作者：蔣海波，PANews
穩定幣被譽為加密世界皇冠上的明珠，而 FDUSD 則是近年來冉冉升起的新星。 自2023年6月推出以來，短短幾個月內，FDUSD發行量已超過25億枚，成為第三大法幣抵押穩定幣。
FDUSD 由香港金融公司 First Digital Limited 的子公司 FD121 Limited 發行。 它是一種以 1:1 的比例與美元掛鉤的穩定幣。 每發行 1 個 FDUSD 就有 1 美元的儲備資產，這意味著其價值由與發行數量等值的儲備支撐。
FDUSD的崛起離不開幣安的支持。 目前，幣安地址仍是FDUSD的主要持有者，參與Launchpool的FDUSD超過10億枚。 此外，幣安還推出了多個FDUSD的免費交易對，以及BUSD到FDUSD的1:1閃兌服務。
為了更深入了解FDUSD的背景、發展和未來規劃，PANews採訪了First Digital策略傳播與合作夥伴主管Karen Tang。 Karen在訪談中澄清了與幣安的關係。 幣安在 First Digital 中不擁有任何經濟利益或所有權。 兩者是相互獨立的，雙方都是「在對的時間遇到對的人」。 對於FDUSD在加密貨幣市場中的重要作用和發展前景，它希望在平衡合規和監管的同時實現成長，並確保其在中心化金融（CeFi）和去中心化金融（DeFi）生態系統中的效用。 此外，First Digital 正在使用 FDUSD 作為案例研究，以其成功作為模板，最終考慮推出其他與貨幣掛鉤的穩定幣。
訪談原文整理如下
PANews：USDT和USDC長期主導穩定幣市場。 為什麼去年這個時候推出 FDUSD？
First Digital：我們推出FDUSD，一是因為我們作為持牌信託公司，有能力發行穩定幣； 其次，我們之前也考慮過發行穩定幣，但需要等待合適的時機； 最後，我們相信去年是正確的時機。
儘管USDT是市場上最大的穩定幣，但它仍然沒有得到廣泛的信任。 其儲備一直比較不透明，其創始人的身份也比較隱密。 儘管 USDC 更加合法，但其市場份額正在下降。 不幸的是，作為一家以美國為中心的公司，Circle 受到美國監管機構的管轄。 在亞洲，到目前為止我們還沒有看到合法的穩定幣。
PANews：與其他穩定幣相比，FDUSD 有哪些競爭優勢？
First Digital: FDUSD was developed in Asia and operates in a friendly regulatory environment and is not subject to the hostile environment of the United States. FDUSD adopts a compliance-first strategy and aims to become the first regulated stablecoin under the Hong Kong Monetary Authority (HKMA). FDUSD has grown rapidly in a short period of time, and we hope to continue growing while balancing compliance and regulation and ensuring its utility in the centralized finance (CeFi) and decentralized finance (DeFi) ecosystem.
PANews: For stablecoins, price stability is very important. Can you explain the minting and redemption process of FDUSD and how to keep the price around $1?
First Digital: FDUSD maintains a 1:1 exchange rate because its reserves are held entirely in cash, overnight repos, and Treasury bills. These are low-risk, highly liquid assets. We only allow institutions to mint/redempt directly with our issuing entity FD121, we do not use FDUSD's reserves. It's actually very simple, you mint it with US dollars and get the equivalent FDUSD.
PANews: How are the FDUSD reserves distributed now, and what measures has the team taken to prove the existence of the reserves?
First Digital: As mentioned, reserves are held in cash, overnight repos, and Treasury bills. We have third-party auditors who issue attestation reports every month to verify this and provide assurance to our clients.
PANews: Binance seems to be a strong supporter of FDUSD, providing such things as a 1:1 swap between BUSD and FDUSD and the opportunity for FDUSD holders to participate in the Binance Launchpool. Can you reveal the details of the cooperation between FDUSD and Binance?
First Digital: Binance has no financial interest or ownership in First Digital and we are independent of each other. But we were lucky enough that Binance actually supported FDUSD like a launch pad, which definitely facilitated our rapid growth. Binance is always looking for more legitimate stablecoins to add to its platform and has been looking for stablecoins developed in Asia, so this is the right time, right place for both of us.
PANews: For stablecoin issuers, dealing with legal and regulatory hurdles is critical. What measures has FDUSD taken in this regard? Considering that Hong Kong recently issued a regulatory consultation document on fiat-collateralized stablecoins, has the team actively communicated with the regulatory authorities?
First Digital: Yes, we are in active dialogue with the Hong Kong Monetary Authority (HKMA). As mentioned earlier, we aim to become the first regulated stablecoin in Hong Kong and participate in the development of the consultation document on Hong Kong’s stablecoin regulatory framework. First Digital takes a compliance and regulatory first approach, so we believe this is critical to demonstrating credibility and trust.
PANews: What do you think of the current role of stablecoins in the cryptocurrency market and its future prospects?
First Digital: Stablecoins play a vital role in the crypto market, providing stability and liquidity. They are particularly important as a vehicle for remittances or cross-border transfers, especially for the unbanked who live in unstable economies with inflation or currency weakness. Additionally, they function as a store of value, a medium of exchange, and a unit of account.
The future of stablecoins looks promising due to growing regulatory scrutiny, their potential integration with central bank digital currencies, and their disruption of the traditional financial system and importance in decentralized finance (DeFi) . Looking ahead, the future of stablecoins in the crypto market seems promising. Since their introduction, they have gained significant traction and adoption, and their popularity is likely to continue to grow.
PANews: Real World Asset (RWA) projects were very popular last year, and stablecoins can be considered one of the early forms of RWA. What are your thoughts on interest-bearing stablecoins?
First Digital: The idea of interest-bearing stablecoins is to provide users with an alternative to traditional savings accounts or other investment methods, and users can earn passive income by holding stablecoins. These stablecoins typically do this by investing the underlying assets or funds in various financial instruments, such as money market funds, decentralized finance protocols, lending platforms, or other income-generating activities.
Interest-bearing stablecoins offer several potential advantages. First, they offer stablecoin holders an opportunity to earn income without the risk of price fluctuations associated with other cryptocurrencies. This is very attractive for individuals who want to maintain financial stability while also earning some level of passive income. Additionally, interest-bearing stablecoins can contribute to the overall liquidity and stability of the cryptocurrency ecosystem. By attracting capital and providing competitive yields, they incentivize users to hold and use stablecoins, thereby increasing market efficiency and liquidity. However, regulatory scrutiny and compliance requirements pose challenges to interest-bearing stablecoin projects, and we see them being viewed as operating in a gray area between traditional finance and decentralized protocols. Regulators around the world have been debating whether this means the token is a security.
PANews: Considering that Binance is still the main holder of FDUSD, do you have any plans to incentivize the use of FDUSD through different scenarios in the future, such as on-chain activities or use in other exchanges?
First Digital: We are aware of the centralization risk on Binance, but we are also actively seeking to diversify this by listing on other major exchanges and deploying FDUSD on other native chains. This also helps bring more utility to FDUSD users. The only way FDUSD can grow user adoption is to adopt this strategy and ensure it is as integrated into the ecosystem as possible.
PANews: Considering that the circulating supply of FDUSD has now exceeded 2 billion (at the time of the interview), making it the fifth largest stablecoin, do you have any plans to launch stablecoins pegged to other currencies, such as Hong Kong dollar or euro stablecoins?
First Digital: We are actually the third largest stablecoin now, behind USDT and USDC, at least among stablecoins backed by 1:1 fiat currency (excluding Dai). We are using FDUSD as a case study, using its success as a template to eventually consider launching other currency-pegged stablecoins. The Hong Kong dollar and the euro are definitely two currencies that are widely used around the world (the Hong Kong dollar is pegged to the US dollar). While this won't happen in the short term, we do see it as part of our roadmap for the future.
