Heavily backed by the Binance exchange, the FDUSD stablecoin was previously available on Ethereum, BSC, and Sui networks.
First Digital Labs, a Hong Kong-based Web3 company focused on the development of highly liquid stablecoin, has announced the expansion of its signature product FDUSD to the Solana (SOL) network. The integration of the FDUSD stablecoins on the Solana network is a mutually beneficial leap that will play a crucial role in the mainstream adoption of digital assets and Web3 protocols.
Announced earlier today during the 2024 Binance Blockchain Week in Dubai, the First Digital Labs team highlighted that FDUSD is now available on four blockchains in its bid to expand to global markets. Heavily backed by Binance cryptocurrency exchange through the listing, the FDUSD has grown to the sixth largest stablecoin in the web3 space.
According to the latest market data, FDUSD stablecoin has a market cap of about $2.54 billion and a daily average traded volume of around $6.1 billion. As an institutional-focused stablecoin, with a notable presence in the retail market, FDUSD is largely used to provide liquidity for Bitcoin and Ethereum on the Binance exchange, whereby they both account for over 80 percent of its trading volume.
Why FDUSD Opted for Solana Expansion
According to the announcement, the decision to integrate FDUSD stablecoins with the Solana network was a tactical move geared to democratize the adoption of digital assets. Moreover, the Solana network has grown to a top tokenization ecosystem, with nearly $4 billion in stablecoins market cap.
The Solana network offers a secure, and most importantly affordable web3 solution, thus attracting more investors globally. In the last 24 hours, the Solana network has registered more than 6 million daily active addresses, which is 20 times higher than the Ethereum (ETH) network.
Solana’s meme coin space has grown to over $11 billion and a daily average traded volume of more than $3 billion, thus attracting more users in return. As a result, the integration of FDUSD stablecoins, which are fully backed 1:1 with the US dollars, is a major milestone for the Solana ecosystem.
2/ Key Benefits of FDUSD on Solana:
⚡Faster Transactions: Leveraging Solana’s high-performance blockchain, FDUSD transactions will be completed in seconds, providing an ideal solution for real-time payments and settlements.
💰Lower Transaction Fees: Solana’s cost-efficient…
— First Digital Labs (@FDLabsHQ) October 30, 2024
Market Impact
The impact of the FDUSD expansion to the Solana network will be long-lasting amid the mainstream adoption of digital assets and web3 projects. Most importantly, the integration with the Solana network will help stamp its growing dominance in the web3 space ahead.
The Solana network has grown to a large-cap project, with a fully diluted valuation of more than $102 billion and a daily average traded volume of over $4 billion.
Amid the ongoing crypto bullish outlook, triggered by the rising speculation of a parabolic rally in the coming months, SOL price has surged over 12 percent in the last four weeks to trade about $174 on Wednesday, during the mid-New York Session.
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