FDUSD, issued by FD121 (BVI) Limited, is a fiat-referenced stablecoin that tracks the U.S. dollar (USD) on a one-for-one basis, backed by USD-denominated reserves held by a qualified custodian in segregated, bankruptcy-remote accounts. [S1][S2]

Each FDUSD references one U.S. dollar (USD) and is backed 100% by cash and cash equivalents on a 1:1 basis, guaranteeing 1:1 USD redemption. [S1] The token is non-yield-bearing and accrues no NAV or distributions to holders; any yield is available only indirectly through separate third-party integrations. [S1][S3] First Digital Labs markets zero-fee minting and redemption for direct institutional clients, while the FDD Terms include an indemnification clause covering attorneys' fees and penalties arising from a holder's breach. [S3][S4]

The issuer is FD121 (BVI) Limited, a company limited by shares incorporated in the British Virgin Islands, following transition from FD121 Limited (Hong Kong) effective August 1, 2025. [S5][S2] FDUSD is not currently issued under a dedicated stablecoin authorization. [S6] Each token is a claim redeemable by FD121 (BVI) Limited one-for-one against USD, subject to suspension rights. [S2] Direct minting and redemption are restricted to vetted professional and institutional clients who pass AML and KYC checks, are not offered to U.S. persons, and exclude Restricted Persons and Restricted Territories. [S1][S3][S7] Reserves are custodied by First Digital Trust Limited in segregated, bankruptcy-remote accounts. [S1][S6]

FDUSD smart contracts implement the ERC20 token standard, audited by PeckShield and Quantstamp, and are issued natively across Ethereum, BNB Chain, Sui, Solana, Arbitrum, and TON. [S1][S8] Vetted clients mint and redeem directly with the issuer one-for-one against USD, with tokens removed from circulation upon redemption. [S1][S2] Reserves are independently attested monthly by Prescient Assurance. [S1][S6]

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  retrievedAt="2026-06-24"
  items={[
    { id: "S1", url: "https://www.firstdigitallabs.com/fdusd" },
    { id: "S2", url: "https://www.firstdigitallabs.com/legal/fd121-account-user-agreement" },
    { id: "S3", url: "https://www.firstdigitallabs.com/legal/fdd-terms" },
    { id: "S4", url: "https://firstdigitallabs.com/legal" },
    { id: "S5", url: "https://www.firstdigitallabs.com/news-and-insights/fdusd-transitions-to-bvi-based-issuance-structure" },
    { id: "S6", url: "https://www.firstdigitallabs.com/transparency" },
    { id: "S7", url: "https://www.firstdigitallabs.com/news-and-insights/first-digital-usd-stablecoin-is-natively-live-on-ton" },
    { id: "S8", url: "https://firstdigitallabs.com/news-and-insights/native-fdusd-now-live-on-arbitrum" },
  ]}
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Stablecoins

Entities that meet the requisite criteria can directly purchase FDUSD from First Digital Labs.

First Digital Labs is a financial technology company that is the principal architect of FDUSD - full-reserve fiat stablecoin that bring US dollar liquidity on-chain.

First Digital Labs is a subsidiary of First Digital Group that is incorporated in Hong Kong.

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Stablecoin issuers

First Digital Labs

First Digital USD (FDUSD) is a U.S. dollar stablecoin issued by First Digital Labs through FD121 (BVI) Limited.

Each token is redeemable one-for-one for U.S. dollars and is a direct claim on the issuer.

Reserves are held in Treasury bills, cash, and bank deposits, in accounts segregated from the issuer's own funds.

They sit with First Digital Trust Limited.

Professional investors and institutions can mint and redeem directly with First Digital Labs in USD after completing KYC, and holders have a contractual right to redeem at par.

FD121 (BVI) Limited is incorporated in the British Virgin Islands.

Holder terms are governed by the law of Hong Kong.

FDUSD has been issued on public blockchains since May 2023 and is native to BNB Chain, Ethereum, Sui, Solana, and Arbitrum One.

First Digital USDFDUSD

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