First Digital’s homegrown stablecoin, FDUSD, boasting a market cap exceeding $3 billion, has expanded its reach to the third blockchain, Sui, following its integration with Ethereum and BNB Chain.
Vincent Chok, CEO of FDUSD, conveyed to CoinDesk that this integration is poised to amplify the stablecoin’s adoption within the decentralized finance (DeFi) community.
“Sui represents a burgeoning network deeply invested in the DeFi realm. Their remarkable growth within a year underscores their potential, and we aim to foster mutual growth as a novel stablecoin within this ecosystem.”
Sui TVL Surpassed $500 Million
Sui has emerged as one of the most rapidly growing Layer 1 blockchains, showcasing remarkable DeFi expansion by surpassing $500 million in Total Value Locked (TVL) as of February. This surge propelled Sui to surpass both Aptos and Cardano in that period.
The introduction of FDUSD onto the Sui network marks a significant milestone, making it the premier stablecoin natively issued on the platform. According to DefiLlama data, the blockchain already hosts Tether (USDT) and USD Coin (USDC), totaling $340 million.
Greg Siourounis, managing director of the ecosystem development organization Sui Foundation, emphasized the profound impact this integration will have on the Sui community. He anticipates heightened liquidity, expanded network utility, and newfound opportunities for developers and users alike.
Launched in August 2023, FDUSD currently holds the fourth position in terms of 24-hour global trading volume, as per Coin Market Cap. With a circulating supply of 3.28 billion tokens, the fiat-pegged token is predominantly distributed across Ethereum and the BNB Chain.
