Stablecoin FDUSD Integrates Sui Blockchain After Ethereum and BNB Chain

CryptoNews.com

2024-04-10 03:00:59

Sujha Sundararajan

Last updated:

April 10, 2024 07:00 EDT | 1 min read

First Digital’s native stablecoin FDUSD, which has a market cap of over $3 billion, is now available on the third blockchain – Sui, after integrating Ethereum and BNB Chain.

Vincent Chok, CEO of FDUSD told CoinDesk that the integration would boost the stablecoin’s usage among decentralized finance (DeFi) users.

“Sui is an up-and-coming network and very supportive of the DeFi space. Their growth within a year is amazing as well, so we want to grow together as a new stablecoin.”

Sui TVL Surpassed $500 Million

Sui is one of the fastest-growing Layer 1 blockchains. As a result, It continued its impressive DeFi growth surpassing $500M in Total Value Locked (TVL) in February. The impressive growth made Sui overtake Aptos and Cardano at the time.

The expansion of FDUSD into Sui also makes it the first top stablecoin natively issued on the Sui network. Per DefiLlama data, the blockchain hosts Tether (USDT) and USD Coin (USDC) amounting $340 million.

“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,” Greg Siourounis, managing director of eco development organization Sui Foundation, noted.

FDUSD, launched in August 2023, holds the fourth position in terms of 24-hour global trading volume, per Coin Market Cap. Further, the fiat-pegged token boasts a circulating supply of 3.28 billion tokens, predominantly distributed across Ethereum and the BNB Chain.

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