First Digital, a Hong Kong-based custodial and trust company, has just announced it plans to launch First Digital USD (FDUSD), a stablecoin pegged to the US dollar.
According to a company representative, the “stablecoin” will be released on Ethereum and BNB Chain, listing negotiations are underway with “all the largest crypto exchanges.”
The asset will be regulated by the authorities of the Special Administrative Region of China and will not be available to Hong Kong retail investors.
This is expected to change during 2023-2024 following the introduction of mandatory licensing by the Office of the Monetary for stablecoin issuers.
The agency plans to oversee the management, issuance, and maintenance of fiat token pegging.