First Digital USD (FDUSD) is a fiat‑backed stablecoin pegged 1:1 to the U.S. dollar, designed to be a trusted, regulatory‑compliant digital dollar for global use in trading, payments, DeFi, and cross‑border transactions. It is issued by First Digital Labs (FD121 Limited), a Hong Kong‑based digital asset and custody firm, with reserves of cash and cash equivalents held in segregated accounts at regulated financial institutions and audited regularly for transparency.