First Digital USD is a stable coin. The coin is backed by US dollars, which are also the store of value. You can use the stablecoin for transactions across the internet or as a hedge against upheavals in the crypto market. The coin is available on the Binance and Ethereum networks. There are also plans to have it on other blockchains as well. The coin is available on various exchanges, including the largest ones, such as Binance.
A Bit About First Digital USD
First-Digital USD (FDUSD) can be described as a reserve-backed stablecoin that was introduced in June 2023. This means that for every FDUSD in circulation, there should be an equivalent amount of US dollars held in reserve. It is issued by a subsidiary of the Hong Kong-headquartered financial firm, First Digital Limited.
This coin can be used to buy and sell goods and services on the internet, like altcoins such as Bitcoin and Ethereum. Its 1:1 US dollar peg keeps it away from the fluctuations that you would find in altcoins. You can have these coins as a hedge against fluctuations in fiat money and government policies that may affect the money market.
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The FDUSD is a reserve-backed stablecoin. There is an equivalent amount of US dollars as the value of coins in the market. This makes it a stable coin as the value is kept at the same level over a long period.
Besides, FDUSD does not use a single blockchain like many stablecoins. It was initially launched on the Ethereum and BNB Chain networks. However, there are plans to be issued on other blockchains in the future. This multi-chain approach enhances accessibility and usability across various applications. FDUSD offers security, speed, and innovation to businesses and builders worldwide, combining the stability of traditional fiat reserves with the benefits of blockchain technology.
Utility of First Digital USD?
FDUSD can be used in various applications across the internet. Its biggest use is to buy goods and services. This means it can be used by anyone who would like to buy or sell products. Cryptocurrency traders use the coin as a stable store of value. Investors may use FDUSD to park their assets during periods of uncertainty in the crypto market.
Since the coin is stable, it can be used for cross-border transactions. It eliminates the need for costly intermediaries and also provides faster and cheaper remittances. Businesses use FDUSD to hedge against market upheavals without having to invest more.
First Digital USD Price details
BNB Contract address: 0xc5f0f7b66764F6ec8C8Dff7BA683102295E16409›› Details & Tokenomics
Advantages of First Digital USD
+ FDUSD is a USD-backed stablecoin that offers stability, unlike altcoins.+ Users of FDUSD have the option to redeem their tokens for US dollars.
+ FDUSD comes with lower transaction fees compared to traditional bank wires.
+ FDUSD is listed on major cryptocurrency exchanges like Binance for security.
+ The coin is secure as it works on the Ethereum and Binance networks.
Disadvantages
- FDUSD may face regulatory challenges and uncertainties like many cryptocurrencies.- The cryptocurrency is still affected by the fluctuation of the US dollar.
- There is limited adoption as the coin is still new in the market.
- The coin may have centralization risks as First Digitals holds most coins.
- Any issues surrounding Binance could affect the coin's value.
Costs
▪ Rated at 9/10The gas fees for transacting with First-Digital USD are between 0.05% and 0.1% of the total amount transacted. The gas fees vary according to the apparent traffic on the network. However, even at high traffic, it costs much less to transact with FDUSD than using the base native coins of the blockchains that support the transaction.
As the coin is offered on two different blockchains, the costs of each transaction on each platform may vary. Check the cheaper one if you wish to go for value and cheaper late.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 9/10
The company that backs FDUSD is a reputable firm and so is its parent firm. This is a form of security and trust for people who would like to invest in the coin. Besides, the coin is reserve-based. This means that for every coin on the market, there is an equivalent in US dollars. Reserve cash provides a sense of security and stability against volatility that may wipe out the value of the assets.
As for the buzz, the coin was first presented on various crypto platforms and garnered a lot of interest. By the time the coin was launched, there was so much hype around it that it made quick sales.
Over the few months it has been in operation, it has had lots of positive news across leading platforms, a sign of increased trust among potential buyers. The news surrounding BUSD and Binance massively pushed the coin to new highs and we expect this to continue.
FAQ
Where can I buy First Digital USD coins?
You can buy the coin from different crypto exchanges. You can also buy it from Coinbase Wallet and BTCC. You can use it on any wallet that accepts Ethereum or Binance coins.
Is FDUSD a safe coin to own?
Yes. FDUSD is a safe coin to own. It runs on both the Ethereum and Binance blockchain networks. These networks have built-in security features that ensure that your details and money are safe. The blockchain technology offers anonymity while also offering transactional transparency to all stakeholders. Besides, transaction information cannot be altered after it has been completed. This offers some form of trust among the parties in a transaction.
Can you store your asset’s value using FDUSD?
Yes. Since the coin is backed by US dollars in hard cash, it is less likely to fluctuate by a large margin. This offers a form of security against volatility.
History of First Digital USD
June 2023 - First Digital introduces First-Digital USD (FDUSD). This coin runs on the Ethereum blockchain, but it is a 1:1 USD stablecoin. There is a reserve for the value held in the cryptocurrency.
July 2023 - First-Digital USD joins the Binance blockchain. This enables it to make cross-border transactions with lower gas fees while enjoying the security that comes with the Binance network.
July 2023 - FDUSD expands its reach by being listed on centralised exchanges like BTSE. This further enhances its accessibility and availability for traders and investors alike.
August 2023 - FDUSD further increases its presence in major online crypto forums such as Ethereum Reddit - r/ethereum, CryptoCompare and Bitcointalk. This has led to it getting more coverage and interest among most people who are likely to trade with it.
September 7 2023Leading crypto exchange Binance has announced support for some of the most popular cryptocurrencies alongside its First Digital USD stablecoin pairing.
Screenshots from First Digital USD
More sites where to buy/sell/trade First Digital USD
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
First Digital USD details and tokenomics
ETH Contract address: 0xc5f0f7b66764F6ec8C8Dff7BA683102295E16409
