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First Digital Group, which includes First Digital Trust, a registered trust company with its headquarters in Hong Kong, gained a lot of attention when it first announced its First Digital USD (FDUSD) US dollar-pegged stablecoin the last month. And now the hype is again back as Binance, the world’s biggest cryptocurrency exchange by volume, announces that FDUSD stablecoin, issued under the entity FD121, will have a listing on Binance.
Zero Trading Fee On FDUSD
To commemorate the launch, Binance offers a zero-maker fee promotion for FDUSD trading pairs. During the offer period, all customers will be eligible to receive zero maker charges on all FDUSD spot trading pairs and any new FDUSD spot and margin trading pairs.
A 1:1 guarantee for the FDUSD is provided by high-quality cash and cash equivalent reserves. It is maintained in segregated accounts in licensed financial institutions and managed and audited by independent third parties. The FDUSD’s purpose is to be exchangeable 1:1 for US dollars of equivalent value. In an era of growing uncertainty and volatility, the US dollar-pegged stablecoin provides diversification and greater stability against the effects of central bank policy.
Additionally, according to Binance’s announcement, FDUSD is backed by high-quality reserves (cash and cash equivalents), meaning users can trade their FDUSD tokens for US dollars or their equivalent in other currencies. Users may rely on FDUSD to be fixed at a 1:1 ratio to the US dollar at all times. This shows First Digital’s dedication to conducting business securely and transparently, strengthening users’ confidence in the stability of the stablecoin.
According to data, there are currently only 10.11 million FDUSD in circulation, and nearly all of those (more than 99.9%) are kept in Binance wallet addresses. FDUSD is now supported on Ethereum and BNB Chain, with support for additional blockchains on the horizon.
Also Read: US Fed Rate ‘Hike And Pause’ Price In, Bitcoin, Ethereum, XRP, DOGE Set For Rally
Stablecoin Debate In Hong Kong
Stablecoins cannot be traded publicly by retail investors, according to Hong Kong’s regulations. As long as the stablecoin conforms with the licensing and regulatory standards, it can be issued in allowed and non-authorized institutions, according to the regulatory framework of the Hong Kong Monetary Authority (HKMA) and financial authorities.
Fascinatingly, First Digital Trust’s First Digital USD (FDUSD) could play a role in resolving the problems associated with stablecoins backed by reliable reserves and security.
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