A Congressman in West Virginia’s second district is introducing a new bill that would keep the Federal Reserve from carrying out experiments related to the use of a central bank digital currency (CBDC). In a new press release, Congressman Alex X. Mooney introduces the “Digital Dollar Pilot Prevention Act,” which aims to close a loophole that […]
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New numbers from the Federal Deposit Insurance Corporation (FDIC) show Americans are pulling their money at a pace not seen in yearly four decades. According to the FDIC’s newly-released quarterly report, depositors took a total of $472 billion out of their accounts in the first quarter of this year – shattering a 39 year record. […]
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The Hong Kong trust company says the new FDUSD combines the stability of the U.S. dollar with the reliability of Asian regulation.
First Digital Group, a Hong Kong-based qualified custodian and trust company, announced the launch of its First Digital USD (FDUSD) United States dollar-pegged stablecoin on June 1. The new stablecoin is programmable and described as being capable of executing contracts, escrow services and insurance without intermediaries. It will operate on the BNB Smart Chain.
FDUSD is being issued by First Digital Labs, a subsidiary of digital asset custodian First Digital Trust, which is regulated under the Hong Kong Trustee Ordinance. Under the law, FDUSD will be backed one-for-one with U.S. dollar reserves or highly liquid, high-quality assets held in regulated Asian financial institutions that cannot be commingled with other First Digital assets.
First Digital, a Hong Kong licensed trust company, launches a new USD pegged stablecoin (FDUSD), on #BNB Smart Chain.
— CZ Binance (@cz_binance) June 1, 2023
First Digital CEO Vincent Chok said in a statement:
“First Digital is fully committed to regulatory compliance to set a new standard for legitimacy in the space."
In addition, the company promised “to ensure full compliance with current and future applicable laws and regulations,” and “participate in the shaping of their evolution, including the shaping of any regulatory regimes that FDUSD and/or First Digital may fall under in the foreseeable future.”
The stablecoin will be redeemable for U.S. dollars.
Related: First Digital Trust announces $2.15M funding for Asian digital payments service
The launch of the FDUSD coincides with the first day of retail cryptocurrency trading in Hong Kong under new regulatory guidelines that have led to a rapid uptick of crypto-related activity in the administrative region, with several companies applying to open trading platforms.
In addition, the Hong Kong Monetary Authority launched an e-HKD central bank digital currency pilot project in May with the participation of 16 companies from the financial payment and technology sectors.
Magazine: Unstablecoins: Depegging, bank runs and other risks loom
The BRICS coalition is moving closer to adding more countries to its alliance, according to one of its main members. Brazilian president Luiz Inácio Lula da Silva says BRICS is already looking at proposals from several other countries looking to join the group. BRICS, which was set up by emerging economies to create an alternative […]
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Saudi Arabia is reportedly negotiating its entry into the BRICS’ New Development Bank (NDB), potentially making itself the ninth member of the organization. According to a report from The Financial Times, the Saudis, which have not made any official comments on the talks, are now in an active dialogue with the bank. The NDB was […]
The post BRICS Bank and Saudi Arabia Negotiating Partnership As Nations Explore Alternatives to US Dollar: Report appeared first on The Daily Hodl.
A top strategist at the world’s largest asset manager says the US dollar is no longer the invincible world reserve currency that it once was. In a new interview with Semafor Business, BlackRock’s Rick Rieder, who manages over $2.4 trillion in the giant’s Global Fixed Income arm, says other currencies including crypto assets are “chipping […]
The post US Dollar’s ‘Impenetrable Armor’ Weakening As Chinese Yuan and Alternate Currencies Grow: BlackRock’s Bonds Chief appeared first on The Daily Hodl.
China says it’s now signed $582.3 billion worth of global currency settlement agreements that will exclusively utilize the yuan. According to a new report from the Chinese state-backed outlet China Daily, the country’s central bank has inked deals with more than 40 countries and regions since 2016. As for the countries involved in the pacts, […]
The post China To Settle $582,300,000,000 in Yuan Worldwide Amid Push to Circumvent US Dollar: Report appeared first on The Daily Hodl.
Russian foreign minister Sergey Lavrov says de-dollarization is already underway due to the US government’s rhetoric and policies. Lavrov says countries within the BRICS alliance, or the economic coalition of Brazil, Russia, India, China and South Africa, are actively plotting a path forward without the US dollar, According to a new report from Tass. Lavrov, […]
The post US Dollar Dumping Has Started in Both Words and Actions As BRICS Nations Join Forces, Says Russia’s Top Diplomat appeared first on The Daily Hodl.
Banking giant UBS says demand for gold from central banks around the world is likely to surge this year as countries back away from the US dollar. In a new report, UBS says it expects central banks to accumulate 700 metric tons of gold worth $48.74 billion this year. According to the financial titan, central […]
The post Central Banks To Amass $48,000,000,000 Worth of Gold This Year Amid US Dollar Weaponization: UBS appeared first on The Daily Hodl.
UN Secretary-General António Guterres says the global financial landscape is in need of major repair, with dozens upon dozens of countries in dire economic straits. In a speech at the G7 summit in Japan, Guterres said that although organizations like the International Monetary Fund (IMF) are following the law and operating by the book, global […]
The post 52 Countries Facing Economic Disaster, Global Financial Infrastructure Outdated, Dysfunctional and Unfair: UN Secretary General appeared first on The Daily Hodl.
