First Digital Labs, a subsidiary of First Digital Group, creators of FDUSD, the fastest-growing stablecoin in crypto, is launching FDUSD on the Sui Network and becoming the Sui ecosystem’s first native stablecoin. Originally deployed on Ethereum and BNB, First Digital announced plans to expand to other blockchains at the time of launch. Sui now becomes the first blockchain FDUSD has expanded native support to since its inception.
FDUSD launched in August 2023 and has already amassed a market cap of over $3 billion. Over the last week, FDUSD has seen the fifth-highest trading volume across the entire industry, including between $7-12 billion of daily volume over the last week.
Combined with Sui’s rapidly ascending DeFi ecosystem, which has over $650 million in TVL and recently broke into the top 10 blockchains in weekly DEX trading volume, FDUSD becoming a native stablecoin on the network will be a significant boon to the market positions of both projects.
Impact of FDUSD Deploying on Sui
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The integration of FDUSD as the first native stablecoin on the Sui Network expands the utility and accessibility of both projects, tapping into new user bases and markets.
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FDUSD’s presence on Sui adds liquidity to the network, facilitating even more seamless transactions and improving market efficiency.
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With Sui’s burgeoning DeFi ecosystem becoming natively compatible with FDUSD, users can leverage the stablecoin for easier access to yield farming, lending, borrowing, and staking, making DeFi on Sui even easier to access and use.
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Developers and users on Sui benefit from the stability and trust associated with FDUSD, backed by transparent reserves and rigorous audits, further bolstering confidence in the Sui ecosystem and the Sui DeFi apps that will leverage FDUSD.
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“First Digital’s decision to deploy FDUSD, a rapidly growing and rigorously secure stablecoin, on Sui, underscores the meteoric rise of Sui’s DeFi ecosystem. This integration will have a profound impact on the Sui community, fueling enhanced liquidity, expanding the network’s utility, and unlocking new possibilities for builders and users. FDUSD deploying on Sui is a boon to both ecosystems and could not come at a more exciting time as the inaugural Sui Basecamp conference kicks into full gear with hundreds of builders and community members in the same room.” — Greg Siourounis, Managing Director, Sui Foundation
More on Sui
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Sui is a groundbreaking Layer 1 blockchain and smart contract platform designed to revolutionize digital asset ownership, offering unparalleled speed, privacy, security, and scalability.
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Its innovative object-centric model, powered by the Move programming language, facilitates parallel execution, sub-second finality, and robust on-chain assets.
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Sui was built from the ground up with an emphasis on the developer experience, managing specific objects rather than a single aggregate of state.
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The Sui Move language and object-based architecture enable applications and composability not possible on other blockchains.
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Performance and accomplishments:
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297,000 TPS
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480 ms time to finality
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65.8M single-day transactions—most of any blockchain
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9.5M active users
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Top 10 in DEX volume
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10+ months continuous, 100% uptime – the Sui Network has never been down or experienced degraded performance.
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More on FDUSD
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FDUSD, issued by FD121 Limited, a Hong Kong-based subsidiary of First Digital Group, is a rapidly growing stablecoin designed to maintain a stable value pegged to the US dollar or equivalent assets.
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FDUSD launched in June 2023 and quickly gained traction, amassing a market cap of over $3 billion.
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FDUSD is backed by USD reserves held in segregated accounts with First Digital Trust, a trust company registered under Hong Kong law. Reserves are held in cash or highly liquid assets, ensuring a 1:1 backing of the stablecoin.
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First Digital publishes an “attestation of reserve” report on a monthly basis audited by independent firms to demonstrate full backing.
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FDUSD offers various use cases, including remittances, payment solutions, hedging against price volatility, and usage in DeFi applications.