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First Digital expands FDUSD stablecoin to Sui blockchain

Must Read

  • Sui has built-in First Digital USD (FDUSD) stablecoin, becoming a member of Ethereum and BNB Chain as solely networks at present with native FDUSD help.
  • FDUSD’s enlargement to Sui targets the rising 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 Belief, the Hong Kong-based issuer of the US-dollar pegged stablecoin FDUSD, has introduced a strategic alliance with Layer-1 blockchain Sui.

In an replace on Wednesday, First Digital stated its enlargement to Sui marks the primary time the stablecoin will likely be accessible on a brand new blockchain since its launch.

FDUSD now accessible on Sui, Ethereum and BNB Chain

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

“The partnership between First Digital and Sui is a strategic alliance aimed toward enhancing liquidity and effectivity of transactions, persevering with to bridge conventional finance to the ever-expanding digital financial system,” First Digital Labs identified by way of X.

In keeping with First Digital, the enlargement is aimed toward bolstering the stablecoin’s use within the burgeoning decentralised finance (DeFi) ecosystem on Sui.

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

Sui, then again, has a market cap of simply over $2 billion. The blockchain has seen notable development amid sentiment round its Sui Basecamp, the L1 blockchain’s first world convention.

See also  Is Bitcoin Canine a great funding on this crypto bull run?

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

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