First Digital’s native stablecoin FDUSD, boasting a market capitalization exceeding $3 billion, has expanded its accessibility by integrating with the Sui Blockchain, marking its third blockchain integration after Ethereum and BNB Chain.
Vincent Chok, the CEO of FDUSD, expressed to CoinDesk the anticipation of the integration enhancing the stablecoin’s utility within the decentralized finance (DeFi) ecosystem.
Chok remarked, “Sui represents an emerging network that demonstrates strong support for the DeFi sector. Their remarkable growth within a relatively short span is truly impressive, and we are eager to evolve alongside them as a new stablecoin provider.”
This integration underscores FDUSD’s commitment to adapt to emerging blockchain ecosystems and leverage the growing popularity of DeFi platforms.
The Total Value Locked (TVL) on Sui has exceeded $500 million.
Sui, emerging as one of the most rapidly advancing Layer 1 blockchains, has continued its remarkable growth trajectory within the DeFi landscape, achieving a milestone by surpassing $500 million in Total Value Locked (TVL) in February. This noteworthy accomplishment propelled Sui to surpass Aptos and Cardano in terms of TVL at the time.
Moreover, the integration of FDUSD into the Sui network marks a significant milestone, positioning it as the premier stablecoin natively issued on the Sui blockchain. According to DefiLlama data, the blockchain already hosts major stablecoins such as Tether (USDT) and USD Coin (USDC), with a combined value of $340 million.
Greg Siourounis, the managing director of the ecosystem development organization Sui Foundation, emphasized the profound impact of this integration on the Sui community. He highlighted its potential to bolster liquidity, broaden the network’s functionality, and unlock new opportunities for both developers and users alike.
Introduced in August 2023, FDUSD currently ranks fourth globally in terms of 24-hour trading volume, as reported by Coin Market Cap. Additionally, this fiat-pegged token boasts a circulating supply of 3.28 billion tokens, with a predominant distribution across the Ethereum and BNB Chain networks.
read more about: The Central Bank of Nigeria (CBN) approved the launch of the cNGN Stablecoin by the Africa Stablecoin Consortium (ASC) in February.
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