FDUSD Founder Vincent Chok on Building Stablecoins for an AI-Native Economy

When stablecoins first emerged, their role was narrowly defined: serve crypto exchanges with a reliable settlement asset. Over time, that model scaled—but it also revealed its limits.

In an interview with Unlock Blockchain, Vincent Chok, founder and CEO of FDUSD, explains why the next phase of stablecoins will not be defined by exchange liquidity alone, but by the rise of AI agents, smart contracts, and programmable payment infrastructure.

April Was a Stress Test, Not a Strategic Pivot

FDUSD briefly lost its peg in April, an episode that tested market confidence at a sensitive moment for the stablecoin sector. For First Digital, the issuer of FDUSD, the event became an unplanned stress test rather than a change in direction.

“What April really showed us is how robust our internal systems and controls are,” Chok said. “Despite the noise, we managed to return to the peg very quickly, supported by strong banking relationships and infrastructure.”

The incident reinforced operational discipline, but it did not alter the company’s roadmap. That roadmap was already pointing beyond exchange-led growth.

At its peak, FDUSD’s circulating supply exceeded $4.5 billion. Today, it stands at less than a quarter of that level. The contraction reflects a broader reality across the stablecoin market: incentive-driven liquidity is temporary, while sustainable usage takes longer to build. For First Digital, headline market capitalization has become less important than building foundations for the next cycle.

Why Exchange Stablecoins Are Becoming Commoditized

The economics of exchange-centric stablecoins are increasingly constrained. Exchanges capture most of the trading value, while issuers rely largely on interest income from reserves. As competition intensifies and interest rates normalize, margins compress further.

“Stablecoins are going to be very hard to sustain purely on interest income,” Chok said. “As rates come down, margins shrink. If issuers don’t build real use cases on top, it becomes very difficult to survive long term.”

This is not a post-crisis realization. It is a structural one. With stablecoins increasingly interchangeable on exchanges, differentiation at the currency level alone is no longer enough.

The Binance Relationship: Partnership Without Ownership

FDUSD’s growth has been closely associated with Binance, often fueling speculation that the stablecoin is owned or controlled by the exchange. That assumption is incorrect.

Binance is a key exchange partner and liquidity venue for FDUSD, but it does not own First Digital or FDUSD. The relationship is commercial, not corporate.

“Every stablecoin needs a major exchange to grow,” Chok said. “That’s how stablecoins were created. But today, payments, settlement, and programmable use cases don’t need to live only on exchanges anymore.”

Like many stablecoin issuers, First Digital benefits from exchange distribution, while exchanges capture most of the economic upside from trading activity. FDUSD’s strategy is not to replace that relationship, but to ensure it is not the only pillar the business rests on.

Building Ahead of Demand: An AI-Native Payment Layer

That thinking is most visible in Finance District, First Digital’s initiative focused on agentic payments—transactions executed autonomously by software and AI agents using smart contracts.

This is not a theoretical roadmap. The product is live and was demonstrated publicly on mainnet during Binance Blockchain Week earlier this month. Built initially on BNB Chain, the platform enables programmable payments where value can be split automatically between multiple parties—covering gas, services, verification, and settlement within a single transaction.

“We’re not an AI company,” Chok said. “But when you combine blockchain, stablecoins, and AI, you finally have the tools to build a functional Web3 economy.”

Rather than competing with today’s payment infrastructure, Finance District leapfrogs it. The assumption is that future economic activity—driven by autonomous agents, software services, and machine-to-machine commerce—will require native, programmable money. Traditional rails were not designed for that.

In that sense, First Digital is deliberately swimming in its own sea. While much of the market remains focused on today’s fintech problems, FDUSD is building for a demand curve that has not yet fully arrived.

Unbanked Access Through Programmable Infrastructure

One of the less visible implications of agentic payments is access. As autonomous software begins to transact value, participation no longer depends solely on traditional banking credentials. Developers, small operators, or individuals in emerging markets can monetize services, strategies, or digital labor without first navigating the full stack of corporate registration, merchant accounts, or legacy payment onboarding.

In that sense, stablecoins combined with smart contracts and AI agents offer a more practical path toward addressing unbanked and underbanked participation—not by removing rules, but by changing the entry point.

“For a lot of people globally, access is still the problem,” Chok said. “If you can create value digitally, you should be able to get paid digitally.”

Trust in an Agent Economy: From KYC to Know-Your-Agent

The rise of agent-driven transactions inevitably raises questions around trust, compliance, and accountability. Rather than avoiding them, First Digital is designing its payment layer to accommodate new forms of verification.

In an agent-based economy, identity is no longer limited to a human user. Transactions can integrate third-party “know-your-agent” services that assess the permissions, behavior, and credibility of the software agents involved—charging a fee per verification and settling instantly through smart contracts.

“Trust doesn’t disappear in an agent economy,” Chok said. “It just moves into different layers. Verification, insurance, and accountability can all be embedded directly into the transaction.”

Over time, such verification layers could be complemented by tokenized insurance mechanisms designed to cover transaction failures or agent errors—aligning automation with consumer protection rather than bypassing it.

Public Markets and Regulation: Two Sides of the Same Direction

This forward-looking approach also explains First Digital’s broader institutional ambitions. The company has announced a non-binding letter of intent to pursue a public listing in the United States through a SPAC merger, a move that would place it under the scrutiny of public markets and institutional investors.

At the same time, First Digital is exploring regulatory engagement with Abu Dhabi Global Market (ADGM), a jurisdiction increasingly positioning itself as a hub for digital asset infrastructure rather than speculative activity.

“ADGM has been very forward-thinking,” Chok said. “The level of institutional participation and regulatory clarity makes it a natural environment for the next phase of growth.”

Taken together, the SPAC pathway and ADGM engagement point in the same direction: institutional readiness. Public markets, regulatory clarity, and infrastructure-level products are not separate strategies, but complementary ones.

From Stablecoin to Infrastructure

FDUSD’s trajectory reflects a broader shift in how stablecoins are being understood. No longer just instruments of exchange liquidity, they are increasingly seen as infrastructure—base layers upon which programmable economic activity can be built.

Exchange listings remain important, but they are no longer sufficient. As AI agents, smart contracts, and autonomous systems begin to transact value, the need for stable, programmable settlement becomes more obvious.

Whether that future arrives in two years or five remains uncertain. What is clearer is that FDUSD is positioning itself for it—quietly, deliberately, and ahead of much of the market.