Hong Kong-Based First Digital Introduces USD Stablecoin

It’s been just revealed that the Hong Kong-based First Digital introduced USD stablecoin. Here are more reports about the matter below.

First Digital, a trust company, and qualified custodian based in Hong Kong, is launching a new stablecoin that will be tied to the value of the US dollar and regulated in Asia.

A new digital currency called “FDUSD” has been introduced, which aims to be supported by one U.S. dollar or an asset of similar value. The company responsible for its creation has stated that the reserves will be kept in separate accounts at institutions located in Asia.

According to First Digital, the stablecoin is designed to be programmable and can facilitate financial contracts, escrow services, and insurance without the need for intermediaries.

“First Digital Labs will work closely with local and overseas regulatory authorities to ensure full compliance with current and future applicable laws and regulations, and First Digital Labs will participate in the shaping of their evolution, including the shaping of any regulatory regimes that FDUSD and/or First Digital may fall under in the foreseeable future,” the company stated.

“Stablecoins provide increased stability, a form of remittance, a hedge against central bank policymakers who seek to influence their domestic currencies,” it added.

Developers on the layer-1 Avalanche have launched AvaCloud this week, putting their unique spin on the app-chain thesis that is gaining popularity.

It’s been also reported that we have a strange coincidence here – Circle, the issuer of the second-largest stablecoin USDC, announced that its euro-backed token EUROC is now natively available on the Avalanche C-chain — marking its first foray into multichain expansion.

AvaCloud is billed as a “launchpad for deploying and scaling no-code, fully managed custom blockchains” — what Avalanche calls Subnets. These are analogous to Cosmos’ consumer chains, which are connected to the Cosmos Hub using replicated security.