Hong Kong-based First Digital introduces USD stablecoin Hong | DeCenter – Blockchain and Bitcoin

Hong Kong-based First Digital introduces USD stablecoin

Hong Kong-based qualified custodian and trust company First Digital is introducing a new stablecoin that will be pegged to the U.S. dollar but regulated in Asia.

Dubbed "First Digital USD," or FDUSD, the coin is intended to be backed on a one-to-one basis by one U.S. dollar or asset of equivalent fair value, the company said in a statement, adding that the reserves would be held in segregated accounts at institutions in Asia.

The stablecoin is programmable and capable of enabling the execution of financial contracts, escrow services and insurance without intermediaries, First Digital said.

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