Stablecoin

DeFi

USDC

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/first-digital-trust-expands-fdusd-stablecoin-to-sui-blockchain/" data-wpel-link="internal">First Digital Trust Expands FDUSD Stablecoin to Sui Blockchain</a><br></p>
<p style="text-align: justify">Hong Kong-based <strong>First Digital Trust</strong> has decided to expand its FDUSD token, which was launched last year and quickly became the fourth-largest stablecoin with a value of $3 billion, to the Sui (SUI) blockchain. This move is part of the company’s goal to encourage decentralized finance (<a href="https://coin-turk.com/pancakeswap-ekibinden-dikkat-ceken-duyuru-dorduncu-surum-kod-tabani-yayinlandi" data-wpel-link="internal">DeFi</a>) users to make more use of FDUSD.</p> 
<h2 style="text-align: justify" id="fdusd-the-fourth-largest-stablecoin">FDUSD: The Fourth-Largest Stablecoin</h2> 
<p style="text-align: justify">According to First Digital Trust CEO Vincent Chok, FDUSD, which is issued under Hong Kong’s digital asset regulations and backed by US Treasury bonds and bank deposits to peg its price to $1, has amassed a market value of $3.3 billion in the last year. Thus, it quickly rose to become the fourth-largest stablecoin following <a href="https://en.coin-turk.com/tether-treasury-prints-1-billion-usdt/" data-wpel-link="internal">Tether</a>‘s <strong><a href="https://coin-turk.com/ripple-kendi-stablecoinini-mi-piyasaya-surecek" data-wpel-link="internal">USDT</a></strong>, Circle’s USDC, and MakerDAO’s DAI.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-339374 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/fdusd-coin-turk-com-.png" alt="" width="917" height="518"></p> 
<p style="text-align: justify"><strong>FDUSD</strong>‘s success is also attributed to greatly benefiting from the trading promotions of crypto exchange giant <a href="https://en.coin-turk.com/binance-announces-wallet-maintenance-for-bnb-smart-chain-bep20/" data-wpel-link="internal">Binance</a>. Particularly after the shutdown of the Binance USD stablecoin issued by Paxos by order of New York state regulators, FDUSD experienced a significant increase in trading volume on Binance.</p> 
<p style="text-align: justify">Regarding the expansion to the Sui network, Chok stated, “Sui is a promising network and greatly supports the <a href="https://en.coin-turk.com/decline-in-interest-for-decentralized-social-media-platform-friend-tech/" data-wpel-link="internal">DeFi</a> space. Their growth within a year is incredible, so we want to grow together as a new stablecoin.”</p> 
<h2 style="text-align: justify" id="stablecoins-on-the-sui-network">Stablecoins on the Sui Network</h2> 
<p style="text-align: justify">The integration with Sui will also make FDUSD the first top-tier stablecoin natively issued on the <strong>Sui</strong> network. This step will contribute to the rapid growth of Sui’s DeFi activities. Currently, according to DefiLlama data, Sui hosts 340 million USDC and USDT, but bridges were needed to transfer these tokens from other <a href="https://coin-turk.com/facebook-lider-bir-danisman-ariyor" data-wpel-link="internal">Blockchain</a> networks, which came with fees and risks. This integration will significantly contribute to the development of the Sui network.</p> 
<p style="text-align: justify">Greg Siourounis, General Manager of the Sui Foundation, commented on the integration, “This integration will have a profound impact on the Sui community, fueling enhanced liquidity, expanding network usage, and unlocking new possibilities for builders and users.”</p> 
<p style="text-align: justify">This development stands out as a significant milestone for both First Digital Trust and the Sui network. The collaboration and integration between the two platforms are expected to further strengthen the DeFi ecosystem and offer users a wider variety of options.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/first-digital-trust-expands-fdusd-stablecoin-to-sui-blockchain/" data-wpel-link="internal">First Digital Trust Expands FDUSD Stablecoin to Sui Blockchain</a></h5>

First Digital Trust Expands FDUSD Stablecoin to Sui Blockchain

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