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Crypto News

First Digital expands FDUSD stablecoin to Sui blockchain

SUI and Bittensor remain stable as market bleeds; Milei Moneda emerges to save investors’ portfolios with potential gains

  • Sui has integrated First Digital USD (FDUSD) stablecoin, joining Ethereum and BNB Chain as only networks currently with native FDUSD support.
  • FDUSD’s expansion to Sui targets the growing decentralised finance (DeFi) ecosystem on Sui.
  • FDUSD is the fourth-largest stablecoin by market cap with $3.3 billion – behind DAI, USDC and USDT.

First Digital Trust, the Hong Kong-based issuer of the US-dollar pegged stablecoin FDUSD, has announced a strategic alliance with Layer-1 blockchain Sui.

In an update on Wednesday, First Digital said its expansion to Sui marks the first time the stablecoin will be available on a new blockchain since its launch.

FDUSD now available on Sui, Ethereum and BNB Chain

FDUSD, currently a $3.3 billion stablecoin, initially launched on Ethereum  and BNB Chain in August 2023. Sui is the third blockchain to have native FDUSD support. 

“The partnership between First Digital and Sui is a strategic alliance aimed at enhancing liquidity and efficiency of transactions, continuing to bridge traditional finance to the ever-expanding digital economy,” First Digital Labs pointed out via X.

According to First Digital, the expansion is aimed at bolstering the stablecoin’s use in the burgeoning decentralised finance (DeFi) ecosystem on Sui.

First Digital USD is the fourth-largest stablecoin by market cap. It’s currently behind MakerDAO’s Dai (DAI), Circle’s USDC (USDC) and top stablecoin by market cap Tether (USDT).

Sui, on the other hand, has a market cap of just over $2 billion. The blockchain has seen notable growth amid sentiment around its Sui Basecamp, the L1 blockchain’s first global conference.

SUI token reached highs of $2.17 on March 27. Recent declines see it currently poised at $1.55.

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