Key Points
- First Digital Labs announced that they will issue their FDUSD stablecoin on Solana.
- The announcement was made during Binance Blockchain Week in Dubai.
During this year’s Binance Blockchain Week which debuted today in Dubai, First Digital Labs announced that they will issue their FDUSD stablecoin on Solana.
According to an official announcement via X, the team at Solana said that FDUSD will leverage Solana’s high throughput and low costs, joining the Solana payments and DeFi ecosystem.
First Digital Issues FDUSD on Solana
According to the team at Solana, First Digital has issued $2.6 billion FDUSD across other blockchains as of October 28, according to official data.
FDUSD joins Circle’s USDC, Tether’s USDT, PayPal’s PYUSD and other global currencies including GYEN from GMO Trust company issued on Solana.
It’s also worth noting that Solana’s stablecoin market cap grew 151% year-on-year, driven recently by PayPal’s PYUSD stablecoin launched on Solana back in June.
Why This Matters
This recent move is important as more stablecoin options mean more building blocks for developers which translates into better PayFi products for users.
First Digital Labs plans to issue FDUSD natively on the Solana network starting in December 2024.
They also made the important announcement via their X account, highlighting that the move will bring faster, more efficient transactions to users while expanding their reach across the crypto ecosystem.
Key Benefits of FDUSD on Solana
The key benefits of this latest expansion of FDUSD include the following:
- Faster Transactions – Leveraging Solana’s high performance, FDUSD will be completed in seconds, offering an ideal solution for real-time payments and settlements.
- Lower Transactions Fees – Solana’s cost-efficient framework offers low transaction fees, making it more affordable for users to transfer value on a global scale.
- Enhanced Scalability – With the FDUSD expansion, Solana’s network scalability will ensure that it meets the increased demand without compromising transaction speeds and security.
First Digital Labs announced that this upcoming integration with Solana is part of their broader strategy to build a versatile, resilient stablecoin ecosystem.
They concluded by saying that with support on Ethereum, BNB Chain, Sui, and Solana, FDUSD is more globally accessible and liquid than ever.
