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Hong Kong-based stablecoin issuer First Digital Trust said Thursday it is expanding its $FDUSD token to the Solana network.
First Digital USD ($FDUSD), the fourth largest stablecoin by market capitalization issued by Hong Kong-based firm First Digital Trust, is coming to Solana as it seeks new ecosystems after rolling out products on Ethereum and $BNB Chain (formerly Binance Smart Chain).
1/ $FDUSD expands to Solana 🔥
— First Digital Labs (@FDLabsHQ) October 30, 2024
We’re thrilled to share that $FDUSD will be available on the @solana blockchain, bringing faster, more efficient transactions to our users and expanding our reach across the digital asset ecosystem. pic.twitter.com/e8vYCgUEeq
In an Oct. 30 announcement on X, the team behind the stablecoin said the selection was due to Solana’s transactional output, calling it an “ideal solution for real-time payments and settlements.”
The team added that $FDUSD’s upcoming integration with Solana is a “part of our broader strategy to build a versatile, resilient stablecoin ecosystem.” However, the stablecoin issuer didn’t explain when exactly it plans to launch $FDUSD on Solana.
“With support on Ethereum, $BNB Chain, Sui, and soon Solana, $FDUSD is more globally accessible and liquid than ever.”
First Digital Trust
$FDUSD quickly expands across blockchain networks
Unveiled in 2023, $FDUSD is issued under Hong Kong’s digital asset rules and backed by U.S. Treasury bills and bank deposits to keep its price anchored to $1. In addition to Ethereum and $BNB Chain, $FDUSD is also available on Sui Network.
Shortly following its launch, Binance opened trading in Bitcoin (BTC) and Ethereum (ETH) with $FDUSD, wooing traders with zero fees. As a result, the stablecoin quickly became the fourth-largest stablecoin behind Tether’s (USDT), Circle’s (USDC) and MakerDAO’s (DAI), amassing more than $2.5 billion market capitalization, as of press time