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News

FDUSD Goes Live On Sui To Foster The Network Growth

April 10, 2024 - Around 2 mins mins to read
  • Hong Kong stablecoin issuer First Digital Trust is expanding its $3 billion FDUSD token to the Sui blockchain.
  • FDUSD has quickly become the fourth-largest stablecoin, with a $3.3 billion market cap.
Hong Kong’s FDUSD goes live on Sui, aiming to increase usage in DeFi, as per CoinDesk. Since its launch, it has quickly become the fourth-largest stablecoin, with a $3.3 billion market cap.

First Digital Trust, a Hong Kong stablecoin issuer, is expanding its $3 billion FDUSD token to the Sui blockchain. Previously only available on Ethereum and BNB Chain, this move is part of an effort to increase FDUSD’s usage among decentralized finance (DeFi) users.

Third Time’s the Charm: FDUSD Goes Live On Sui

FDUSD is issued under Hong Kong’s digital asset regulations and is backed by U.S. Treasury bills and bank deposits to maintain its $1 peg.

Since its launch, it has quickly become the fourth-largest stablecoin, with a $3.3 billion market cap. The token has seen significant benefits from Binance’s trading promotion following the closure of the Paxos-issued Binance USD stablecoin.

Readmore: Bitcoin Layer 2 Mezo Debuts With $21M Funding: Report

Sui Network’s Significant Growth in DeFi Activity

The Sui network, created by the team behind Meta’s now-defunct Diem crypto project, has experienced substantial growth in DeFi activity. The network’s total value locked (TVL) has grown from $100 million to $700 million in just six months.

FDUSD Goes Live On Sui To Foster The Network Growth
Source: DeFiLIama

The FDUSD expansion also makes it the first top stablecoin natively issued on the Sui network. While Sui hosts $340 million worth of USDC and USDT stablecoins, users previously had to use bridges to transfer tokens from other blockchains, adding fees and risks.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.