FDUSD joins a growing roster of stablecoins now live on Sui. Offered by First Digital Labs, FDUSD has previously been available on Ethereum and BNB Chain. Today marks its launch as a native stablecoin on Sui.
With its value tied to the US Dollar on a one-to-one basis, FDUSD joins similar native stablecoins on Sui including USDC and AUSD. The launch of the coin shows the increasing confidence in Sui by institutional financial companies. Sui recorded 430 percent growth in total value locked (TVL) and 692 percent growth in DeFi volume over the past year.
First Digital Labs maintains reserves in Asian banks and US Treasury debt to support the FDUSD. As of September 30, 2024, First Digital Labs maintained at least $2,817,942,313 in reserves to back FDUSD, according to an independent auditor's report.
Stablecoins such as FDUSD serve as a vital component of Sui's cryptocurrency ecosystem, appealing to users seeking a reliable store of value. They bridge the traditional finance world, with its generally trustworthy notions of value, and cryptocurrency, which offers technical security.
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