About

First Digital USD is a fiat-collateralized stablecoin, which offers individuals the advantage of transacting on blockchains while mitigating price risk. First Digital’s core offering is its FDUSD stablecoin, which is “fully backed by one US Dollar or an asset of equivalent fair value.”

History

First Digital was established in 2017 under the Legacy Trust Company, a Hong Kong-based custodian and trust, “to offer open finance solutions” for the digital assets economy. In 2019, First Digital Trust Limited, the custody and trust arm of First Digital, became an independent public trust corporation headquartered in Hong Kong.

The FDUSD token was launched on Ethereum on April 28, 2023, and subsequently launched on BNB Smart Chain on May 2, 2023.

As March 2024, the most recent Prescient Assurance Independent Accountant’s Report (pg. 5) shows the company’s reserves totaled ~$2.59 billion on Jan. 31, 2024, under the following composition:

• Total United States Treasury Bills: $1.53 billion (~59.15% of all reserve assets)
• Total Fixed Deposits: $560.49 million (~21.68% of all reserve assets)
• Total US Dollars Held: $395.67 million (~15.29% of all reserve assets)
• Total United States Government Guaranteed Debt Instruments held under Overnight Reverse Repurchase Agreements: $100.00 million (~3.88% of all reserve assets)