First Digital USD

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.

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.

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.

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.