First Digital USD

First Digital USD (FDUSD) is a decentralized, fiat-backed stablecoin launched in June 2023 by First Digital Labs, a subsidiary of Hong Kong-based First Digital Limited. Like other stablecoins pegged to the U.S. dollar, each unit of FDUSD is designed to maintain a value of approximately one U.S. dollar, backed by an equivalent amount of cash or cash equivalents, consisting primarily of short-term U.S. Treasury bills and insured bank deposits, held in segregated accounts with licensed custodians. FDUSD has gained widespread recognition as one of the stablecoins that filled the gap left by BUSD after Paxos halted the issuance of new BUSD tokens in early 2023 following regulatory guidance from the New York State Department of Financial Services.

For every unit of FDUSD in circulation, an equivalent amount in U.S. dollars is securely held by First Digital Trust Limited, the authorized and audited custodian of FDUSD. This arrangement ensures a seamless redemption process for users. The FDUSD smart contract adheres to the globally recognized ERC-20 standard and undergoes rigorous audits conducted by Peckshield to enhance its reliability and security. To increase accessibility, the FDUSD token is issued on both the Ethereum and BNB Smart Chain networks, using either the Proof-of-Stake (PoS) or Proof-of-Storage Authority (PoSA) mechanism. This setup ensures the immutability and transparency of the FDUSD token. Users also enjoy the flexibility of integrating FDUSD into smart contracts, enabling faster and smoother transactions.

A stablecoin designed to maintain a fixed value equal to one U.S. dollar.

It is issued by First Digital Labs, and the reserves are managed by First Digital Trust Limited in Hong Kong.

The reserves consist of cash, short-term U.S. Treasury bonds, and overnight reverse repurchase agreements.

First Digital USD aims to create a stable digital currency that is pegged to the US Dollar, providing users with stability and reliability in their digital transactions without being subjected to the volatility of traditional cryptocurrencies.

First Digital USD achieves stability by backing each issued token with its equivalent value in US Dollars, held in reserve. This ensures that the value of First Digital USD remains consistent and holds parity with the US Dollar.

Using First Digital USD offers users the advantages of quick and secure digital transactions while also providing the stability and predictability of a fiat currency. It minimizes the risks associated with price fluctuations common in other cryptocurrencies.

A First Digital USD wallet is where you can securely store First Digital USD. A wallet helps you maintain ownership of your asset as well as enable you to trade, send or receive crypto-assets.

A First Digital USD address is a string of unique characters that is tied to your First Digital USD wallet. The address functions just like a bank account number and it is what you use in order to send First Digital USD from your wallet, or to receive First Digital USD to your wallet.

Besides First Digital USD, you can find over 150 assets available on Rain for you to start trading such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USDC, Ripple (XRP), DOGE, Tether (USDT), Chainlink (LINK) or BCH. You can explore these options by going to the homepage of your account and scrolling through the available assets. When you are ready to start trading, simply click on the asset of your choice and click Trade.

Price predictions for First Digital USD over the next five years are highly speculative and depend on crypto market conditions, adoption, and broader crypto trends. We encourage you to do your own research and make informed decisions.

Trading First Digital USD may be considered taxable in some countries with varying tax rules, so we recommend checking with your local tax authority or financial advisor for specific guidance.

First Digital USD’s all-time high (ATH) was ⁦$ 1.0596⁩ on 29 Jul 2023. This represents the highest recorded market price of the asset to date.

We’re always working to expand our listed assets. While we can not provide a specific listing date for First Digital USD just yet, stay tuned for updates by following us on our official social channels like X.

With a market capitalization of 324.8M, First Digital USD is ranked 99 among other crypto assets.

The highest valuation of First Digital USD since its launch was at ⁦$1.0596⁩, marking its all-time high.

The trading activity of First Digital USD over the last 24 hours was at 300.4M, highlighting its liquidity in the market.

There are approximately 325.0M units of First Digital USD currently in circulation, affecting its market dynamics.

First Digital USD market cap is around 324.8M.

First Digital USD was introduced on 28 May 2023.