Stablecoin FDUSD Launches on Sui Network
First Digital Labs is confident that FDUSD will be the fastest-growing stablecoin on Sui, according to the company's statement.
Stablecoin FDUSD Launches on Sui Network
Today, Hong Kong-based First Digital Labs announced the introduction of FDUSD on the Sui network, making it the first stablecoin pegged 1:1 to the U.S. dollar on this blockchain platform. This marks the next blockchain after Ethereum and BNB Chain chosen by First Digital Labs to expand FDUSD since its launch in June 2023.
Previously, FDUSD gained attention from the crypto investment community when Binance added it to the list of new stablecoins in late July 2023. It operates as a traditional stablecoin, pegged to the USD at a 1:1 ratio, ensuring that each FDUSD token is backed by an equivalent amount of USD in reserve.
We're pleased to announce that $FDUSD will be integrated into @SuiNetwork, becoming the ecosystem’s first native 1:1 #stablecoin.
— First Digital Labs (@FDLabsHQ) April 10, 2024
Marrying the innovation of DeFi with the trust and stability of First Digital's stablecoins, this partnership marks a significant milestone in the… https://t.co/7vKhLMifSv
According to the official post on X, First Digital Labs stated:
"The collaboration between First Digital Labs and the Sui ecosystem marks a significant milestone in expanding FDUSD on this rapidly growing platform. This partnership serves as a strategic alliance to enhance liquidity and transaction efficiency of FDUSD, continuing to bridge traditional finance with the increasingly evolving digital economy."
The launch of FDUSD on Sui will be announced by CEO Vincent Chok at the Sui Basecamp event on April 11. FDUSD becomes the first stablecoin officially issued on this blockchain. Currently, the two leading stablecoins, USDC and USDT, have a trading volume of $340 million on Sui, according to DefiLlama, but these are wrapped versions via the Wormhole bridge.
FDUSD has quickly become the fourth-largest market cap stablecoin at $3.3 billion since its launch, trailing only Tether's USDT, Circle's USDC, and MakerDAO's DAI. FDUSD's market cap has increased by $1 billion since the beginning of April, similar to other leading stablecoins.
According to CoinGecko data, FDUSD's trading volume has exceeded $10 billion in the past 24 hours, with over 90% coming from spot trading pairs with Bitcoin (BTC), Ether (ETH), and USDT on Binance.
Market cap fluctuation of FDUSD in the last month. Source: CoinGecko (10/04/2024)
