The stablecoin FDUSD issued by First Digital Trust is now growing its presence, making its way to the Sui platform following earlier integrations with Ethereum and BNB Chain.
With a market value exceeding $3 billion, this stablecoin now holds the position of being the fourth largest in circulation, having been launched in Hong Kong just last year.
A promotional campaign by Binance significantly influenced this surge in popularity and usage.
We’re pleased to share that @FDLabsHQ $FDUSD will be integrated into the @SuiNetwork, becoming the ecosystem’s first native 1:1 #stablecoin.
The partnership between First Digital and Sui is a strategic alliance aimed at enhancing liquidity and efficiency of transactions,…
— First Digital (@FirstDigitalHQ) April 10, 2024
After New York’s regulatory authorities ordered the halt of the Binance USD stablecoin issued by Paxos, there was a significant surge in trading volume for FDUSD, surpassing $10 billion within a day.
A significant rise in trading can mainly be linked to the combinations of FDUSD with bitcoin, ether, and USDT on Binance. According to CoinGecko’s data, approximately 90% of the transactions revolve around these particular pairings.
In simple terms, the activity level in decentralized finance (DeFi) on the Sui blockchain has noticeably increased. As reported by DefiLlama, the amount of money locked within the Sui network, representing the total value of assets in its ecosystem, has grown from $100 million to around $700 million over the past six months.
First Digital Trust brings FDUSD, a leading stablecoin, onto the Sui network as a pioneering move. This integration simplifies the process of transferring stablecoins like USDC and USDT from other blockchains to Sui, eliminating extra fees and reducing risks that come with using bridges for such transfers.
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2024-04-10 18:03