What is First Digital Labs?
First Digital Labs is a cutting-edge research and development division under the umbrella of First Digital Group, operated by FD121 Limited, a Hong Kong-based financial technology company. The primary focus of First Digital Labs is the innovation and advancement of digital currencies, aiming to reshape the global financial landscape by leveraging advanced blockchain technology for increased transparency, compliance, and security.
The flagship product of First Digital Labs is the First Digital USD (FDUSD), a USD-pegged stablecoin. Launched in June 2023, FDUSD is designed to maintain its value by being fully backed by one US dollar or an asset of equivalent fair value held by a qualified custodian. This backing ensures the stability and reliability of FDUSD, providing users with a secure alternative in the digital asset landscape.
FDUSD operates on multiple blockchain networks, including Ethereum and BNB Chain, with plans to expand to additional blockchains. The stablecoin is designed to offer near-instant settlements, low transaction costs, and 24/7 availability, making it a versatile tool for financial transactions and digital commerce.