First Digital Labs
First Digital Labs issues FDUSD, a 1:1 USD-backed stablecoin deployed across six blockchains (Ethereum, BNB Chain, Solana, Sui, Arbitrum, TON), serving institutional clients including exchanges, market makers, and cross-border payments providers globally, excluding US persons.
- Company typePrivate
- Founded2019
- HeadquartersHong Kong, Hong Kong SAR China
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
What First Digital Labs does
First Digital Labs is a private Hong Kong-based financial technology firm founded in 2019, operating as the brand name of FD121 (BVI) Limited under parent company First Digital Group Limited (Gibraltar). The company issues FDUSD, a USD-backed stablecoin redeemable 1:1 for US dollars, with reserves held by First Digital Trust Limited, a Hong Kong-licensed trust company under AML/CTF Ordinance. As of May 2026, approximately $350.1 million FDUSD is in circulation, backed by $351.7 million in reserves (1.0046x overcollateralization) composed of 85.36% US Treasury Bills, 10.37% cash, and 4.26% fixed deposits, with monthly independent third-party attestations.
The company deploys FDUSD natively across six blockchain networks—Ethereum, BNB Chain, Solana, Sui, Arbitrum, and TON—using the ERC20 token standard, with smart contracts audited by Quantstamp and PeckShield (and OtterSec for Sui). Distribution occurs through direct institutional minting/redemption, secondary market listings on major centralized exchanges (Binance, Gate.io, Bitget, BTSE), DEX integrations (Uniswap, PancakeSwap, Curve, TONCO), and DeFi protocol integrations (Aave). The company has built strategic partnerships extending reach into cross-border payments (Canza Finance, MetaComp, Bvnk), institutional banking (Singapore Gulf Bank), and institutional yield platforms (Quantus.fi). The Finance District ecosystem complements FDUSD with a Developer Hub (developers.fd.xyz), a testnet faucet, and the Prism payment gateway positioned for AI-agent commerce.
The business model centers on reserve management revenue from cash and cash equivalents backing FDUSD circulation, with zero-fee minting and redemption offered to institutional clients conditional on net minting activity. Token holders are not entitled to reserve interest income. FDUSD is not offered to US persons. Operations span APAC, Middle East & Africa, Europe, Oceania, LatAm, and North America, with offices in Hong Kong, the British Virgin Islands, and Lithuania. Revenue is not publicly disclosed; the firm is venture-backed and employs 51-100 staff.
First Digital Labs firmographics
Firmographics- Name
- First Digital Labs
- Legal name
- FD121 (BVI) Limited
- Website
- https://firstdigitallabs.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- First Digital Labs issues FDUSD, a 1:1 USD-backed stablecoin deployed across six blockchains (Ethereum, BNB Chain, Solana, Sui, Arbitrum, TON), serving institutional clients including exchanges, market makers, and cross-border payments providers globally, excluding US persons.
- Ownership category
- akta.pro rank
First Digital Labs industry classification
Industry- Product category
- Stablecoin / Digital Asset Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Stablecoin Issuers (Fiat-Backed) (FSADADAA)
- akta.pro secondary industries
- Reserve Management, Custody & Segregated Accounts (Backing Infrastructure) (FSADADAD), On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)
Keywords
Where First Digital Labs is headquartered
LocationHeadquarters
- HQ city
- Hong Kong
- HQ country
- Hong Kong SAR China
- HQ region
- Asia
Offices3 records
Markets served
First Digital Labs business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- FDUSD Minting and Redemption: The company issues FDUSD tokens to clients who deposit USD, and redeems tokens for USD upon client request. While zero-fee minting and redemption is offered (conditional on minting exceeding redemptions), this constitutes the primary commercial activity and enables reserve management revenue.
- Reserve Management: FDD Reserves are owned by FD121 and may be held in interest-bearing accounts or yield-generating instruments. While holders are not entitled to interest earned, the company benefits from reserve management.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Zero-fee minting and redemption for institutional clients |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels5 records
First Digital Labs product offering
Product offeringCore offering
First Digital Labs issues FDUSD, a 1:1 USD-backed stablecoin redeemable for US dollars, deployed natively across six major blockchains (Ethereum, BNB Chain, Solana, Sui, Arbitrum, and TON). Reserves are held in bankruptcy-remote trust structures by a Hong Kong-licensed custodian (First Digital Trust Limited), with monthly independent attestations. The company also operates the Finance District ecosystem, including a Developer Hub and Prism payment gateway that enable merchants and AI agents to transact using stablecoins.
Product overview
First Digital Labs offers FDUSD as its core product—a 1:1 USD-backed stablecoin issued by FD121 (BVI) Limited and custodied by First Digital Trust Limited. FDUSD operates across six blockchain networks (Ethereum, BNB Chain, Solana, Sui, TON, Arbitrum) and is accessible through exchanges, DEXs, and institutional platforms. The Finance District ecosystem complements FDUSD by providing infrastructure for automated finance, including the Prism payment gateway for AI agent transactions and a Developer Hub with API/SDK tools. Additional offerings include a testnet faucet for developer testing and a technical whitepaper documenting the stablecoin architecture.
Differentiator
Problem solved
Functional benefit
Brands
- FDUSD: First Digital USD - a 1:1 USD-backed stablecoin issued by FD121 (BVI) Limited, custodied by First Digital Trust. Redeemable on a 1:1 basis for US dollars with full reserve backing.
Products and services
- First Digital USD (FDUSD) Stablecoin Enterprise-grade USD-backed stablecoin redeemable 1:1 for US dollars. Issued by FD121 (BVI) Limited and custodied by First Digital Trust Limited. Fully backed by cash and cash equivalents with monthly independent attestations. Available natively on Ethereum, BNB Chain, Solana, Sui, TON, and Arbitrum blockchains.
- Finance District Ecosystem designed for the agentic economy where AI agents and automated systems perform financial tasks independently. Provides infrastructure for autonomous payments, real-time monetization, and secure value transfer, including the Prism payment gateway and a Developer Hub with API and SDK documentation.
- FDUSD Testnet Faucet Testnet token distribution service for FDUSD development work. Provides free FDUSD test tokens on Ethereum Sepolia, Base Sepolia, and Arbitrum Sepolia testnets, allowing 1 FDUSD per hour per wallet per network for testing mint, burn, and transfer flows.
Quantifiable outcome
- 100% reserve backing maintained consistently across all monthly attestations
- +2 more outcomes
Companies that use First Digital Labs
Customer profileNamed customers2 records
Segments5 records
Ideal customer profiles5 records
First Digital Labs technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature5 records
First Digital Labs partnerships and signals
Strategic signalPartnerships
20 partnerships are on record, tiered flagship and core.
- Singapore Gulf BankflagshipStrategic banking partnership enhancing FDUSD's institutional banking infrastructure with near real-time settlement via SGB Net, optimized liquidity management, and compliance-aligned framework. Enables sophisticated cash management including interest-bearing and fixed-deposit accounts while maintaining immediate redemption readiness.
- Canza FinanceflagshipStrategic integration expanding institutional and B2B access to FDUSD for settlement workflows. Canza Finance processed approximately USD 200 million in annual stablecoin volume across emerging-market corridors. Partnership introduces FDUSD as settlement option within Canza's established client network for OTC and cross-border B2B transactions.
- Quantus.fiflagshipStrategic integration enabling FDUSD as total value locked (TVL) on Quantus.fi's institutional yield platform. Supports structured yield framework with execution-driven, principal-preserving strategies. Institutional users can deploy FDUSD capital into market-neutral yield mechanisms avoiding rehypothecation and excessive leverage.
- MetaCompflagshipStrategic cooperation integrating FDUSD into MetaComp's StableX platform for cross-border payments, digital wealth management, and Web3 financial applications. MAS-licensed provider enables compliant stablecoin settlement across Asia-Pacific, Middle East, Africa, Central/Eastern Europe, and South America corridors.
- FireblockscoreDigital asset custody and infrastructure partnership providing secure wallet and asset management solutions for FDUSD operations.
- ArbitrumcoreNative FDUSD deployment on Arbitrum Layer 2 blockchain, enabling faster and more cost-efficient transactions within the Ethereum ecosystem.
- AavecoreDeFi integration enabling FDUSD to be used as collateral for lending protocols on Ethereum and other supported chains.
- UniswapcoreDEX integration providing decentralized trading liquidity for FDUSD across Ethereum and other EVM-compatible chains.
- PancakeSwapcoreDEX integration on BNB Chain providing decentralized trading and liquidity for FDUSD.
- CurvecoreStablecoin-focused DEX providing deep liquidity pools for FDUSD trading.
- BinanceflagshipPrimary exchange listing partner providing significant secondary market liquidity and global distribution of FDUSD to retail and institutional traders.
- Gate.iocoreExchange listing partner for FDUSD trading and liquidity provision.
- BitgetcoreExchange listing partner providing FDUSD trading services.
- BTSEcoreExchange listing partner for FDUSD trading and liquidity.
- SolanacoreNative FDUSD deployment on Solana blockchain, enabling high-speed, low-cost transactions with enterprise-grade reliability.
- SuicoreNative FDUSD deployment on Sui blockchain, expanding multi-chain availability and ecosystem reach.
- WintermutecoreMarket maker partnership providing liquidity support for FDUSD across multiple trading venues.
- CumberlandcoreMarket maker partnership providing institutional liquidity services for FDUSD.
- TON FoundationcoreStrategic partnership for native FDUSD deployment on The Open Network blockchain, integrating with Telegram's ecosystem for accessible stablecoin usage.
- TONCOcoreFirst decentralized exchange on TON providing concentrated liquidity for FDUSD trading within the TON ecosystem.
Scale indicators6 records
Recent moves3 records
Expansion highlights6 records
First Digital Labs competitors and assessment
Company assessmentBroad incumbents
- Ripple (RLUSD): Issuer of RLUSD, a USD-backed stablecoin launched by Ripple as part of its broader payments and cross-border settlement platform. Comparable as a regulated, enterprise-focused USD stablecoin competing for institutional banking and remittance corridors.
- Coinbase: Operator of a major USD stablecoin distribution venue and partner in USDC issuance with Circle. Comparable as a regulated crypto infrastructure provider enabling institutional stablecoin minting, redemption, and custody at scale.
Others
- Fireblocks: Institutional digital asset custody and infrastructure provider that is a core technology/integration partner for FDUSD. Comparable as enabling infrastructure serving stablecoin issuers, exchanges, and institutional clients with custody and wallet technology.
- Aave Companies: Developer of Aave, the largest DeFi lending protocol that integrates FDUSD as collateral on Ethereum and other chains. Comparable as a core DeFi protocol whose liquidity depth and lending markets materially shape FDUSD's on-chain utility and demand.
Direct peers
- Paxos: Issuer of USDP and PYUSD (PayPal's stablecoin), with a comparable compliance-first, regulated stablecoin issuance model. Both operate multi-chain USD stablecoins targeting institutional and enterprise use cases.
- TrueUSD (Archblock): Issuer of TUSD, a fully USD-backed stablecoin with third-party attestations and multi-chain availability. Comparable as a regulated, transparency-focused stablecoin issuer competing for exchange listings and institutional minting flows.
- Circle: Issuer of USDC, the second-largest fiat-backed USD stablecoin. Directly comparable in product (USD-pegged, fully reserved stablecoin), institutional focus, regulatory-first positioning, and multi-chain deployment across Ethereum, Solana, Arbitrum, and others.
- Tether: Issuer of USDT, the largest fiat-backed USD stablecoin. Directly comparable as a 1:1 USD-backed stablecoin issuer operating across multiple blockchains with similar exchange distribution and OTC partner networks.
Emerging players
- Frax Finance: Issuer of FRAX, a partially algorithmic/hybrid stablecoin. Comparable as a multi-chain USD-pegged token integrated with DeFi protocols (Curve, Aave) and pursuing reserve-backed stability, though with a more crypto-native positioning.
Regional players
- StraitsX (XSGD): Singapore-based issuer of XSGD (and XUSD), a MAS-regulated SGD/USD-pegged stablecoin focused on Asia-Pacific corridors. Comparable as an APAC-headquartered, compliance-first fiat-backed stablecoin with cross-border payment positioning.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
First Digital Labs social profiles
Digital presenceFirst Digital Labs compliance and trust
Trust signalCompliance1 record
First Digital Labs financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Digital Labs leadership team
Management profileNumber of profiles
Profiles3 records
First Digital Labs subsidiaries and ownership
Company hierarchySubsidiaries1 record
First Digital Labs funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Digital Labs M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Digital Labs
What does First Digital Labs do?
First Digital Labs issues FDUSD, a 1:1 USD-backed stablecoin redeemable for US dollars, deployed natively across six major blockchains (Ethereum, BNB Chain, Solana, Sui, Arbitrum, and TON). Reserves are held in bankruptcy-remote trust structures by a Hong Kong-licensed custodian (First Digital Trust Limited), with monthly independent attestations. The company also operates the Finance District ecosystem, including a Developer Hub and Prism payment gateway that enable merchants and AI agents to transact using stablecoins.
Is First Digital Labs a public or private company?
First Digital Labs is a private company. It is classified as venture growth investor backed and is currently operating.
When was First Digital Labs founded?
First Digital Labs was founded in 2019. It employs 51 to 100 people.
Where is First Digital Labs based?
First Digital Labs is headquartered in Hong Kong, Hong Kong SAR China, in the Asia region.
How does First Digital Labs make money?
Two revenue lines are on record. FDUSD Minting and Redemption is the primary driver. The others are reserve Management.
Who are First Digital Labs's main competitors?
Broad incumbents on record are Ripple (RLUSD) and Coinbase. Others are Fireblocks and Aave Companies. Direct peers are Paxos, TrueUSD (Archblock), Circle and Tether. Frax Finance is listed as an emerging player. StraitsX (XSGD) is listed as a regional player.
Does First Digital Labs have an API?
Yes. Finance District ecosystem provides API documentation, SDK guides, and integration tutorials for building with FDUSD. Developers can access Finance District Developer Hub (developers.fd.xyz) to integrate FDUSD into applications. Prism payment gateway offers middleware SDK for merchants to accept stablecoin payments from AI agents. Developer documentation is at developers.fd.xyz.
What industry is First Digital Labs in?
First Digital Labs's product category is Stablecoin / Digital Asset Infrastructure. Its primary akta.pro industry code is FSADADAA, Stablecoin Issuers (Fiat-Backed), with a secondary code of FSADADAD, Reserve Management, Custody & Segregated Accounts (Backing Infrastructure). Its NAICS code is 522320 and its SIC code is 6199.