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| implementations =
| implementations =
| initial_release_version =
| initial_release_version =
| initial_release_date = 2023-06-01{{cn|date=February 2024}}
| initial_release_date = 2023-06-01 <ref>{{Cite web |title=First Digital USD|url=https://iq.wiki/wiki/first-digital-usd-fdusd |access-date=22 February 2024 |website=IQ Wiki}}</ref>
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| status =
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| block_time =
| block_time =
| block_reward =
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| circulating_supply = 3 Billion (Feb 2024)<ref>{{Cite web |title=First Digital USD|url=https://www.coingecko.com/en/coins/first-digital-usd |access-date=22 February 2024 |website=CoinGecko}}</ref>
| total_supply = |
| total_supply = |
| exchange_rate = Pegged to the [[USD]]
| exchange_rate = Pegged to the [[USD]]
| market_cap =
| market_cap =
}}
}}
'''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.{{cn|date=February 2024}}
'''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.<ref>{{Cite web |title=Hong Kong-based First Digital introduces USD stablecoin|url=https://www.theblock.co/post/232791/hong-kong-based-first-digital-introduces-usd-stablecoin|access-date=22 February 2024 |website=The Block}}</ref><br>

==History==
==History==
First Digital USD made its debut on June 1, 2023, under the auspices of First Digital Labs, a financial firm headquartered in Hong Kong.<ref>{{Cite web |title=Hong Kong-based First Digital Group launches redeemable USD-backed stablecoin|url=https://cointelegraph.com/news/hong-kong-based-first-digital-group-launches-redeemable-usd-backed-stablecoin|access-date=22 February 2024 |website=Coin Telegraph}}</ref> The launch coincided closely with the introduction of the ''Guidelines for Virtual Asset Trading Platform Operators'' in Hong Kong.<ref>{{Cite web |title=Guidelines for Virtual Asset Trading Platform Operators|url=https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/guidelines/Guidelines-for-Virtual-Asset-Trading-Platform-Operators/Guidelines-for-Virtual-Asset-Trading-Platform-Operators.pdf?rev=f6152ff73d2b4e8a8ce9dc025030c3b8|access-date=24 February 2024 |website=Securities and Futures Commission HK}}</ref><br>
First Digital USD made its debut on June 1, 2023, under the auspices of First Digital Labs, a financial firm headquartered in Hong Kong.{{cn|date=February 2024}}


The coin was initially deployed on the [[Ethereum]] and [[Binance#BNB|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.<ref name="whitepaper">{{Cite web |title=First Digital USD Whitepaper|url=https://firstdigitallabs.com/workspace/uploads/FDUSD-Whitepaper-25216064ca0cc8.pdf|access-date=22 February 2024 |website=First Digital Labs}}</ref>{{primary source inline|date=February 2024}}
The coin was initially deployed on the [[Ethereum]] and [[Binance#BNB|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.<ref name="whitepaper">{{Cite web |title=First Digital USD Whitepaper|url=https://firstdigitallabs.com/workspace/uploads/FDUSD-Whitepaper-25216064ca0cc8.pdf|access-date=22 February 2024 |website=First Digital Labs}}</ref><br>


In an official statement released on September 1, 2023, [[Binance]], a leading cryptocurrency exchange platform, announced the discontinuation of support for its native stablecoin, [[BUSD|Binance USD]] (BUSD), urging users to transition to First Digital USD, with the culmination of this process slated for February 2024.<ref>{{Cite web |title=Binance Initiates Transition Away From BUSD Support, Encourages Users to Embrace FDUSD|url=https://www.binance.com/en/feed/post/1071371|access-date=22 February 2024 |website=Binance}}</ref>{{primary source inline|date=February 2024}}
In an official statement released on September 1, 2023, [[Binance]], a leading cryptocurrency exchange platform, announced the discontinuation of support for its native stablecoin, [[BUSD|Binance USD]] (BUSD), urging users to transition to First Digital USD, with the culmination of this process slated for February 2024.<ref>{{Cite web |title=Binance Initiates Transition Away From BUSD Support, Encourages Users to Embrace FDUSD|url=https://www.binance.com/en/feed/post/1071371|access-date=22 February 2024 |website=Binance}}</ref><br>


==Adoption==
==Adoption==


First Digital Labs asserts that FDUSD functions as a programmable stablecoin, facilitating the execution of financial contracts, custody services and insurance transactions without reliance on intermediaries.<ref>{{Cite web |title=What Is First Digital USD?|url=https://academy.binance.com/en/articles/what-is-first-digital-usd-fdusd|access-date=22 February 2024 |website=Binance Academy}}</ref><br>
⚫
In February 2024, FDUSD experienced a 51% increase in trading volume, reaching $122 billion across centralized exchanges, thus surpassing [[Circle (company)|Circle's]] [[USD Coin]] (USDC) to become the second most traded pair for [[Bitcoin]].{{cn|date=February 2024}} This ascent is largely attributed to the zero-trading fee program implemented on Binance and solidified First Digital USD's commanding position among stablecoins, trailing only behind [[Tether (cryptocurrency)|Tether]] in popularity.<{{cn|date=February 2024}}

⚫
In February 2024, FDUSD experienced a 51% increase in trading volume, reaching $122 billion across centralized exchanges, thus surpassing [[Circle (company)|Circle's]] [[USD Coin]] (USDC) to become the second most traded pair for [[Bitcoin]].<ref>{{Cite web |title=Stablecoins Report|url=https://ccdata.io/reports/stablecoins-cbdcs-report-february-2024|access-date=22 February 2024 |website=CCData.io}}</ref> This ascent is largely attributed to the zero-trading fee program implemented on Binance and solidified First Digital USD's commanding position among stablecoins, trailing only behind [[Tether (cryptocurrency)|Tether]] in popularity.<ref>{{Cite web |title=FDUSD Market Cap Skyrockets by $1 Billion in 2024, Clinching Top 4 Stablecoin Spot|url=https://news.bitcoin.com/fdusd-market-cap-skyrockets-by-1-billion-in-2024-clinching-top-4-stablecoin-spot/|access-date=22 February 2024 |website=Bitcoin.com}}</ref><br>


== See also ==
== See also ==

Revision as of 06:35, 25 February 2024

First Digital USD
Development
White paperFDUSD White Paper
Initial release2023-06-01 [1]
Ledger
Circulating supply3 Billion (Feb 2024)[2]
Valuation
Exchange ratePegged to the USD
Website
Websitefirstdigitallabs.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.[3]

History

First Digital USD made its debut on June 1, 2023, under the auspices of First Digital Labs, a financial firm headquartered in Hong Kong.[4] The launch coincided closely with the introduction of the Guidelines for Virtual Asset Trading Platform Operators in Hong Kong.[5]

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.[6]

In an official statement released on September 1, 2023, Binance, a leading cryptocurrency exchange platform, announced the discontinuation of support for its native stablecoin, Binance USD (BUSD), urging users to transition to First Digital USD, with the culmination of this process slated for February 2024.[7]

Adoption

First Digital Labs asserts that FDUSD functions as a programmable stablecoin, facilitating the execution of financial contracts, custody services and insurance transactions without reliance on intermediaries.[8]

In February 2024, FDUSD experienced a 51% increase in trading volume, reaching $122 billion across centralized exchanges, thus surpassing Circle's USD Coin (USDC) to become the second most traded pair for Bitcoin.[9] This ascent is largely attributed to the zero-trading fee program implemented on Binance and solidified First Digital USD's commanding position among stablecoins, trailing only behind Tether in popularity.[10]

See also

References

  1. ^ "First Digital USD". IQ Wiki. Retrieved 22 February 2024.
  2. ^ "First Digital USD". CoinGecko. Retrieved 22 February 2024.
  3. ^ "Hong Kong-based First Digital introduces USD stablecoin". The Block. Retrieved 22 February 2024.
  4. ^ "Hong Kong-based First Digital Group launches redeemable USD-backed stablecoin". Coin Telegraph. Retrieved 22 February 2024.
  5. ^ "Guidelines for Virtual Asset Trading Platform Operators" (PDF). Securities and Futures Commission HK. Retrieved 24 February 2024.
  6. ^ "First Digital USD Whitepaper" (PDF). First Digital Labs. Retrieved 22 February 2024.
  7. ^ "Binance Initiates Transition Away From BUSD Support, Encourages Users to Embrace FDUSD". Binance. Retrieved 22 February 2024.
  8. ^ "What Is First Digital USD?". Binance Academy. Retrieved 22 February 2024.
  9. ^ "Stablecoins Report". CCData.io. Retrieved 22 February 2024.
  10. ^ "FDUSD Market Cap Skyrockets by $1 Billion in 2024, Clinching Top 4 Stablecoin Spot". Bitcoin.com. Retrieved 22 February 2024.

External links

source: https://en.wikipedia.org/w/index.php?title=First_Digital_USD&diff=prev&oldid=1210152371

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