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Journalist
Sead Fadilpašić
Journalist
Sead Fadilpašić
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First Digital, the group behind the FDUSD stablecoin, has joined hands with FOMO Pay, a licensed Major Payment Institution in Singapore and Hong Kong, to add the stablecoin among FOMO Pay’s payment solutions on Ethereum and Solana.
The integration enables seamless on-chain settlement of stablecoin transactions, said the press release shared with Cryptonews.
It is available to merchants immediately. More precisely, merchants, as well as corporate and financial institution clients, can convert between FDUSD and fiat currencies globally.
Notably, the move encourages merchants and businesses to accept FDUSD payments through FOMO Pay’s digital payment solution. In turn, customers benefit from boosted checkout flexibility, while merchants enjoy streamlined payment acceptance.
FOMO Pay is the first Digital Payment Token (DPT) Service licensee regulated by the Monetary Authority of Singapore (MAS). As such, it’s capable of providing both the payment infrastructure and its regulatory proficiency.
Therefore, said the teams, its collaboration with First Digital is “a significant step towards enhancing digital asset transaction capabilities.”
FDUSD is the 7th stablecoin per market capitalization, which has surpassed $2 billion. The announcement stated that the stablecoin comes with fully-backed reserves and is “one of the most widely traded stablecoins today.”
According to the partners, their collaboration “marks a milestone in the growing acceptance of stablecoins as a payment method and rail, particularly in the APAC region.”
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Growing Merchant Adoption
FDUSD stablecoin was launched in June 2023 as a fully backed digital asset by cash and cash equivalents, held in fully segregated holding structures. Qualified custodian with a trust license safeguards reserves, with independent, monthly attestation reports, the announcement notes.
The coin has so far enabled support for Ethereum, BNB Chain, Sui, and Solana, working to provide fast transaction speed and low fees. First Digital recently announced that FDUSD supply on Solana surpassed $100 million on-chain in less than a month.
This fact highlights “the demand for diversified stablecoins and cementing Solana’s position as a top blockchain,” it added.
Meanwhile, FOMO Pay was founded in 2015, becoming a one-stop digital payment, digital banking, and digital asset solution provider since then. Its three flagship products are FOMO Payment, iBank, and Treasury.
“It is currently building Asia’s fully licensed financial platform, helping institutions and businesses connect between fiat and digital currency,” the company noted.
In January, the FOMO Pay team announced that they partnered with Mastercard to launch FOMO SoftPOS. This is a Tap-to-Pay solution that allows merchants to turn their smartphones into payment terminals.
Meanwhile, the collaboration between First Digital and FOMO Pay is a key step towards greater adoption of blockchain-powered financial solutions, the announcement said.
“As businesses and consumers continue to embrace digital assets, FDUSD’s expanded utility will drive further innovation in global commerce,” it added.
According to Vincent Chok, Founder and CEO of First Digital, “signaling growing merchant adoption, the increased proliferation of stablecoins such as FDUSD through this integration empowers users by facilitating global transactions and providing customers with easy, fast, and secure payment options, regardless of their access to traditional banking services or credit cards.”
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