FDUSD Stablecoin Expands to Sui: What to Know

by BSC News

April 10, 2024


This strategic alliance marks FDUSD's debut on a new blockchain, aiming to enhance accessibility and utility for decentralized finance (DeFi) users.

First Digital Trust, the Hong Kong-based issuer of the US-dollar pegged stablecoin FDUSD, has announced expanding to Layer-1 blockchain Sui. Initially launched on Ethereum and BNB Chain in August 2023, FDUSD's integration with Sui marks an important milestone.

The expansion to Sui is part of First Digital Trust's broader efforts to enhance FDUSD's utility among decentralized finance (DeFi) users, according to CEO Vincent Chok. With its issuance under Hong Kong's digital asset rules and its backing by U.S. Treasury bills and bank deposits, FDUSD aims to maintain stability with its price pegged to $1.

Rapid Growth and Market Impact

Since its launch, FDUSD has rapidly climbed the ranks to become the fourth-largest stablecoin, trailing only behind Tether's USDT, Circle's USDC, and MakerDAO's DAI, amassing a market capitalization of $3.3 billion. 

Notably, FDUSD has seen a surge in trading volume, surpassing $10 billion in the past 24 hours, primarily driven by Bitcoin (BTC), ETH, and USDT pairs on Binance.

"First Digital's decision to deploy FDUSD, a rapidly growing and rigorously secure stablecoin, on Sui, underscores the meteoric rise of Sui's DeFi ecosystem.,” Greg Siourounis, Managing Director, Sui Foundation, told BSCN. This integration will have a profound impact on the Sui community, fueling enhanced liquidity, expanding the network's utility, and unlocking new possibilities for builders and users.

Sui's DeFi Momentum

Sui is a layer-1 blockchain platform that offers unparalleled speed, privacy, security, and scalability, revolutionizing digital asset ownership. 

With its total value locked (TVL) soaring from $100 million to around $646 million in six months, Sui has witnessed exponential growth in DeFi activity. 

As per reports, FDUSD's presence on Sui would add liquidity to the network, facilitating more seamless transactions and improving market efficiency.


Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article