Hong Kong-based stablecoin issuer First Digital Trust (FDUSD) announced on Wednesday that it has expanded its $3 billion FDUSD altcoin project to the Sui (SUI) blockchain. This move follows the launch of the FDUSD token on Ethereum (ETH) and BNB Chain (BNB). Here are the details…
FDUSD moves to blockchain behind altcoin SUI
FDUSD, which has been used extensively since the moment it was decided to remove BUSD from circulation in Binance, came to the agenda with a new move. FDUSD is expanding to the SUI Blockchain. It was stated that the expansion is part of First Digital’s effort to increase FDUSD usage among decentralized finance (DeFi) users. “Sui is a promising network and supports the DeFi space,” said Vincent Chok, CEO of First Digital Trust. “Their growth in one year is also incredible, so we want to grow together as a new stablecoin,” he said.
FDUSD entered the market under Hong Kong’s crypto asset rules. Moreover, it is backed by US Treasury bills and bank deposits to stabilize its price at $1. FDUSD quickly became the fourth largest stablecoin behind Tether’s USDT, Circle’s USDC, and DAI. It has achieved a market cap of $3.3 billion since last year.
FDUSD benefited from Binance
The token became Binance’s lifeline after the Binance USD stablecoin ran into trouble. BUSD issued by Paxos has been halted by New York state regulators. As we reported as Kriptokoin.com, Sui is growing in DeFi activities. The total value locked (TVL) of the network increased 7x in six months. The expansion to Sui also makes FDUSD the first top-tier stablecoin issued locally on the Sui network. This makes FDUSD ready for integration with other DeFi protocols and applications in the Sui ecosystem. FDUSD’s expansion into Sui is expected to significantly expand the stablecoin’s user base and reach and accelerate its growth in the DeFi space.
Expansion, It means greater access and liquidity for DeFi users. It also increases the use and adoption of FDUSD. On the other hand, it means the growth of DeFi activities on the Sui network. Moreover, it is a solid foundation for the long-term growth and success of Stablecoin. According to some, FDUSD could rival other major stablecoins such as USDT, USDC and DAI. Additionally, Sui could become a major player in the DeFi ecosystem. Apart from this, the general adoption and use of stablecoins may increase.
FDUSD’s expansion to the Sui blockchain is a significant development for the stablecoin and DeFi spaces. This move is expected to expand FDUSD’s user base and reach and accelerate its growth in the DeFi space. The expansion is also likely to have a positive impact on the overall adoption and use of stablecoins.
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