As a seasoned analyst with years of experience navigating the dynamic landscape of digital assets, I find First Digital Trust’s decision to expand their FDUSD stablecoin to the Solana network an astute move. The rapid growth and scalability that Solana offers make it an ideal choice for real-time payments and settlements, a key focus area for any stablecoin.
On Thursday, First Digital Trust, a stablecoin issuer based in Hong Kong, announced that they are broadening the reach of their FDUSD token by integrating it with the Solana blockchain network.
As an analyst, I’m sharing that I’m excited about the expansion of First Digital USD (FDUSD), the fourth-largest stablecoin by market capitalization, which is issued by First Digital Trust based in Hong Kong. After successfully launching products on Ethereum and BNB Chain (previously known as Binance Smart Chain), they are now aiming to grow their ecosystem by entering the Solana network.
1/ Excitedly announcing the expansion of FDUSD onto the Solana platform! This move will enable swifter, more streamlined transactions for our users while increasing our presence within the vast digital asset landscape.
— First Digital Labs (@FDLabsHQ) October 30, 2024
On October 30th, the development team of the stablecoin revealed their choice, stating that they chose Solana’s platform primarily because of its high transactional capacity. They described Solana as a “perfect fit” for handling real-time payment and settlement processes.
In simpler terms, the team stated that integrating FDUSD with Solana is part of their overall plan to establish a diverse and robust ecosystem for stablecoins. Yet, they did not specify the exact timeline for when FDUSD will become available on Solana.
On Ethereum, BNB Chain, Sui, and soon Solana, FDUSD has a broader reach and greater liquidity than before.
First Digital Trust
FDUSD quickly expands across blockchain networks
Introduced in 2023, FDUSD operates under Hong Kong’s digital asset regulations and maintains a value of $1 through backing by U.S. Treasury bills and bank deposits. Apart from Ethereum and BNB Chain, this stablecoin can also be found on the Sui Network.
After its debut, Binance initiated trading for Bitcoin (BTC) and Ethereum (ETH) with FDUSD, attracting traders due to zero charges. Consequently, this stablecoin climbed the ranks to become the fourth-largest stablecoin following Tether’s (USDT), Circle’s (USDC), and MakerDAO’s (DAI). By the time of publication, it had garnered a market cap exceeding $2.5 billion.
Read More
Sorry. No data so far.
2024-10-30 16:09