Stablecoins & Markets
Kim Min-jun
Coverage focuses on reserves, redemption and the flow of money through digital-asset markets.
View articlesFDUSD (First Digital)
First Digital USD (FDUSD) is a US dollar-backed stablecoin issued by FD121 (BVI) Limited, launched in June 2023. Regulation: no issuer licence stated; First Digital Labs says it is working to secure regulatory authorization; reserve custodian First Digital Trust Limited is a licensed trust and company service provider in Hong Kong. It is not on ESMA’s list of e-money tokens authorized under MiCA.
- Ticker
- FDUSD
- Issuer
- FD121 (BVI) Limited
- Pegged to
- US dollar
- Type
- Fiat-backed
- Launched
- June 2023
- E-money token under MiCA
- No
- Accounting firm or verifier
- AOGB CPA Limited
- Latest reserve report
- August 31, 2026
- Supply
- 335,636,418 FDUSD
- Supply as of
- August 31, 2026
- Transparency page
- firstdigitallabs.com
- Checked on
Short-dated US Treasury bills, overnight reverse repos, fixed deposits and cash, held by First Digital Trust Limited in segregated accounts. Reserve reporting: monthly. Accounting firm or verifier: AOGB CPA Limited. The latest report covers August 31, 2026. Supply: 335,636,418 FDUSD as of August 31, 2026, according to the issuer.
Only onboarded institutional clients can mint and redeem; there is no retail sale. First Digital advertises zero-fee minting and redemption as long as a client mints more than it redeems. The issuer lists 4 networks where the token is issued natively: Ethereum, BNB Chain, Solana and Sui.
- Token name
- First Digital USD
- Brand
- First Digital
- Regulation
- No issuer licence stated; First Digital Labs says it is working to secure regulatory authorization
Reserve custodian First Digital Trust Limited is a licensed trust and company service provider in Hong Kong - Reserves
- Short-dated US Treasury bills, overnight reverse repos, fixed deposits and cash, held by First Digital Trust Limited in segregated accounts.
- Reserve reporting
- Monthly
- Latest report
- cdn.prod.website-files.com
- Supply, millions of tokens
- 335.6
- Redemption
- Only onboarded institutional clients can mint and redeem; there is no retail sale. First Digital advertises zero-fee minting and redemption as long as a client mints more than it redeems.
- Networks (native issuance)
- Ethereum, BNB Chain, Solana, Sui
- Number of networks
- 4
- Website
- firstdigitallabs.com
- Sources
Page URL First Digital Labs - Transparency https://firstdigitallabs.com/transparency First Digital Labs - FDUSD page https://firstdigitallabs.com/fdusd AOGB CPA attestation report, 31 Aug 2026 https://cdn.prod.website-files.com/675ab99bf1f7ea944d49a55b/6aa8fb9c867332b394838288_Attestation%20Report%20on%20Reserves%20Account%20August%202026.pdf First Digital Labs - FDUSD transitions to BVI-based issuance https://www.firstdigitallabs.com/news-and-insights/fdusd-transitions-to-bvi-based-issuance-structure FDD Terms https://firstdigitallabs.com/legal/fdd-terms FDUSD Stablecoin White Paper https://cdn.prod.website-files.com/67343e8ae0825a566f704bb0/688c83dec8de1e42ed3d0194_FDL%20Whitepaper.pdf First Digital press release (PR Newswire), 1 June 2023 https://www.prnewswire.com/news-releases/first-digital-group-is-propelling-digital-asset-innovation-with-the-launch-of-its-new-stablecoin-fdusd-bridging-stability-with-innovation-to-revolutionise-the-existing-global-financial-landscape-301839437.html ESMA interim MiCA register: e-money token issuers https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv
