History of FDUSD
In June 2023, FDUSD made its debut as Hong Kong’s pioneering fully backed stablecoin, quickly establishing itself as a significant player in the digital currency space.
By December 2023, FDUSD achieved a market cap of $1 billion, skyrocketing to $4 billion by April 2024. This meteoric rise positioned FDUSD as the third largest fully-backed stablecoin globally, bolstered by additional DeFi integrations and listings on centralized exchanges.
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What is the project goal of FDUSD?
Trusted stablecoins that reach everyone, everywhere, every time.
What is $FDUSD? What are its use cases?
FDUSD is a fully backed stablecoin with uncompromising trust by design offering seamless accessibility and scalability. FDUSD has been designed to meet the needs of global businesses and institutions to enable efficient and compliant global expansion, cross-border payments and trade settlements.
What sets FDUSD apart from other stablecoins?
Developed and operated in Hong Kong, FDUSD benefits from being in a jurisdiction known for its sound yet digital asset friendly environment, differentiating itself from US-based counterparts. This geographical focus is pivotal in offering market operators a diversified stablecoin option, addressing concentration risk and fostering a more competitive stablecoin market.
Backed by a foundation of trust, First Digital's stablecoins reserves consist of highly liquid assets held in fully segregated accounts of the appointed custodian, licensed under the Trust Ordinance of Hong Kong. Funds are held in a bankruptcy-remote structure, ensuring that the stablecoin remains stable and secure.
First Digital stablecoins uphold the highest industry regulatory standards, are fully backed by quality assets with independent attestation reports published monthly. FDUSD are always redeemable on a one-to-one basis for cash.
A cornerstone of FDUSD's success has been our commitment to transparency. FDUSD's reserves undergo regular attestations by a reputable third-party auditor, ensuring that every token is fully backed by appropriate reserves. This rigorous attestation process fosters confidence among users, underscoring the integrity and reliability of FDUSD.
Our reserves are held in a diversified portfolio that includes US Treasury Bills (T-Bills), overnight reverse repurchase agreements (repos), and cash. This prudent allocation strategy ensures that FDUSD remains fully collateralized, minimizing counterparty risk and maintaining the stability of its value.
FDUSD is supported by a global fiat infrastructure and banking capacity, promising regulatory alignment, transparency, and innovation.
FDUSD is a stablecoin that leverages the advance of blockchain technology to be programmable and offer users more than just USD. FDUSD can also execute financial contracts, escrow services, and insurance without intermediaries.
What can we expect from FDUSD this 2024?
The road ahead for FDUSD is paved with ambitious plans. The team is set on enabling FDUSD on new blockchains, securing additional centralized exchange listings, and expanding use cases in payments, settlements, and remittances. Collaborations with strategic partners will continue to be a priority to enhance the broader distribution and usage of FDUSD.
