Hong Kong stablecoin FDUSD expands to Solana

Hong Kong-based stablecoin issuer First Digital Trust said on Thursday that it will expand its FDUSD token to the Solana network.

First Digital USD (FDUSD), the fourth-largest stablecoin by market cap launched by Hong Kong-based firm First Digital Trust, comes to Solana as it searches for new ecosystems after launching products on Ethereum and BNB Chain (formerly Binance Smart Chain).

1/ FDUSD expands to Solana 🔥

We are excited to share this $FDUSD will be available at @solana Blockchain provides our users with faster, more efficient transactions and expands our reach in the digital asset ecosystem. pic.twitter.com/e8vYCgUEeq

— First Digital Labs (@FDLabsHQ) October 30, 2024

In an October 30 announcement at X, the team behind the stablecoin said the choice was driven by Solana’s transaction throughput, calling it “an ideal solution for real-time payments and payments.”

The team added that FDUSD’s upcoming integration with Solana is “part of our broader strategy to build a versatile, resilient stablecoin ecosystem.” However, the stablecoin issuer has not announced exactly when it plans to launch FDUSD on Solana.

“With support for Ethereum, BNB Chain, Sui, and soon Solana, FDUSD is globally more accessible and liquid than ever before.”

First Digital Trust

FDUSD is rapidly expanding on blockchain networks

FDUSD, which will be introduced in 2023, is issued under Hong Kong’s digital asset rules and is backed by US Treasury bills and bank deposits to keep its price pegged at $1. Besides Ethereum and BNB Chain, FDUSD is also available on Sui Network.

Binance began trading Bitcoin (BTC) and Ethereum (ETH) with FDUSD shortly after its launch, attracting investors 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), reaching a market cap of more than $2.5 billion as of press time.