In this article we are going to address the topic of First Digital USD, which has sparked great interest and debate in today's society. We will delve into the different perspectives and opinions about First Digital USD, as well as its importance and impact in various areas of daily life. From its origin to its evolution and consequences, we will thoroughly analyze this topic from different approaches to provide the reader with a complete and objective vision. First Digital USD is a relevant topic that deserves to be explored in depth, since it significantly impacts today's society.
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Development | |
---|---|
White paper | FDUSD White Paper |
Initial release | 2023-06-01[citation needed] |
Valuation | |
Exchange rate | Pegged to the USD |
Website | |
Website | firstdigitallabs.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.
First Digital USD made its debut on June 1, 2023, under the auspices of First Digital Labs, a financial firm headquartered in Hong Kong.[citation needed]
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.[non-primary source needed]
The coin stability is supported by cash reserves and investments in US Treasuries. Its ability to maintain a peg to the US Dollar has been deemed 'constrained' by credit rating agency S&P Global Ratings in a report issued in December 2023.
the reserves of First Digital USD also consist mainly of cash or cash equivalents (79%)
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