Hello friends, binance has listed the first digital USD called First Digital USD (FDUSD). Lately the company has been shifting its focus towards FDUSD after regulatory decisions on BSD coin issuance and pacts so FD USD is expected to reduce the use of BSD and USDT on the platform.
At the moment the pairs available on the platform with FDUSD will only be with BNB, BUSD and USDT, but let's review a little what is FDUSD?
FDUSD is a new stablecoin listed on binance and is backed one for one by cash reserves and cash equivalents. Its main objective is to reduce volatility in the crypto market. The company operates transparently and conducts monthly audits to ensure user trust.
First Digital's website provides information on the Stable Coin, noting that the coin is redeemable and backed by fully reserved assets.
The website also shows independent certifications that due to copyright issues I cannot share images of the certificates with you, but the certificates guarantee the integrity of the reservations and the accuracy of the financial information.
A certification report and links to contracts audited by Pet Show are also provided. There is a frequently asked questions section with three questions related to the system that I find very interesting. I invite you to take a look at its official page, now let's analyze another point of view.
Not always everything is rosy here I will touch on 3 key points that can harm the FDUSD currency in the future.
Stablecoins may lose parity due to market conditions, such as the USDC.
Reserves that include cash or cash equivalents are subject to market risks that may compromise parity.
The risk section of the FDUSD White Paper is mentioned, where the risks associated with the currency are detailed, emphasizing that there is no absolute guarantee of always maintaining parity.
These 3 points give a lot to discuss since the stablecoin loses its reliability a bit due to the risk of market manipulation.
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Although First Digital (FDUSD) strives to audit its reserves and show transparency, there are risks and doubts in the certification process, another thing to keep in mind is that on social networks it is mentioned that binance has been involved in the development of the coin although no media have concrete information about that information to certify it. However, it would not be unreasonable for them to actually be involved.
Información de fuente:
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