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Breaking: Binance CEO “CZ” On First Digital USD (FDUSD) Stablecoin Support On Exchange

Binance CEO "CZ" responds to support of the new First Digital USD (FDUSD) stablecoin on Binance amid Hong Kong push.
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Breaking: Binance CEO “CZ” On First Digital USD (FDUSD) Stablecoin Support On Exchange

Binance CEO Changpeng “CZ” Zhao on Thursday responded to First Digital USD (FDUSD) stablecoin launch by Hong Kong-headquartered custodian and trust company First Digital. The move comes as Hong Kong launches a new crypto regulatory regime on June 1 in an effort to become a primary crypto hub in the region.

The First Digital USD (FDUSD) could become a major stablecoin on Binance as the crypto exchange searches for a stablecoin after US regulators crackdown Paxos-issued Binance USD (BUSD) in February.

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Will Binance Support First Digital USD (FDUSD) Stablecoin?

Binance CEO “CZ” took to Twitter on June 1 to share the existing news of crypto custodian First Digital launching USD-pegged stablecoin FDUSD on BNB Smart Chain and Ethereum.

As the First Digital USD (FDUSD) stablecoin launched on BNB, Crypto Twitter went on to ask Binance CEO whether the exchange will support and list the new stablecoin. He said:

“We don’t talk about “will/will not”. Just follow our official announcements.”

First Digital USD (FDUSD) issued by First Digital Trust is backed by cash or highly liquid assets on a 1:1 basis by the US dollar held in regulated financial institutions’ accounts in Asia. The company is also in discussion with all major exchanges for a potential listing.

“The launch of this stablecoin represents a major stride forward in our mission to provide a secure and efficient digital currency that can be seamlessly integrated into everyday transactions. Going forward, investors, retail and institutional will be looking for predictability, which is why FDUSD was conceptualised,” said Vincent Chok, CEO of First Digital.

Also Read: Crypto Telegram Channels List 2023; Updated List

Hong Kong Securities & Futures Commission (SFC) kicked off its licensing regime today, allowing registered crypto exchanges and firms to offer digital asset trading and other services to institutional and retail investors. However, retail investors won’t be allowed to trade stablecoins pending Hong Kong Monetary Authority’s (HKMA) regulations on stablecoins.

Interestingly, First Digital Trust issued First Digital USD (FDUSD) could become a factor in solving issues of stablecoins backed by high-quality reserves and safety.

Also Read: Binance Confirms Layoffs As Part Of Periodic “Reevaluating” Process

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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