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| initial_release_date = 2023-06-01 |
| initial_release_date = 2023-06-01{{cn}} |
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| circulating_supply = 3 Billion (Feb 2024)<ref>{{Cite web |title=First Digital USD|url=https://www.coingecko.com/en/coins/first-digital-usd |access-date=22 February 2024 |website=CoinGecko}}</ref> |
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| exchange_rate = Pegged to the [[USD]] |
| exchange_rate = Pegged to the [[USD]] |
Revision as of 21:31, 24 February 2024
Development | |
---|---|
White paper | FDUSD White Paper |
Initial release | 2023-06-01[citation needed] |
Valuation | |
Exchange rate | Pegged to the USD |
Website | |
Website | firstdigitallabs.com |
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.[citation needed]
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.[citation needed]
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.[1][non-primary source needed]
In an official statement released on September 1, 2023, Binance, a leading cryptocurrency exchange platform, announced the discontinuation of support for its native stablecoin, Binance USD (BUSD), urging users to transition to First Digital USD, with the culmination of this process slated for February 2024.[2][non-primary source needed]
Adoption
In February 2024, FDUSD experienced a 51% increase in trading volume, reaching $122 billion across centralized exchanges, thus surpassing Circle's USD Coin (USDC) to become the second most traded pair for Bitcoin.[citation needed] This ascent is largely attributed to the zero-trading fee program implemented on Binance and solidified First Digital USD's commanding position among stablecoins, trailing only behind Tether in popularity.<[citation needed]
See also
References
- ^ "First Digital USD Whitepaper" (PDF). First Digital Labs. Retrieved 22 February 2024.
- ^ "Binance Initiates Transition Away From BUSD Support, Encourages Users to Embrace FDUSD". Binance. Retrieved 22 February 2024.