First Digital’s FDUSD Stablecoin is Officially Live on Sui

FDUSD becomes the second native stablecoin on Sui following USDC’s landmark deployment in early October

Grand Cayman, Cayman Islands, 20th November, 2024, Chainwire

Sui, the Layer 1 blockchain boasting industry-leading performance and infinite horizontal scaling, today announced that First Digital’s (First Digital) one of the world’s largest stablecoins, FDUSD, has officially gone live on Sui. This marks the second multi-billion dollar market cap stablecoin to natively integrate with Sui in recent months, bolstering FDUSD’s position as a versatile and interoperable stablecoin while enhancing Sui’s burgeoning DeFi ecosystem where TVL is over $1.5B.

With this integration, FDUSD’s multi-chain compatibility now extends to Sui, introducing a genuinely interoperable stablecoin capable of powering DeFi applications across countless additional platforms. By leveraging Sui’s high-performance network combined with its own powerful architecture, FDUSD enables breakthrough use cases that enhance speed and efficiency in data transfers and other on-chain operations. Moreover, integrating protocols such as NAVI and Cetus and leveraging Sui’s native liquidity layer, DeepBook, will propel the development of new applications, further expanding FDUSD’s utility within the DeFi landscape.

“We are thrilled to launch FDUSD on Sui and look forward to the new possibilities this integration brings,” said Vincent Chok, Founder and CEO of First Digital. “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, paving the way for even more innovation on Sui.”

“Sui’s DeFi ecosystem continues to surge, recently surpassing $1 billion in TVL and consistently ranking among the top networks in transaction volume,” said Jameel Khalfan, Head of Ecosystem Development at Sui Foundation. “The addition of FDUSD, one of the industry’s leading stablecoins, will further accelerate this growth, unlocking new and impactful use cases for both users and developers across the ecosystem.”

Sui’s blockchain, designed for unprecedented scalability and composability, is an ideal platform for stablecoins like FDUSD, which are fully backed by cash and cash equivalents. The network’s object-centric model, powered by the Move programming language, enables parallel transaction execution and rich composability, providing developers with the tools to build powerful decentralized applications (dApps) that maximize efficiency.