KEY TAKEAWAYS
- FDUSD, a stablecoin by First Digital Labs, has launched on the Sui blockchain, expanding its availability beyond Ethereum and BNB Chain.
- The stablecoin maintains a one-to-one value with the US Dollar, joining other native stablecoins like USDC and AUSD on Sui.
- Sui’s blockchain has seen significant growth, with a 430% increase in total value locked and a 692% rise in DeFi volume over the past year.
- FDUSD is backed by reserves in Asian banks and US Treasury debt, with an independent audit confirming substantial reserves as of September 2024.
FDUSD, a stablecoin offered by First Digital Labs, has expanded its reach by launching on the Sui blockchain. Previously available on Ethereum and BNB Chain, FDUSD is now a native stablecoin on Sui, marking a significant step in its development.
The stablecoin maintains its value tied to the US Dollar on a one-to-one basis. It joins other native stablecoins on Sui, such as USDC and AUSD. The launch highlights the growing confidence in Sui by institutional financial companies, as evidenced by Sui’s impressive growth metrics. Over the past year, Sui recorded a 430 percent increase in total value locked (TVL) and a 692 percent rise in DeFi volume.
First Digital Labs supports FDUSD with reserves held in Asian banks and US Treasury debt. An independent auditor’s report confirmed that as of September 30, 2024, the company maintained at least $2,817,942,313 in reserves to back the stablecoin.
Stablecoins like FDUSD play a crucial role in Sui’s cryptocurrency ecosystem. They offer a reliable store of value for users, bridging the gap between traditional finance and the technical security of cryptocurrency. This launch is part of a broader trend of integrating stablecoins into blockchain platforms to enhance financial stability and accessibility.
For more information, the announcement was made here.
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