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FDUSD stablecoin launches on Sui blockchain with $1.5B TVL

FDUSD stablecoin launches on Sui blockchain with $1.5B TVL

GrafaGrafa2024/11/21 10:37
By:Isaac Francis

First Digital Labs has launched its FDUSD (CRYPTO:FDUSD) stablecoin on the Sui (CRYPTO:SUI) blockchain, marking it as the second multi-billion-dollar stablecoin to natively integrate with Sui, following USDC's deployment in October.

This integration strengthens Sui’s expanding decentralized finance (DeFi) ecosystem, which has surpassed $1.5 billion in total value locked (TVL).

Sui, a Layer 1 blockchain known for its high performance and infinite horizontal scaling, provides FDUSD with enhanced speed, low fees, and interoperability.

This deployment enables FDUSD to support a wider range of DeFi applications while leveraging Sui’s native liquidity layer, DeepBook.

Protocols such as NAVI and Cetus are expected to expand FDUSD's utility within the ecosystem.

"By leveraging Sui’s unique object-centric design, FDUSD gains access to ultra-fast transaction speeds, low fees, and unmatched scalability. Today’s deployment augments FDUSD’s multi-chain compatibility and strengthens on-chain liquidity in what is already a thriving DeFi ecosystem," stated Vincent Chok, Founder and CEO of First Digital.

Sui’s architecture, powered by the Move programming language, supports parallel transaction execution and rich composability, making it an ideal platform for stablecoins like FDUSD, which are fully backed by cash and cash equivalents.

"The addition of FDUSD will further accelerate this growth, unlocking new and impactful use cases for both users and developers across the ecosystem," noted Jameel Khalfan, Head of Ecosystem Development at Sui Foundation.

With this integration, FDUSD reinforces its role as a versatile, multi-chain stablecoin, while Sui solidifies its position as a leading blockchain for DeFi innovation and scalability.

This collaboration is expected to foster advancements in decentralized applications and liquidity solutions, enhancing the DeFi landscape.

At the time of reporting, the First Digital USD (FDUSD) price was $1.00, and the Sui (SUI) price was $3.59.

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