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| Development | |
|---|---|
| White paper | FDUSD White Paper |
| Initial release | 2023-06-01[ citation needed ] |
| Valuation | |
| Exchange rate | Pegged to the USD |
| Website | |
| Website | firstdigitallabs.com |
First Digital USD or briefly FDUSD is a cryptocurrency stablecoin pegged to the United States Dollar, launched by Hong Kong based company First Digital Labs in 2023. [1]
First Digital USD made its debut on June 1, 2023, under the auspices of First Digital Labs, a financial firm headquartered in Hong Kong.[ citation needed ]
The coin was initially deployed on the Ethereum and BNB Chain networks, adhering to the ERC20 and BEP20 standards, respectively. These decentralized blockchains leverage consensus mechanisms such as proof of stake (PoS) or proof of staked authority (PoSA), ensuring transaction confirmation, record immutability and transparency for market participants. [2] [ non-primary source needed ]
The coin stability is supported by cash reserves and investments in US Treasuries. [3] Its ability to maintain a peg to the US Dollar has been deemed 'constrained' by credit rating agency S&P Global Ratings in a report issued in December 2023. [4]
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the reserves of First Digital USD also consist mainly of cash or cash equivalents (79%)
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