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Hong Kong based stablecoin FDUSD goes live on Binance with monthly audits

Hong Kong-based First Digital Group announced on July 26 that its stablecoin, First Digital USD (FDUSD), has been listed on Binance, the world’s largest cryptocurrency exchange by volume. As one of Asia’s leading qualified custodians, First Digital Trust is part of the First Digital Group, which includes FD121, the entity under which FDUSD has been issued. The FDUSD is backed 1:1 with “high-quality cash and cash equivalent reserves,” according to a press release, and it is redeemable 1:1 for an equal value in U.S. dollars. FDUSD aims to offer a “transparent, reliable, and trusted alternative” to conventional assets amid increasing volatility in the market.

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