{"id":79572,"date":"2023-06-01T11:12:54","date_gmt":"2023-06-01T08:12:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79572"},"modified":"2025-09-11T11:49:04","modified_gmt":"2025-09-11T08:49:04","slug":"hong-kong-custodian-to-launch-dollar-pegged-stablecoin","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/hong-kong-custodian-to-launch-dollar-pegged-stablecoin\/","title":{"rendered":"Hong Kong custodian to launch dollar-pegged stablecoin"},"content":{"rendered":"<p>Hong Kong-based custodian and trust company First Digital announced plans to launch First Digital USD (FDUSD) \u2014<a href=\"https:\/\/u1f987.com\/en\/news\/what-are-stablecoins\"> stablecoin<\/a> pegged to the U.S. dollar.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We are extremely excited to announce First Digital is introducing a new <a href=\"https:\/\/twitter.com\/hashtag\/stablecoin?src=hash&#038;ref_src=twsrc%5Etfw\">#stablecoin<\/a>, First Digital USD (FDUSD), which is pegged to the U.S dollar but regulated in Asia! FDUSD will aim to provide a stable &#038; reliable anchor to instill confidence in users. <a href=\"https:\/\/t.co\/qHg5loOH4R\">https:\/\/t.co\/qHg5loOH4R<\/a><\/p>\n<p>\u2014 First Digital (@FirstDigitalHQ) <a href=\"https:\/\/twitter.com\/FirstDigitalHQ\/status\/1664131439716184064?ref_src=twsrc%5Etfw\">June 1, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In a discussion with<a href=\"https:\/\/www.coindesk.com\/markets\/2023\/06\/01\/first-digital-unveils-usd-stablecoin-as-hong-kong-crypto-rules-kick-in\/\"> CoinDesk<\/a> a company representative explained that the &#8216;stablecoin&#8217; will be issued on Ethereum and BNB Chain, with talks underway for listing with &#8216;all the major Bitcoin exchanges&#8217;.<\/p>\n<p>The asset will be regulated by the authorities of the Hong Kong Special Administrative Region. It will not be available to retail investors in Hong Kong.<\/p>\n<p>It is expected that the situation will change during 2023-2024 after the Hong Kong Monetary Authority introduces mandatory licensing for stablecoin issuers. The authority plans to supervise the management, issuance and safeguarding of the token peg to fiat.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;First Digital Labs will work closely with local and international regulators to ensure full compliance with current and future regulations&#8221;,<\/em> the company said.<\/p>\n<\/blockquote>\n<p>The issuer will hold stablecoin reserves on segregated accounts at institutions in Asian countries.<\/p>\n<p>FDUSD will gain programmability, enabling the execution of financial contracts, <span data-descr=\"a special escrow account in which assets, documents or funds are held until certain events occur or obligations are fulfilled.\" class=\"old_tooltip\">escrow<\/span>-operations and insurance without intermediaries.<\/p>\n<p>Since June 1, 2023 the rules <span data-descr=\"Hong Kong Securities and Futures Commission\" class=\"old_tooltip\">SFC<\/span> <a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-regulator-proposes-rules-for-cryptocurrency-platforms\">established<\/a>, including safe custody of assets, client asset segregation, avoidance of conflicts of interest and cybersecurity standards.<\/p>\n<p>Earlier, Circle CEO Jeremy Allaire <a href=\"https:\/\/u1f987.com\/en\/news\/circle-ceo-attributes-usdcs-decline-in-market-capitalization-to-regulator-actions\">called<\/a> enforcement actions the main factor dragging down the capitalization <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-usdc-stablecoin\">USD\u0421<\/a>. The executive did not rule out the United States losing its leading position in the sector to the EU, Hong Kong and the UAE.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hong Kong-based custodian and trust company First Digital announced plans to launch First Digital USD (FDUSD) \u2014 a dollar-pegged stablecoin.<\/p>\n","protected":false},"author":1,"featured_media":79573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[832,36,807],"class_list":["post-79572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-hong-kong","tag-regulation","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=79572"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79572\/revisions"}],"predecessor-version":[{"id":79574,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79572\/revisions\/79574"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/79573"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=79572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=79572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=79572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}