Key Points
First Digital Trust, a stablecoin issuer based in Hong Kong, has announced plans to extend its FDUSD token to the Solana network.
FDUSD Expanding to Solana
FDUSD, issued by First Digital Trust, is the fourth largest stablecoin by market capitalization.
The company is looking to expand into new ecosystems after launching products on Ethereum and BNB Chain, formerly known as Binance Smart Chain.
The decision to select Solana was announced on Oct. 30 by the team behind FDUSD.
They cited Solana’s transactional output as the reason, labeling it an ideal solution for real-time payments and settlements.
The team also mentioned that the integration of FDUSD with Solana is part of a broader strategy.
This strategy aims to build a versatile, resilient stablecoin ecosystem.
However, the issuer has not provided a timeline for the launch of FDUSD on Solana.
First Digital Trust stated that, “With support on Ethereum, BNB Chain, Sui, and soon Solana, FDUSD is more globally accessible and liquid than ever.”
FDUSD was unveiled in 2023, following Hong Kong’s digital asset rules.
It is backed by U.S. Treasury bills and bank deposits to maintain its price at $1.
In addition to Ethereum and BNB Chain, FDUSD is also available on the Sui Network.
Shortly after its launch, Binance initiated trading in Bitcoin (BTC) and Ethereum (ETH) with FDUSD, attracting traders with zero fees.
As a result, FDUSD quickly became the fourth-largest stablecoin, following Tether’s (USDT), Circle’s (USDC), and MakerDAO’s (DAI).
As of the time of writing, FDUSD has amassed a market capitalization of more than $2.5 billion.
