About
First Digital (via First Digital Trust / FD121) issues FDUSD, a Hong Kong-based USD stablecoin that grew rapidly as a Binance trading pair. It also offers trust and custody services out of Hong Kong.
Stablecoins
Key products
Chains
- Founded
- 2017
- HQ
- Hong Kong
- Stage
- Private
Related companies
Anchorage Digital
First federally chartered crypto bank; stablecoin issuer and custodian
Anchorage Digital is the only federally chartered US crypto bank, providing qualified custody plus turnkey, federally regulated infrastructure for minting, redeeming and managing stablecoin issuance. It issues USDtb (with Ethena, reserves in BlackRock's BUIDL), acquired USDM issuer Mountain Protocol, and serves as a regulated issuance partner for stablecoin programs.
BDACS
Korean custodian behind KRW1, the first won-backed stablecoin
BDACS (Busan Digital Asset Custody Services) is a regulated South Korean digital asset custodian that launched KRW1, the country's first won-backed stablecoin, on the Avalanche blockchain. KRW1 is backed 1:1 by Korean won held in escrow at Woori Bank, with real-time API-based reserve verification. BDACS has partnered with Plume to enable Korean institutions to access tokenized real-world assets denominated in KRW1.
BitGo
Qualified custodian and digital asset infrastructure
BitGo is a pioneering institutional custodian with a long Bitcoin custody track record, operating OCC and state trust charters. It provides multisig and MPC custody, off-exchange settlement (Go Network), wallet infrastructure and stablecoin issuance (USDS via World Liberty / WBTC custody). BitGo completed the first crypto custodian IPO in January 2026.
Coinbase
Largest US crypto exchange and USDC co-issuer
Coinbase is the largest US-listed crypto exchange and a primary stablecoin trading venue. It co-founded USDC with Circle via the Centre consortium and earns a share of USDC reserve revenue, while operating Base (its L2), Coinbase Wallet, custody and on/off-ramp services. In 2026 it is positioning around stablecoins, Base, and an 'everything exchange' strategy.
First Digital Trust
Hong Kong trust custodian backing FDUSD reserves
First Digital Trust (FDT) is a Hong Kong-based qualified custodian and trust company that holds the reserves backing First Digital USD (FDUSD) in fully segregated, independently attested accounts, and provides custody for the broader First Digital ecosystem.
Gemini
Regulated US exchange and GUSD issuer
Gemini is a regulated US crypto exchange founded by the Winklevoss twins. It issues the Gemini Dollar (GUSD), an early NYDFS-regulated fiat stablecoin, and operates custody and a crypto credit card. Gemini went public in 2025 and joined the Global Dollar Network.