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First Digital
C
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FDUSD is a stablecoin issued by First Digital Labs, incorporated in the British Virgin Islands, and part of the Hong Kong-based First Digital Group.
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First Digital Labs is not a regulated issuer of stablecoins or digital assets.
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FDUSD is backed by USD cash deposits and US T-Bills with a maturity of less than 3 months. These assets are held by banks and custodians in Hong Kong, Switzerland, and Australia.
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Although the reserves are held in custody by a Hong-Kong trust, we believe these reserves are not bankruptcy-remote. In the event of bankruptcy of the issuer or its holding company, users’ funds may not be isolated from the liquidation process.
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FDUSD meets the bare minimum requirements to achieve a passing grade.
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At present, FDUSD lacks meaningful utility and is appropriate for those who wish to benefit from Binance's Zero Trading Fee promotion on the BTC/FDUSD pair. For all other users, safer and/or more liquid alternatives exist.