First Digital

Issues First Digital USD (FDUSD), a regulated USD-backed stablecoin with ~$400M market cap, primarily used in Asian markets and listed on Binance. ~$400M market cap. Strong in Hong Kong and Asian markets. Listed on Binance and other major exchanges.

FDUSD is one of the leading Asia-based stablecoins, demonstrating that the stablecoin market is fragmenting regionally as regulation evolves outside the US.

first.digital Stablecoin IssuersHong Kongprivate

At a glance

Total raised

$25.1M

last round series a

Headcount

—

no public estimate on record

Headquarters

Hong Kong

Founded

2019

7 years active

Status

Private

Stablecoin Issuers

Subsector

Stablecoin Issuers

For subscribers

Subscribe to see the full profile

Including Funding rounds, Bull / Bear thesis, Stock + earnings, Roster changes, Patents, News, and Open roles.

Founding

50% off

/month

94 of 100 spots left

Full

$10

/month

Available once all 100 Founding Member spots are claimed.

Get full access

Already subscribed? Sign in →

Funding history

Total raised

$25.1M

Rounds tracked

Latest stage

Series A

Date	Stage	Amount	Valuation	Lead investors
May 30, 2022	Series A	$20M	—	Nogle, Kenetic Capital
Apr 1, 2021	Convertible	$2.1M	—	—
Mar 9, 2020	Seed	$3M	—	Nogle

Founder backgrounds

Vincent Chok

Founder and CEO

Prior to founding First Digital, Vincent Chok was CEO of Legacy Trust, a Hong Kong-licensed trust and corporate services provider that he helped evolve into First Digital Trust, a regulated digital asset custodian. That custody infrastructure directly informed the launch of FDUSD—a USD-backed stablecoin designed around compliance and Asian market dynamics. He earlier held senior roles in traditional finance, including at BOCI (Bank of China International), giving him a hybrid vantage point between conventional banking architecture and digital asset issuance. Chok’s public posture is pragmatic and regulatory-first; he has emphasized that stablecoin adoption depends on licensed trust structures and bank-grade reserves, not marketing velocity.

AI bull / bear

Bull case

FDUSD's regional positioning gives it a structural advantage as the stablecoin market fractures along regulatory lines. Hong Kong's virtual asset licensing regime, which took full effect in mid-2023, provides a coherent compliance framework that US regulators have failed to deliver. First Digital is among the few issuers purpose-built for that regime, rather than bolting it on retroactively. The Binance listing is a genuine moat. FDUSD has become one of the exchange's default quote pairs and launchpad currencies, driving organic demand from traders who might otherwise default to USDT. That integration creates switching costs that pure-play competitors cannot easily replicate. Asia's cross-border trade and remittance corridors represent a multi-trillion-dollar addressable market where a locally-regulated, USD-pegged stablecoin solves real settlement friction. First Digital's 2022 $20 million Series A from Nogle and Kenetic Capital gives it enough runway to pursue custody licenses and banking relationships across additional Asian jurisdictions before larger incumbents lock up those pathways.

Bear case

A $400 million market cap against Tether's $110 billion is not a gap — it is a rounding error. Stablecoins are network-effect products where liquidity begets liquidity, and FDUSD has yet to demonstrate it can break out of Binance's walled garden. If Binance shifts incentives toward a competing stablecoin, or if the exchange's regulatory troubles force it to delist certain assets, FDUSD's primary distribution channel evaporates overnight. First Digital has raised only $25 million in total funding. That is thin capital for a business that must maintain liquid reserve management, multi-jurisdictional legal compliance, and continuous security auditing. A single reserve attestation controversy or custody partner failure could trigger a run that the company cannot withstand. The Asia-first strategy also works in reverse: US and European institutions, which control the bulk of stablecoin treasury demand, have little reason to adopt FDUSD over USDC or USDT, both of which are deepening their own Asian partnerships with vastly greater resources and existing integrations.

Generated by deepseek-v4-pro · May 2, 2026Refreshes quarterly · see disclosures

In the news

First Digital · last 30 days

No articles ingested yet for First Digital. Once the hourly news pipeline is live, every article the classifier tags as mentioning this company appears here with its one-line AI summary and sentiment.

Leadership

Vincent Chok

Founder and CEO

Janno Järv

CTO

Aleck Lee

CFO

Products

FDUSD (First Digital USD)
A 1:1 USD-backed stablecoin issued by FD121 (BVI) Limited, a subsidiary of First Digital Group. Fully collateralized by cash and cash equivalents held in a bankruptcy-remote trust structure, FDUSD is designed to maintain a stable value pegged to the US dollar. It is primarily used in Asian markets, listed on Binance and other major exchanges, and enables zero-fee minting and redemption for institutional clients. The stablecoin serves traders, exchanges, and DeFi protocols seeking a regulated digital dollar for trading, payments, and settlements across multiple blockchain networks.
Digital Asset Custody Solutions
A regulated custody platform offered by First Digital Trust Limited, a Hong Kong-licensed trust company, that securely stores and services digital assets for institutional clients, family offices, and corporations. The platform provides multi-asset support, secure wallet infrastructure, and seamless integration with traditional financial systems. It bridges the gap between conventional trust services and the digital asset economy, offering transparent reporting, audit-ready attestations, and bankruptcy-remote asset segregation.
Trust and Asset Servicing
Traditional trust and corporate services provided by First Digital Trust Limited under its Hong Kong trust license. The offering includes trustee services, asset servicing, and corporate administration for both traditional and digital asset portfolios. Clients benefit from the company's technology-driven approach that improves transparency and operational efficiency, with a client portal for real-time account management and reporting across fiat and digital asset holdings.

Open roles

We don't have a live feed for this company's ATS. Their careers page has every open role.

View all careers ↗