First Digital Trust to expand FDUSD to Sui to boost DeFi user adoption

Stablecoin issuer First Digital Trust announced on Wednesday that it will expand its stablecoin FDUSD to the Sui blockchain, following its launch on Ethereum and BNB Chain. First Digital CEO Vincent Chok stated in an interview that this expansion is part of First Digital's efforts to increase the usage of FDUSD among DeFi users. FDUSD is issued in accordance with Hong Kong's digital asset regulations and is supported by US Treasury bills and bank deposits to maintain its price peg to the US dollar. It has become the fourth largest stablecoin after USDT, USDC, and DAI, with a market value of $3.3 billion since its launch last year.