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Hong Kong-based digital asset custodian First Digital launches U.S. dollar stablecoin FDUSD
According to PANews news on June 1, First Digital, a digital asset custody institution in Hong Kong, announced the launch of a new stablecoin, First Digital USD (FDUSD), which will be pegged to the U.S. dollar but regulated in Asia. FDUSD will be issued by FD121 Limited, a subsidiary of trust company First Digital Limited.
First Digital said that the stablecoin's reserves will be held in separate accounts of Asian institutions, and FDUSD is programmable, capable of executing financial contracts, custody services and insurance without third parties.
According to previous news, the Hong Kong Securities Regulatory Commission stated that it will implement virtual asset supervision regulations from June 1.