First Digital has expanded its stablecoin offering by launching the FDUSD stablecoin as the native token of the Sui blockchain. According to the Sui Foundation, this development provides additional options for decentralized finance (DeFi) users, further enhancing the diversity of the ecosystem.
FDUSD Joins Sui’s Stablecoin List
FDUSD joins the growing list of stablecoins on the Sui platform that already includes USDC and AUSD. Previously available on the Ethereum and BNB chains, the launch of Sui on FDUSD marks a new chapter for stablecoins pegged one-to-one to the US dollar. This addition highlights the growing trust in Sui from institutional finance companies.
Sui’s growth and stability
The Sui blockchain has seen significant growth over the past year, with a 430% increase in total value locked (TVL) and a 692% increase in DeFi volume. These metrics reflect the platform’s growing influence in the cryptocurrency space, attracting the attention of various financial institutions.
Support and Security from FDUSD
First Digital Labs supports FDUSD with reserves held in Asian banks and U.S. Treasury debt. As of September 30, 2024, an independent audit report confirmed that First Digital Labs maintains at least $2,817,942,313 in reserves to ensure the reliability and security of its stablecoins.
The role of stablecoins in DeFi
Stablecoins like FDUSD are critical to bridging traditional finance and cryptocurrencies. This provides an attractive store of value for users who value both the security of blockchain technology and the stability of fiat currency. This dual appeal becomes a fundamental element of Sui’s DeFi ecosystem.
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