First Digital Labs expands its FDUSD stablecoin to the Solana blockchain
A leader in digital asset custody, First Digital Group, has announced that First Digital USD (FDUSD) will be natively deployed to the Solana blockchain, enhancing and strengthening the stablecoin's accessibility.
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
FDUSD launches on Solana
To satisfy the increasing demand for easily accessible, cross-chain stablecoin solutions, FDUSD will integrate with Solana's high-performance blockchain by the end of 2024 and take advantage of its incredibly fast transaction speeds, high scalability, and low fees, the post continued.
Lily Liu, President of the Solana Foundation, said with the integration of FDUSD on Solana, there will be more opportunities for practical, on-chain financial innovations.
The expansion of FDUSD onto Solana is a significant step in our mission to enhance its utility, accessibility, and availability across multiple blockchain ecosystems, stated Vincent Chok, the CEO and founder of First Digital.
The post said users can obtain transaction confirmations nearly instantaneously due to Solana's exceptional processing speed, which can handle up to 65,000 transactions per second.
This integration aims to support applications in areas such as DeFi and payments in order to improve the usability and adoption of FDUSD in both established and emerging markets. By including Solana in its expanding list of supported blockchain networks, FDUSD will enable institutional and retail users to benefit from Solana's scalability, opening up new pathways for daily transactions, decentralized finance (DeFi), and cross-border payments.
What is FDUSD?
First Digital Labs is the issuer of FDUSD, a stablecoin backed 1:1 by the US dollar. One US dollar or assets with a comparable fair value that are held in the accounts of regulated financial institutions around the world provide 1:1 backing for the FDUSD stablecoin.
FDUSD, issued under Hong Kong’s digital asset rules and backed by U.S. Treasury bills and bank deposits, is presently accessible on Sui, BNB Chain, and Ethereum.
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