First Digital expands FDUSD stablecoin to Sui blockchain

First Digital Trust, the issuer of the US-dollar pegged stablecoin FDUSD, has expanded its reach by integrating FDUSD into the Sui blockchain. This move marks the first time FDUSD will be available on a new blockchain since its launch and aims to target the growing decentralized finance (DeFi) ecosystem on Sui.

FDUSD, currently the fourth-largest stablecoin by market cap with $3.3 billion, initially launched on Ethereum and BNB Chain in August 2023. With the addition of Sui, it becomes the third blockchain to have native FDUSD support.

The expansion to Sui is strategic, as it aims to enhance the stablecoin's utility within the DeFi ecosystem on the blockchain. Sui, with a market cap of over $2 billion, has experienced significant growth, particularly around its Sui Basecamp, the blockchain's first global conference.

The SUI token, native to the Sui blockchain, has seen fluctuations in its value, reaching highs of $2.17 on March 27 before experiencing recent declines to $1.55.

The integration of FDUSD into the Sui blockchain represents a strategic move by First Digital Trust to expand the utility and accessibility of its stablecoin, tapping into the growing opportunities within the DeFi space on Sui.

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