First Digital’s Stablecoin Makes a Leap to Sui Blockchain
First Digital’s native stablecoin FDUSD, boasting a market capitalization exceeding $3 billion, has marked its presence on a third blockchain platform – Sui. This follows its successful integration with Ethereum and the BNB Chain, indicating a strategic move to widen its usability and appeal in the decentralized finance (DeFi) space.
Vincent Chok, CEO of FDUSD, in conversation with CoinDesk, highlighted the potential this integration holds for enhancing the stablecoin’s utility among DeFi enthusiasts. “Sui’s rapid rise as a supportive network for DeFi projects and its impressive year-on-year growth make it an ideal partner for FDUSD. Our goal is mutual growth, leveraging new opportunities in the stablecoin domain,” Chok stated.
Sui TVL Surpasses $500 Million
Sui’s position as a burgeoning Layer 1 blockchain has been solidified with its Total Value Locked (TVL) in DeFi projects crossing the $500 million threshold in February. This achievement has not only underscored Sui’s dynamic growth but also positioned it ahead of competitors like Aptos and Cardano in the DeFi landscape.
FDUSD’s foray into the Sui network is notable, as it becomes the first major stablecoin to be natively issued on Sui, joining the ranks of Tether (USDT) and USD Coin (USDC) which collectively represent $340 million on the platform. “FDUSD’s integration signifies a pivotal development for the Sui ecosystem, promising to bolster liquidity, expand network functionalities, and pioneer new avenues for both developers and users,” remarked Greg Siourounis, managing director at Sui Foundation.
Launched in August 2023, FDUSD has quickly ascended to become the fourth most traded stablecoin globally in terms of 24-hour volume, as per data from Coin Market Cap. With a circulating supply of 3.28 billion tokens, the majority of which are allocated across Ethereum and the BNB Chain, FDUSD is set to make significant strides in the DeFi space with its latest blockchain integration.
