First Digital USD FDUSD
First Digital Labs
FDUSD is a Hong Kong-issued fiat-backed stablecoin that surged to multi-billion supply in 2023-2024 as Binance's preferred trading-pair stablecoin in non-US markets.
First Digital Labs Limited
- Country of origin
- Hong Kong
- Jurisdiction
- Hong Kong
- HQ
- Hong Kong
- Structure
- private
- Vincent Chok CEO · since 2023
Subsidiary of First Digital Trust, a Hong Kong-based qualified custodian for digital assets, with reserves held in Asian institutional banks.
Timeline
- Jun 1, 2023FDUSD launch on Ethereum and BNB Chain
FDUSD launches with Binance as primary listing exchange.
- Aug 15, 2023Binance zero-fee BTC pair switch
Binance switches its zero-fee BTC pair from BUSD to FDUSD, driving supply growth.
- Feb 20, 2024Cross-chain expansion (Solana, Sui, Aptos)
FDUSD deploys on additional chains.
Backing
Mechanism and reserves
Backing
Cash and cash equivalents (US Treasury bills) held in segregated accounts at qualified financial institutions in Hong Kong and other Asian jurisdictions.
Mint / redeem
Permissioned mint/redeem for institutional accounts via First Digital Labs portal.
- Prescient Assurance · Monthly View proof →
Reserve composition
- Cash deposits 38.0%
- US Treasury bills 58.5%
- Reverse repos 3.5%
Networks and deployments
solana Real-world use
- ›Binance trading-pair stablecoin (BTC/FDUSD high volume)
- ›Asian market trading
- ›Cross-chain stablecoin liquidity
Regulation and compliance
Not authorized as EU EMT.
Pursuing license under Hong Kong's stablecoin framework.
- !Concentrated supply: Binance trading pairs hold most FDUSD circulation, exposing the stablecoin to single-CEX dependency.
Specific risks
- ● Heavy Binance dependency for utility
- ● Asian-jurisdiction regulatory shifts
- ● Smaller attestor than peers
Compare with
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How First Digital USD fits in
This page is a structured snapshot of First Digital USD as of 2026-05-31. For deeper analysis, see related blog posts on the blog index.