong Kong, and at financial institutions in Switzerland, Australia, and Hong Kong. [\\[4\\]](#cite-id-h34s8zxivea)[\\[9\\]](#cite-id-jc1f80yc1ld)\n\nFirst Digital Labs publishes a monthly reserve report outlining the composition of reserves. In addition, these assets are subject to monthly review and attestation by an independent auditor. These reports provide transparency for the FDUSD holders about the reserve status of the [stablecoin](https://iq.wiki/wiki/stablecoin). [\\[5\\]](#cite-id-gr6l9ewh1kd)[\\[9\\]](#cite-id-jc1f80yc1ld)","summary":"First Digital USD (FDUSD) is a reserve-backed stablecoin issued by FD121 Limited, a subsidiary of Hong Kong-based financial firm First Digital Limited.","images":[{"id":"QmYB6HdcHY35Zuo3SvC6Wm223BHiG5jHCZ3t9MecaUmXqF","type":"image/jpeg, image/png"}],"categories":[{"id":"cryptocurrencies","title":"Cryptocurrencies"}],"tags":[{"id":"Stablecoins"},{"id":"BinanceSmartChain"},{"id":"Ethereum"},{"id":"Solana"}],"media":[{"id":"https://www.youtube.com/watch?v=YNGpTDquNKE","size":"0","name":"YNGpTDquNKE","type":null,"source":"YOUTUBE"}],"metadata":[{"id":"references","value":"[{\"id\":\"pri4xcoaph\",\"url\":\"https://firstdigitallabs.com/\",\"description\":\"official website\",\"timestamp\":1694777959092},{\"id\":\"wubt38qfet8\",\"url\":\"https://cointelegraph.com/news/hong-kong-based-first-digital-group-launches-redeemable-usd-backed-stablecoin\",\"description\":\"cointelegraph - fdusd\",\"timestamp\":1694778864218},{\"id\":\"i17ny8bx2z\",\"url\":\"https://coinmarketcap.com/currencies/first-digital-usd\",\"description\":\"coinmarket cap - fdusd\",\"timestamp\":1694779021697},{\"id\":\"h34s8zxivea\",\"url\":\"https://blockchair.com/news/what-is-first-digital-usd-fdusd-coin--aada11bba8\",\"description\":\"blockchair - fdusd\",\"timestamp\":1694779682728},{\"id\":\"gr6l9ewh1kd\",\"url\":\"https://firstdigitallabs.com/workspace/uploads/FDUSD-Whitepaper-25216064ca0cc8.pdf\",\"description\":\"whitepaper\",\"timestamp\":1695032021969},{\"id\":\"z2kmyralgjk\",\"url\":\"https://academy.binance.com/en/articles/what-is-first-digital-usd-fdusd\",\"description\":\"binance academy - fusd\",\"timestamp\":1695032090629},{\"id\":\"j1dgi7zp85t\",\"url\":\"https://www.binance.com/en/feed/post/1064348\",\"description\":\"Binance Introduces New Stablecoin and Phases Out BUSD Support\",\"timestamp\":1696017148953},{\"id\":\"69kannepfm\",\"url\":\"https://www.binance.com/en/feed/post/1071371\",\"description\":\"Binance Initiates Transition Away From BUSD Support, Encourages Users to Embrace FDUSD\",\"timestamp\":1696017175587},{\"id\":\"jc1f80yc1ld\",\"url\":\"https://www.spglobal.com/_assets/documents/ratings/research/101590838.pdf\",\"description\":\"sp global report\",\"timestamp\":1704795979942},{\"id\":\"QEYfm29YXm\",\"description\":\"FDL: First Digital USD (FDUSD®) Stablecoin Now Available on Solana Blockchain\",\"timestamp\":1749280378411,\"url\":\"https://firstdigitallabs.com/news-and-insights/first-digital-usd-fdusd-r-stablecoin-now-available-on-solana-blockchain\"},{\"id\":\"U9W5sehJVA\",\"description\":\"FDL: Native FDUSD® Now Live on Arbitrum\",\"timestamp\":1749280515294,\"url\":\"https://firstdigitallabs.com/news-and-insights/native-fdusd-now-live-on-arbitrum\"}]"},{"id":"website","value":"https://firstdigitallabs.com/"},{"id":"twitter_profile","value":"https://twitter.com/FDLabsHQ"},{"id":"coinmarketcap_url","value":"https://coinmarketcap.com/currencies/first-digital-usd"},{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/first-digital-usd"},{"id":"etherscan","value":"https://etherscan.io/token/0xc5f0f7b66764f6ec8c8dff7ba683102295e16409"},{"id":"bscscan","value":"https://bscscan.com/token/0xc5f0f7b66764f6ec8c8dff7ba683102295e16409"},{"id":"solscan","value":"https://solscan.io/token/9zNQRsGLjNKwCUU5Gq5LR8beUCPzQMVMqKAi3SSZh54u"},{"id":"previous_cid","value":"\"https://ipfs.everipedia.org/ipfs/QmRJDFXFjMNAmKrsYMDz3NYeTWBVCnr4B3AV5tmifDsX2U\""},{"id":"commit-message","value":"\"Update IPFS ID reference in article.\""},{"id":"previous_cid","value":"QmRJDFXFjMNAmKrsYMDz3NYeTWBVCnr4B3AV5tmifDsX2U"}],"events":[{"id":"0T046tsi7a","date":"2023-06","title":"Date Founded","type":"CREATED","description":"First Digital USD (FDUSD) was launched on June 1, 2023","link":"https://cointelegraph.com/news/hong-kong-based-first-digital-group-launches-redeemable-usd-backed-stablecoin"}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x212Cb3F4aE6611054637f9f78F18fB628AD258bb"},"language":"en","version":1,"linkedWikis":{"blockchains":["ethereum","solana"],"founders":["vincent-chok","gunnar-jaerv"],"speakers":[]}}