First Digital Trust, the issuer of FDUSD stablecoin, has announced a partnership with Layer-1 blockchain Sui. This marks the first expansion of FDUSD to a new blockchain since its launch. Sui now joins Ethereum and BNB Chain as the only networks with native FDUSD support. The move is aimed at enhancing liquidity and efficiency of transactions, while also bridging traditional finance to the digital economy.
FDUSD, currently the fourth-largest stablecoin by market cap with $3.3 billion, was initially launched on Ethereum and BNB Chain in 2023. Sui is now the third blockchain to have native FDUSD support. The partnership aims to bolster the stablecoin’s use in the growing DeFi ecosystem on Sui.
Sui, with a market cap of over $2 billion, has seen significant growth recently, thanks in part to its Sui Basecamp conference. However, the SUI token has experienced declines, currently trading at $1.55 after reaching highs of $2.17 on March 27.
In addition to its partnership with Sui, First Digital also plans to continue expanding FDUSD to other networks in the future. This strategic alliance highlights the importance of stablecoins in the digital economy and their potential to bridge the gap between traditional finance and the decentralised world.
