FDUSD Becomes the Second Native Stablecoin on Sui Following USDC's Landmark Deployment in Early October

Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, and First Digital Labs, the creator of one of the world's largest

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

FDUSD Marks Second Native Stablecoin on Sui After USDC’s Landmark Deployment in Early October

Sui, the Layer 1 blockchain boasting industry-leading performance and infinite horizontal scaling, and First Digital Labs, the creator of one of the world’s largest stablecoins, FDUSD, today announced that FDUSD is now live on Sui.

The integration of FDUSD into the Sui network marks a significant milestone for both projects. As the second multi-billion dollar market cap stablecoin to natively integrate with Sui in recent months, the move strengthens FDUSD’s position as a versatile and interoperable stablecoin while enhancing Sui’s burgeoning DeFi ecosystem where TVL is over $1.5B.

This integration expands FDUSD’s multi-chain compatibility to now include the Sui network, offering an interoperable stablecoin that can power DeFi applications across numerous additional platforms. By combining the high-performance network of Sui with FDUSD’s own powerful architecture, the integration enables use cases that enhance speed and efficiency in data transfers and other on-chain operations.

Furthermore, the integration of protocols like NAVI and Cetus, and the utilization of Sui’s native liquidity layer, DeepBook, will drive the development of new applications and expand FDUSD’s utility within the DeFi landscape.

“We are very excited to launch FDUSD on Sui and anticipate the new possibilities that this integration will bring,” said Vincent Chok, Founder and CEO of First Digital. “By leveraging Sui’s unique object-centric design, FDUSD gains access to ultra-fast transaction speeds, low fees, and unmatched scalability. Today’s deployment deepens FDUSD’s multi-chain compatibility and bolsters on-chain liquidity in what is already a very active DeFi ecosystem, enabling 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.”

Designed for unparalleled scalability and composability, Sui’s blockchain serves as an optimal platform for stablecoins like FDUSD, which is 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.

About Sui

Sui is a Layer 1 blockchain that achieves unparalleled performance and infinite horizontal scaling through its own unique architecture. Backed by $336 million in funding from FTX Ventures, Coinbase Ventures, IOSG Ventures, and others, Sui is designed to empower Web3.0 developers with a scalable, modular, and expressive blockchain.

With a community of over 100,000 Discord members and a TVL that recently surpassed $1 billion, Sui is emerging as a leading blockchain for DeFi, NFTs, and GameFi.

Contact

Sui Foundation

[email protected]