First Digital Trust, headquartered in Hong Kong, has recently announced a significant expansion of its FDUSD token, valued at $3 billion, onto the Sui blockchain. This strategic move follows the token’s previous availability on both Ethereum (ETH) and BNB Chain (BNB), marking a pivotal step in extending the token’s accessibility and utility within the cryptocurrency ecosystem.

Vincent Chok, CEO of First Digital Trust, underscores the importance of this expansion, citing its potential to bolster FDUSD’s adoption among users of decentralized finance (DeFi). He emphasizes the token’s compliance with Hong Kong’s digital asset regulations, backed by U.S. Treasury bills and bank deposits to maintain a stable value pegged at $1. Since its inception, FDUSD has swiftly ascended to become the fourth-largest stablecoin, amassing a market capitalization of $3.3 billion, indicative of its growing prominence and widespread acceptance within the crypto market.

Significance of FDUSD’s Performance and Sui Blockchain’s Growth

FDUSD’s recent performance has been notable, particularly in light of a trading promotion initiated by Binance following the discontinuation of the Paxos-issued Binance USD stablecoin. This promotion has propelled FDUSD’s trading volume to surpass $10 billion within the past 24 hours, with a substantial portion attributed to trading pairs involving bitcoin (BTC), ether (ETH), and USDT on the Binance platform.

Vincent Chok also highlights the significance of the Sui blockchain, recognizing its pivotal role in supporting the burgeoning DeFi sector. With its remarkable growth trajectory over the past year, Sui, developed by the team behind Meta’s Diem project, has emerged as a promising platform for DeFi activities. Notably, the total value locked (TVL) on the Sui network has surged to an impressive $700 million, underscoring its growing influence and appeal among cryptocurrency enthusiasts.

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Impact of FDUSD’s Expansion on the Sui Community

The integration of FDUSD onto the Sui blockchain represents a watershed moment, positioning FDUSD as the inaugural top stablecoin natively issued on the platform. Previously, users were compelled to navigate bridges for the transfer of stablecoins across different blockchain networks, entailing additional fees and inherent risks.

Greg Siourounis, managing director of the Sui Foundation, lauds the profound impact of this integration on the Sui community. He emphasizes that the inclusion of FDUSD will significantly enhance liquidity, broaden the network’s utility, and unlock new avenues of innovation for both developers and users alike.

The live price of Sui (SUI) is $1.5544 Today, with cryptocurrency’s 24-hour trading volume being $218.3 Million. The coin has a surge of 1.29% in the past 4 hours. This integration marks a significant milestone in the evolution of the Sui blockchain, propelling it further into the forefront of the DeFi landscape.

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The post First Digital Trust Expands $3 Billion FDUSD Token to Sui Blockchain appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am