Hong Kong digital asset custodian First Digital Trust announced the launch of a new stablecoin, First Digital USD (FDUSD), which will be issued by FD121 Limited, a subsidiary of trust company First Digital Limited. It is reported that FDUSD is a programmable stable currency capable of executing financial contracts, custody services and insurance without intermediaries.

In May last year, it was reported that First Digital Trust, a digital asset custody arm of financial services company Legacy Trust, announced the completion of US$20 million in financing, with participation from Nogle and Kenetic Capital. First Digital Trust will use part of the new funds to expand into the Singapore, UK and Canadian markets and develop secondary markets for private equity and digital assets. (PR Newswire)